Headlines

Activist investor TOMS Capital Investment Management has acquired a sizable stake in Devon Energy and is pressing the U.S. shale operator to sell assets or put itself up for sale, five people familiar with the matter said. Fresh from a $58 billion merger with Coterra Energy, which it completed in May, Devon is in the midst of laying out its strategy for the combined company, with a presence in a half-dozen shale basins led by its position in the Permian Basin of Texas and New Mexico. Devon said [Read more]

Both Iran and the U.S. can walk away from the memorandum of understanding they are set to sign on Friday, and upcoming talks are likely to focus on the precise sequencing of the steps previewed in the preliminary accord, a senior U.S. official told reporters on Wednesday. Speaking on condition of anonymity, the official read out the 14-point memorandum that is due to be formally signed in Switzerland. They said upcoming meetings there will be "critical" for ensuring that the memorandum of [Read more]

U.S. President Donald Trump on Wednesday suggested that sanctions on Iran would be removed once "they behave." "As far as sanctions are concerned, at some point, you know, we have sanctions which will never let them rebuild. They would have no money, they would be in poverty, the 91 million people would starve, so something will happen as soon as they behave. When they behave, we're going to let that go. We're going to have to. I put sanctions on a lot of people, and then I let them go," Trump [Read more]

U.S. President Donald Trump on Wednesday defended the U.S. deal with Iran in his remarks at the close of a G7 summit in France, saying he did not want to see an economic catastrophe that could have been triggered by a continued war in the Middle East. "So the one thing I didn't want to see is, I didn't want to see economic catastrophe. If you kept this going, that could have happened," Trump told reporters in the lakeside resort of Evian-les-Bains. The U.S. president said he did not want to be [Read more]

U.S. crude oil inventories fell for a 10th straight week last week as demand surged, pushing total stockpiles to their lowest level in over 40 years as the Iran war continues to upend global energy markets, the U.S. Energy Information Administration said on Wednesday. Total crude inventories, including commercial stocks and those in the Strategic Petroleum, plunged by 17.2 million to 758.5 million barrels last week, its lowest since March 1985, the EIA said. The total stocks, including [Read more]

CALGARY - A senior portfolio manager at Ninepoint Partners is expecting an US$80 floor price for oil even after the eventual reopening of the Strait of Hormuz. Eric Nuttall says in his firm's mid-year outlook report that global inventories will have to be restocked after nearly four months of fighting in the Middle East, creating sustained demand for crude. The strait, a narrow waterway through which roughly one-fifth of the world's crude supply normally transits by tanker, has been [Read more]

While U.S. President Donald Trump has recently hailed the resumption of oil flows from Gulf allies, Iran, too, appears to be gearing up to resume exports and trading. At least three tankers carrying some five million barrels of Iranian oil have sailed through the U.S. naval blockade this week, shipping data shows, despite the U.S. military saying its operations against Iran-linked shipping will stay in place until Friday. The oil market has focused on a deal to end the Iran war which Trump [Read more]

U.S. crude oil and gasoline stockpiles fell last week, while distillate inventories rose, the U.S. Energy Information Administration said on Wednesday. Crude inventories fell by 8.3 million barrels to 418.2 million barrels in the week to June 12, the EIA said, compared with analysts' expectations in a Reuters poll for a 4.6 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.6 million barrels in the week, the EIA said. Oil futures extended gains following [Read more]

The United Arab Emirates' oil output could exceed 5 million bpd next year as it moves to expand production after its exit from OPEC, making it a major driver of non-OPEC+ supply growth, the International Energy Agency said on Wednesday, The UAE said its decision to leave OPEC, announced earlier this year, was aimed at prioritising production capacity expansion and maximising the value of its resources, freeing output from the constraints of the group's quotas. Its total oil output is [Read more]