U.S. crude stocks rose while gasoline and distillate inventories fell in the week ending July 3, the Energy Information Administration said on Wednesday. Crude inventories rose by 3 million barrels to 411.4 million barrels last week, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.4 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 52,000 barrels last week, the EIA said. Refinery crude runs fell by 172,000 barrels per day last [Read more]
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Four oil and gas tankers turn back from Hormuz strait after vessel attacks
At least four oil and gas tankers have turned back from attempting to transit the Strait of Hormuz, ship-tracking data showed, as renewed attacks on vessels in the critical waterway heightened safety and security concerns. The diversions come after a Qatari liquefied natural gas tanker and a Saudi-flagged crude oil tanker were damaged near the strait on Tuesday following reports that Iran fired missiles at ships in the waterway, prompting maritime authorities to raise the threat risk for [Read more]
What are the risks of an LNG tanker explosion?
A Qatari tanker loaded with liquefied natural gas (LNG) was at risk of exploding, one source said, after it sustained significant damage in an attack on the Omani side of the Strait of Hormuz on Tuesday. While the LNG industry has experienced a few accidents at onshore facilities, there has never been a catastrophic LNG cargo-tank explosion on a commercial LNG carrier at sea. Recent targeting of energy shipping vessels by belligerents in both the Ukraine and Iran wars has raised concerns, [Read more]
Before hating rich people, please read this first
A great many people have become upset because Elon Musk has become a trillionaire, so upset that they have started to, in significant numbers, show appreciation for communists. In this highly divided world that seems almost natural; an achievement on one side drives a reaction of similar amplitude in the other. . We can’t do much about those two mindsets; dynamite or even a pick axe won’t dislodge such thinking because it is bound to people’s sense of self. Not everyone likes jazz, or [Read more]
Asian shipbuilding dominance could thwart LNG expansion, Wood Mackenzie says
The biggest expansion of global LNG supply on record, led by the United States and Qatar, could be slowed as most of the ships needed to transport the fuel are being built in South Korea and China, a Wood Mackenzie report said on Wednesday. "The LNG industry talks constantly about energy security, diversification and resilience," Ekram El Loumi, director of research at Wood Mackenzie, said in the report. "Yet one of its most critical dependencies – the ability to physically move gas – rests [Read more]
Big Tech joins Calgary Stampede oil bash, as Canada courts data centers
Big Tech has joined the party at the Calgary Stampede, a sign of growing interest in Canada from U.S.-based hyperscalers as the province of Alberta courts data center development. Oil and gas companies typically take center stage at the annual energy get-together, timed with the city's famous rodeo. But this year, U.S.-based tech giants have a noticeable corporate presence as well, according to sources attending the parties. Alphabet's Google has been the most highly visible, helping [Read more]
Oil refiners’ Hormuz windfall may prove short-lived: Bousso
Oil refiners around the world have seen profits surge thanks to a rare combination of robust fuel demand and weak crude prices, as markets have rapidly readjusted following the reopening of the Strait of Hormuz. The windfall is unlikely to last. The benchmark U.S. 3-2-1 crack spread, a widely watched measure of refining profitability, recently climbed above $60 a barrel, the highest level on record. Refining margins in Asia and Europe have also risen sharply. Refining profitability is [Read more]
Oil surges, stocks tumble as Trump declares Iran MOU ‘over’
Oil surged by more than 5% on Wednesday and global stocks and bond prices tumbled, as investors fled risk assets after U.S. President Donald Trump said the memorandum of understanding signed with Iran to end the Gulf conflict was "over". Trump, who was speaking in Ankara ahead of a NATO summit in the Turkish capital, added that he did not want to engage with Tehran. "As far as I'm concerned, it's just a waste of time dealing with them," he said. Market sentiment was already fragile after [Read more]
US says it has completed a new round of strikes on Iran
The U.S. Central Command said on Tuesday it completed a new round of strikes on Iran and that it had struck over 80 targets during its latest attacks. Along with unleashing a new wave of strikes against Iran, Washington had also revoked a license allowing the country to sell oil after three tankers were hit by projectiles in the Strait of Hormuz. "U.S. forces struck Iranian air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 [Read more]
Iran military command vows ‘crushing response’ after accusing US of strikes
Iran's top joint military command, Khatam al-Anbiya Central Headquarters, said on Wednesday that Iranian armed forces would deliver a "crushing response" after accusing the U.S. military of targeting parts of southern Iran in what it called a "blatant act of aggression", and warned that Tehran would not allow U.S. interference in the management of the Strait of Hormuz. It said that the only safe passage for commercial vessels and oil tankers through the waterway was the route determined by [Read more]
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