Weekly Crude Oil Storage as of July 3, 2026 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.0 million barrels from the previous week. At 411.4 million barrels, U.S. crude oil inventories are 6% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
(Oil & Gas 360) – The following is an update to the second quarter 2026 outlook and gives an overview of our current expectations for the second quarter. Outlooks presented may vary from the actual second quarter 2026 results and are subject to finalisation of those results, which are scheduled to be published on July 30, 2026. Unless otherwise indicated,
(BOE Report) – The United Arab Emirates has fired the opening shot in what is fast becoming a fierce battle among Middle East oil producers to reclaim market share after the Iran war, a contest that threatens to weaken oil prices and further erode OPEC’s authority. Gulf producers, desperate for revenue to replenish state coffers depleted during the four-month-old conflict,
(Oil Price) – The oil majors are set for windfall earnings for the second quarter, which saw crude oil prices jump to a four-year high due to the closure of the Strait of Hormuz. The earnings at both ExxonMobil and Chevron are expected to have tripled in the April to June quarter compared to the first quarter, as the worst supply disruption in
(BOE Report) – Saudi Aramco has slashed its crude oil prices for Asia for August-loading cargoes, in a move that appeared to signal intent to regain market share and recover volumes after the Iran war. But even the record cut in the August official selling price (OSP) may not be enough as crude from rival Middle East producers, as well as
(World Oil) – Oceaneering International has been awarded a four-year contract by Petrobras to provide remotely operated vehicle (ROV) services supporting offshore operations in Brazil. The contract, awarded through a competitive tender process, will be executed by Oceaneering’s Brazilian subsidiary, Marine Production Systems do Brasil (MPS). Operations are scheduled to begin in 2027. Under the agreement, Oceaneering will supply two work-class ROV systems, specialized
(Investing) – Oil prices gained on Tuesday, after a tanker transiting the Strait of Hormuz was struck by an unidentified projectile, the United Kingdom Maritime Trade Operations agency said. The vessel is believed to have structural damage, the UKMTO said, adding that there have been no casualties or environmental impact reported. Ships sailing through the strait were advised to “transit
(World Oil) – XRG has completed the acquisition of an additional equity interest in Trains 4 and 5 of the Rio Grande LNG project in Texas, expanding its ownership across all five liquefaction trains currently under construction at the export facility. The company acquired an additional 7.6% equity interest in Trains 4 and 5 from an acquisition vehicle of Global Infrastructure Partners (GIP), part
(Oil Price) – Up to 75% of the previous oil flows through the Strait of Hormuz are expected to return to the market by the end of the year, but significantly lower oil prices aren’t guaranteed for 2027 as the ongoing U.S.-Iran tensions are unlikely to be resolved for good soon, Fereidun Fesharaki, chairman emeritus of FGE NexantECA, told CNBC on Monday. Before
(World Oil) – bp has agreed to sell its non-operated interest in the Bay du Nord project offshore Newfoundland and Labrador, Canada, to operator Equinor, continuing its strategy of simplifying its upstream portfolio and focusing capital on higher-value opportunities. The transaction includes bp’s interests across 10 licenses associated with the Bay du Nord development, representing an average 37.2% working interest. Financial terms were not
(BOE Report) – The world has absorbed with surprising ease the loss of over a billion barrels of oil supply since the Iran war began, but, with long-term peace elusive and buffer reserves now drained, it still faces the looming risk of future price spikes. Tehran’s throttling of the Strait of Hormuz in response to the U.S. and Israeli attacks
(Investing) – Oil prices were stable around pre-Iran war levels on Monday as Saudi Arabia slashed its official selling prices and after OPEC+ agreed to further increase its output targets from August, while exports from key producers via the Strait of Hormuz are recovering. Brent crude futures fell 4 cents, or 0.06%, to $72.08 a barrel at 1322 GMT after settling 0.45%
