(Oil Price) – Oil prices have been on a climb for over a week now as hostilities in the Middle East continue, and despite recent talk of a glut, the physical market is flashing signs of tightness—and higher oil for longer. Earlier this month, analysts were quick to start warning of an oil glut looming over the world as traffic via
(BOE Report) – Refiners and oil-producing firms in the U.S. and elsewhere are gaining market share in Venezuela’s crude as they sign direct contracts with state-run PDVSA, challenging the global traders that inked earlier deals with the government of interim President Delcy Rodriguez. Trading houses Vitol and Trafigura currently control the lion’s share of Venezuela’s oil exports through agreements signed
(Investing) – Goldman Sachs has raised its near-term forecast for European gas prices, flagging a slower-than-expected recovery in Persian Gulf liquefied natural gas (LNG) exports amid ongoing tensions in the Middle East. Goldman Sachs analyst Samantha Dart said she now assumes Persian Gulf LNG exports will normalize in October, pushed back from a previous estimate of July. The delay reflects continued
(World Oil) – Fluor Corp. has sold its equity stake in the ICA-Fluor Daniel joint venture to longtime partner ICA for $175 million, ending a partnership that has supported oil and gas, power, mining and industrial projects across Mexico for more than three decades. The joint venture, established in 1993, has executed numerous engineering, procurement and construction (EPC) projects in Mexico’s energy and industrial sectors.
(Oil Price) – The national average price of gasoline in the United States topped $4 per gallon once again on Monday following the crude oil price rally of the past week amid the renewed hostilities in the Middle East and the fresh de facto closure of the Strait of Hormuz. As of July 20, the national average price for a gallon
(Investing) – LONDON – Oil transfers between tankers in waters outside the Strait of Hormuz have slowed following a wave of recent attacks on vessels by Iranian forces, according to satellite analysis and sources. Since the start of the Iran war in late February, ship-to-ship (STS) transfers between tankers have helped enable oil to leave the Gulf despite the threats to
(By Oil & Gas 360) – Energy markets spent another week caught between tightening fundamentals and volatile geopolitics. Oil briefly climbed to a one-month high as attacks intensified around the Strait of Hormuz, only to retreat as traders questioned whether the disruption would materially reduce global supply. Meanwhile, natural gas, LNG, AI-driven power demand, and long-term infrastructure investment continued to
(By Oil & Gas 360) – For much of the past decade, oil markets were defined by abundance. The U.S. shale revolution, ample OPEC+ spare capacity, and slowing demand growth encouraged investors to focus on production, inventories, and macroeconomic trends. Geopolitical events still generated headlines, but price spikes were often short-lived as markets assumed disrupted supplies could be replaced and trade
(World Oil) – Vitol Group is in late stage talks to sell its shale oil venture VTX Energy Partners LLC to a consortium of two private equity buyers – Carnelian Energy Capital and EnCap Investments, a deal that would mark a scaling back for the trader in U.S. upstream oil and gas production. The companies could sign the deal as soon as next week,
This week’s Baker Hughes Rig Count shows that the U.S. increased by 7 last week, resulting in a total count of 588 rigs. Canada decreased by 19 over last week, resulting in a total Canadian count of 198 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Barnett, Granite Wash, and the Permian experienced an increase this
(World Oil) – On the edge of the Canadian Rocky Mountains, companies including Obsidian Energy Ltd. and Yangarra Resources Corp. are breathing new life into a long-dormant gas reservoir — except now they’re drilling for oil. Both firms are fracing into the sandstone that makes up the Basel Belly River formation in an area southwest of the Alberta’s provincial capital Edmonton called Willesden Green. For the
(Investing) – Oil prices advanced on Friday and were on track for sharp weekly gains, as escalating fighting between the United States and Iran kept traders focused on the risk of supply disruptions from the Middle East. As of 09:47 ET (13:47 GMT), Brent crude futures, the global oil benchmark, had risen 3.0% to $86.79 per barrel, while U.S. West Texas Intermediate (WTI)
