Energy

Oil prices closed more than 1% higher on Friday, buoyed by a larger-than-expected drawdown in U.S. crude inventories, while trading volumes remained low ahead of year-end. Key Details:Price Movements: Brent crude futures rose by 91 cents (1.2%) to settle at $74.17 per barrel.U.S. West Texas Intermediate (WTI) crude futures increased by 98 cents (1.4%) to […]

Data from the Energy Information Administration (EIA) released on Friday revealed that U.S. crude stocks fell more than anticipated due to robust refinery activity and increased distillate demand during the holiday season. Key Details:Crude Inventory Changes: Crude inventories dropped by 4.2 million barrels, reaching 416.8 million barrels for the week ending December 20. This was […]

Finnish authorities have seized an oil tanker, the Eagle S, suspected of causing significant outages to undersea power and internet cables connecting Finland and Estonia. The incident occurred on Wednesday, prompting a swift investigation into potential sabotage. Key Details:Incident Overview: The Eagle S, registered in the Cook Islands and reportedly part of Russia’s shadow fleet, […]

China has announced the issuance of 19 million metric tons of export quotas for gasoline, diesel, and aviation fuel as part of the first batch of allowances for 2025. This figure remains unchanged compared to the previous year, according to several traders and a Chinese industry consultancy. Key Highlights:Quota Distribution: The state-owned oil firms Sinopec […]

Kazakhstan’s pipeline operator, Kaztransoil, announced on Tuesday that oil supplies to Germany via the Druzhba pipeline will be slightly raised to 135,000 metric tons (approximately 32,000 barrels per day) this month, up from the initially planned 130,000 tons. Key Highlights:Easing Supply Concerns: Recent reports indicate that the Druzhba pipeline, which transports Russian and Kazakh oil […]

Indian state refiners are exploring the Middle Eastern crude market as spot supplies from their primary supplier, Russia, have diminished significantly. This shift could potentially bolster prices for high-sulphur oil. Key Highlights:Supply Shortages: Three major state refiners—Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL), and Hindustan Petroleum (HPCL)—are facing a shortfall of 8-10 million barrels […]

President-elect Donald Trump has stirred controversy by threatening to reassert U.S. control over the Panama Canal, accusing Panama of imposing excessive fees for its use. This statement prompted a strong response from Panamanian President Jose Raul Mulino. Key Highlights:Trump’s Accusations: Speaking at an event in Arizona, Trump claimed, “We’re being ripped off at the Panama […]

Russia has characterized its gas sales to European countries as increasingly complicated, particularly as the current transit agreement with Ukraine approaches its expiration at the end of the year. This situation follows discussions between President Vladimir Putin and Slovak Prime Minister Robert Fico. Key Highlights:Ukraine’s Decision: Ukraine has announced it will not renew the five-year […]

Oil prices closed higher on Wednesday following a decline in U.S. crude inventories, although gains were moderated by the Federal Reserve’s cautious stance on future interest rate cuts. Key Highlights:Price Movements: Brent futures settled up 20 cents (0.27%) at $73.39 a barrel.U.S. West Texas Intermediate (WTI) crude rose by 50 cents (0.71%) to $70.58. Both […]

The Energy Information Administration (EIA) reported a decrease in U.S. crude and distillate inventories for the week ending December 13, driven by a significant rise in exports. Meanwhile, gasoline stockpiles saw an increase. Key Highlights:Crude Inventory Changes: Crude inventories decreased by 934,000 barrels, bringing the total to 421 million barrels. This drop was smaller than […]