Energy

Energy traders involved in the Brent oil market have utilized a little-known clause to reroute U.S. crude shipments from Europe, leading to renewed skepticism regarding the effectiveness of reforms aimed at stabilizing the Brent benchmark. Brent, which serves as a critical pricing reference for over 60% of globally traded crude, influences fuel prices for consumers […]

Oil prices increased on Wednesday due to escalating tensions in the Middle East, particularly following Iran’s launch of over 180 ballistic missiles at Israel. Brent crude futures rose by 83 cents (1.13%) to $74.39 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed 88 cents (1.26%) to $70.71. Earlier in the session, prices had […]

A potential strike by East and Gulf Coast port workers is imminent, with the International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) currently at an impasse over wage negotiations. The labor contract for approximately 45,000 port workers is set to expire late Monday, and a strike could disrupt container traffic from Maine […]

The U.S. Federal Trade Commission (FTC) has approved Chevron’s $53 billion acquisition of Hess Corp, but has imposed a significant condition: Hess CEO John Hess is barred from joining Chevron’s board. This decision marks a crucial step in the merger process, which still faces scrutiny from Exxon Mobil, challenging the deal based on rights over […]

Hurricane Helene has led to the shutdown of approximately 25% of crude oil production and 20% of natural gas output in the U.S. Gulf of Mexico. The Bureau of Safety and Environmental Enforcement reported that this amounts to 441,923 barrels per day of oil and nearly 363.4 million cubic feet of natural gas being taken […]

OPEC+ is set to move forward with a planned increase in oil production in December, despite the necessity to first address overproduction issues among some member states. Sources within OPEC+ confirmed that the increase aligns with existing policy and follows reports of Saudi Arabia’s commitment to raise production starting December 1, while also stepping back […]

The Federal Reserve Bank of Dallas has reported that U.S. shale oil and gas executives are increasingly adopting electric rigs and hydraulic fracturing to reduce diesel emissions. However, challenges related to grid infrastructure and costs remain significant barriers, according to their quarterly energy survey. The survey, which included responses from executives in Texas, Louisiana, and […]

According to the Energy Information Administration (EIA), U.S. oil inventories fell significantly last week, with crude oil stockpiles reaching their lowest levels in nearly 2-1/2 years. Crude stocks decreased by 4.5 million barrels to 413 million barrels for the week ending September 20, surpassing analysts’ expectations of a 1.4 million-barrel draw. Excluding the Strategic Petroleum […]

Libya’s crude oil exports have drastically fallen to approximately 400,000 barrels per day (bpd) in September, down from 1.02 million bpd in August, according to port and shipping data. This decline is attributed to a political crisis that has severely impacted oil production in the country. Most of Libya’s crude exports this month were directed […]

In its 2024 World Oil Outlook, OPEC has raised its projections for global oil demand for the medium and long term, attributing this growth to rising populations and economic development in India, Africa, and the Middle East. The organization anticipates a slower transition to electric vehicles and cleaner fuels than previously expected. OPEC Secretary General […]