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US Rig Count Edges Higher as Permian, Rockies Offset Declines, TPH Says

US land drilling activity rose modestly last week, led by gains in the Permian and Rocky Mountain regions, even as other basins saw minor declines, TPH Energy strategists said on Tuesday, citing Enverus data.Jeff LeBlanc, analyst at TPH Energy, said the Enverus rig count rose by nine week-over-week to 592 rigs, outpacing Baker Hughes' smaller gain of five rigs to 536.On a trailing four-week basis, Enverus showed a net increase of six rigs, compared with a one-rig rise in the Baker Hughes dataset.Horizontal drilling activity rose modestly, up three rigs week-on-week, with gains driven by private operators. TPH noted elevated rig churn across the dataset, including ongoing entry and exit of lower-horsepower units, which continues to obscure underlying directional trends in activity.Regionally, the Permian Basin and Rockies led gains, adding three and two rigs, respectively, while the Eagle Ford, Bakken, and Haynesville each saw marginal declines of one rig.TPH observed a shift toward oil-weighted acreage from dry-gas windows in the Eagle Ford, though frequent rig handoffs suggest activity is being reshuffled rather than expanded.Offshore Gulf of Mexico activity was flat at 17 floaters and three jackups, TPH said, while Canadian drilling rose by 14 rigs w-o-w to 136, well above the 112 rigs operating a year earlier.

Commodities30d ago

Canadian Oil Sands Output Mixed as Cenovus, Suncor Track Ahead of Estimates, TPH Says

Canadian oil sands producers showed a mixed but broadly firm production profile in April, with several major operators tracking ahead of Q2 expectations, according to TPH Energy strategists on Tuesday.Cenovus Energy (CVE) led the group, with combined Foster Creek and Christina Lake volumes averaging about 600 million barrels per day in April, above the TPH Q2 estimate of 576 million b/d.Jeoffrey Lambujon, analyst at TPH Energy, said that the energy firm's key assets, Foster Creek and Christina Lake, rose over the month by about 7 million b/d to about 215 million b/d and 366 million b/d, respectively.The company's Sunrise project also strengthened, increasing about 8 million b/d over the month to a quarter-to-date average of 62 million b/d, ahead of the modeled 60 million b/d.TPH said Suncor Energy (SU) showed an uneven trend ahead of planned maintenance. The energy firm's Firebag operations declined, falling about 24 million b/d over the month to 216 million b/d, well above TPH's Q2 estimate of 159 million b/d, while MacKay River edged higher by 2 million b/d to 35 million b/d, broadly in line with expectations.Lambujon said the mixed performance suggests volatility ahead of turnaround activity.Imperial Oil saw Cold Lake volumes ease by about 6 million b/d over the month to an estimated 151 million b/d, below TPH's Q2 forecast of 156 million b/d.The softness points to modest operational drag versus expectations in the in-situ segment, Lambujon said.Canadian Natural Resources (CNQ) delivered a more balanced performance, with Kirby projects flat over the month at a quarterly average of about 58 million b/d, ahead of the 53 million b/d TPH estimate.The company's Primrose Wolf Lake assets edged lower by 1 million b/d to 73 million b/d. However, it remained below the modeled 91 million b/d for the quarter. Jackfish was the weakest spot, falling 19 million b/d over the month to 115 million b/d, below the 132 million b/d forecast.Overall, TPH said the data points to resilience in key FCCL and select in-situ assets. However, performance dispersion remains pronounced across operators and individual projects as the sector moves deeper into Q2.Price: $29.29, Change: $-0.77, Percent Change: -2.55%

$CNQ$CVE$SU

Commodities30d ago

US Developers Plan 44.9 Bcf/d of New Gas Pipeline Capacity by 2027, EIA Says

US developers plan to add 44.9 billion cubic feet per day of natural gas pipeline capacity in 2026 and 2027, with Texas accounting for 29.7 Bcf/d, the Energy Information Administration said Tuesday.Developers already started construction on about 31.6 Bcf/d, representing nearly 70% of the planned capacity additions, while Louisiana ranked second with 8.4 Bcf/d of new pipeline projects, the agency said.Texas projects will expand takeaway capacity from the Permian Basin and reduce congestion at the Waha Hub, helping move natural gas toward liquefied natural gas export terminals and industrial, residential and power markets.NextDecade's (NEXT) Rio Bravo Pipeline project will transport up to 4.5 Bcf/d via a 138-mile pipeline in Texas to supply the Rio Grande LNG terminal, with operations targeted for the second half of this year.Developers are building the 365-mile Blackcomb pipeline to move 2.5 Bcf/d from the Waha Hub to the Agua Dulce Hub by the third quarter of 2026, helping ease Permian bottlenecks.The Hugh Brinson project will add 2.2 Bcf/d of Permian takeaway capacity, with developers planning phase 1 startup in Q4 2026 and phase 2 operations in Q1 2027, the EIA said.Louisiana will add 2 Bcf/d of pipeline capacity when the Port Arthur Pipeline Louisiana Connector enters service in the second half of 2026, while the Pelican Pipeline will lift the state's added capacity to 8.4 Bcf/d by the end of 2027.Virginia will gain 1.6 Bcf/d of new capacity in 2027 through Williams' (WMB) Southeast Supply Enhancement Project, which expands the Transcontinental Pipeline from Virginia to Alabama, according to the EIA.Price: $8.32, Change: $-0.14, Percent Change: -1.62%

$NEXT$WMB

Commodities30d ago

EU Antitrust Regulators Clear Klesch Group's Gelsenkirchen Refinery Deal

The European Commission said on Tuesday it had approved the acquisition of Germany's Gelsenkirchen refinery by Malta-based Klesch Group under the EU Merger Regulation, concluding the deal would not raise competition concerns.The transaction involves acquiring sole control of the Gelsenkirchen refinery, operated by Ruhr Oel and Gelsenkirchen Raffinerie Netz, both based in Germany.The energy firms primarily supply petroleum and petrochemical products.The Commission said its investigation found that the companies' combined market position following the transaction would remain limited, reducing the likelihood of competition issues.The deal was reviewed under the European Union's simplified merger review procedure, which is typically used for transactions unlikely to significantly affect competition in the bloc.

Commodities30d ago

China Begins Drawing Down Crude Stockpiles as Hormuz Disruptions Persist

China has begun drawing down its large onshore crude inventories following more than two months of sustained stockpiling during the early phase of the Strait of Hormuz blockade, Vortexa analyst Emma Li said in a Tuesday note.China's above-ground crude stocks stood at 1.22 billion barrels as of May 25, down almost 20 million barrels from record highs earlier this month.At the current draw pace of about 1 million barrels per day, the roughly 70 million barrels accumulated during the first four months of 2026 could support refiners through mid-July.Even if draw rates accelerate to 2 million b/d, the more than 200 million barrels added since early 2025 would likely sustain refiners through mid-September, Li said.The stock draw signals a shift in China's crude procurement strategy after months of aggressive inventory builds.State-run refiners accumulated stocks largely because of deep refinery run cuts, while private operators boosted holdings amid strong inflows of discounted Iranian and Russian crude.During the first two months of the Hormuz crisis, state-run storage facilities led by Sinopec accumulated around 30 million barrels, while private storage operators in Shandong added roughly 22 million barrels.In April, weak refining margins prompted both state-run and private refiners to retreat from the spot market and rely instead on inventories to offset Middle East supply disruptions.State-run inventories have since fallen by around 6 million barrels over the month, while private inventories are down about 13 million barrels.Chinese refiners had aggressively sought short-haul crude supplies earlier in the conflict, driving Russian and Iranian imports to record highs in March and maintaining elevated flows through April and May.However, China's reduced spot buying has helped ease pressure on global crude prices, even as Asian crude imports in May remained about 4.5 million b/d below 2025 average levels.Recent weakness in delivered-China crude prices suggests refiners are likely to continue drawing inventories rather than significantly increasing spot purchases in the near term, Li said.

Commodities30d ago

India Crude Throughput Down in April Amid Middle Eastern Supply Constraints

Crude throughput of Indian refiners declined to 21.4 million metric tons in April, down from March processing of 23.5 mmt and versus last year's 21.9 mmt, provisional government data showed on Tuesday, as access to Middle Eastern barrels remained restricted.Indian refiners turned to Latin America and Africa for alternative crude supplies, Reuters said, citing trade sources.In terms of petroleum products from refineries and fractionators, India produced a total of 22.3 mmt in April, lower than the prior month's 25.1 mmt and last year's 22.4 mmt, according to government data.

Commodities30d ago

US Natural Gas Update: Futures Rise Amid Strong Rebound in LNG Feedgas Flows

US natural gas futures rose on Tuesday as LNG feedgas flows rebounded after sharp declines over the past week, driven by scheduled maintenance at several major export facilities.The front-month Henry Hub contract was up 2.55% at $2.981 per million British thermal units, while the continuous contract was up 2.22% at $3.088/MMBtu.LNG Feedgas flows were expected at 18.37 billion cubic feet per day, compared to the 30-day moving average of 18.06 Bcf, according to the Bloomberg LNG Feedgas Model, marking an uptick as major LNG export facilities come online after their Spring maintenance over the past week.Total gas demand increased over the past week as temperatures climbed into the 80s and 90s, boosting air conditioning demand, according to NRG Energy, which did not disclose the actual demand figures.However, the heatwave was short-lived and is already retreating, with southern parts of the country expected to see below-normal temperatures during the first week of June, according to the National Weather Service.According to Gary Cunningham of Tradition Energy, the increased flow of vessels through the Strait of Hormuz is helping ease pressure on LNG prices, but he continues to expect US gas markets to remain supported above $3 per MMBtu for the remainder of the Summer.

Commodities30d ago

Exchange-Traded Funds, Equity Futures Rise Pre-Bell Tuesday Amid Renewed Hopes Around Middle East Peace Deal

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.7% and the actively traded Invesco QQQ Trust (QQQ) was 1% higher in Tuesday's premarket activity amid renewed hopes of peace between the US and Iran after President Trump said talks are "proceeding nicely."US stock futures were higher, with S&P 500 Index futures up 0.7%, Dow Jones Industrial Average futures advancing 0.6%, and Nasdaq futures gaining 1% before the start of regular trading.The Chicago Federal Reserve Bank's monthly National Activity Index rebounded to a reading of 0.14 in April from minus 0.15 in March, compared with expectations for a smaller gain to minus 0.03 in survey of analysts compiled by Bloomberg as of 7:30 am ET.The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index declined to minus 23.6 in May from minus 16.5 in the previous month, compared with the expectations for an increase to minus 13 in a survey compiled by Bloomberg, indicating more widespread contraction in the sector.The Case-Shiller National Home Price index rose by 0.7% in March before seasonal adjustment following a 0.3% increase in February.Consumer confidence data for May is due at 10 am ET.The Dallas Fed's manufacturing reading for May will be released at 10:30 am ET.In premarket activity, bitcoin was down by 0.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.8% higher, Ether ETF (EETH) advanced 2.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated by 0.4%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.7%, while the Vanguard Industrials Index Fund (VIS) lost 0.03%, and the iShares US Industrials ETF (IYJ) was flat.Elbit Systems (ESLT) stock was up more than 10% before the opening bell after the company reported higher Q1 non-GAAP earnings and revenue.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.1% lower.FinVolution (FINV) shares were up more than 5% pre-bell after the company reported higher-than-expected Q1 adjusted earnings and net revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained by 0.02%. The iShares US Consumer Staples ETF (IYK) was down 0.6%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increased by 0.6%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% higher.Ferrari (RACE) shares were down more than 3% pre-bell a day after the company said it has launched a new all-electric Luce sports car, expanding its lineup with a dedicated electric platform.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) increased by 1.5%, and the iShares US Technology ETF (IYW) was 1.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained by 4.1%, while the iShares Semiconductor ETF (SOXX) rose by 2.8%.WeRide (WRD) shares were up more than 1% in premarket activity after the company said it will operate its autonomous Robobus at the Roland-Garros for a third consecutive year with Renault Group.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 1.2%.Eni (E) stock was down more than 2% before the opening bell a day after falling 1.4% at the prior close. The company and its partners, Petroci and Vitol, approved the final investment decision for Cote d'Ivoire's Baleine Phase 3 project, advancing development of the country's largest hydrocarbon discovery.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was up 0.6%, while the iShares US Healthcare ETF (IYH) gained by 0.9%. The iShares Biotechnology ETF (IBB) was 0.4% higher.Eli Lilly (LLY) stock was up more than 1% premarket after the company said it agreed to acquire Curevo, LimmaTech Biologics and Vaccine in deals worth up to nearly $3.83 billion in total.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 1.2% to $97.49 per barrel on the New York Mercantile Exchange. Natural gas was down 1.2% at $2.98 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 0.7%, while the United States Natural Gas Fund (UNG) was 0.9% lower.Gold futures for July retreated by 0.5% to $4,521.20 an ounce on the Comex. Silver futures declined by 0.8% to $76.09 an ounce. SPDR Gold Shares (GLD) was down by 0.4%, and the iShares Silver Trust (SLV) fell by 1.3%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$E$EEM$EETH$ESLT$EXI$FAS$FAZ$FINV$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LLY$PMR$QQQ$RACE$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$WRD$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities30d ago

UKMTO Reports External Explosion Off Oman Coast

An external explosion has been reported about 60 nautical miles east of Muscat, Oman, the UK Maritime Trade Operations Centre said on Tuesday.The explosion occurred near the portside and close to the waterline, as reported by a vessel.The vessel and the crew have been reported safe, although there has been some discharge of bunker fuel into the sea, the UKMTO said.Further investigations are on, UKMTO said.

Commodities30d ago

Biofuels Update: Chicago Soybean Complex, Malaysian Palm Oil Diverge

Major biofuel feedstocks were mixed on Tuesday, as the Chicago soybean complex eased on ample supply availability, while Malaysian palm oil firmed following a rise in crude oil prices.The July soybean contract on the Chicago Board of Trade edged lower by 0.48% to $11.91 per bushel in early trade, and the July soybean oil contract inched down 0.31% to 73.75 cents per pound.South American supply in the global market is expected to increase as Brazil's soybean harvest concluded, according to price reporting agency MySteel.Brazilian soybean exports are projected at 16.1 million metric tons in May, up versus 14.2 mmt a year earlier, based on estimates by trade association Anec.In Argentina, the government may reportedly cut soybean export duties from January 2027, subject to tax revenues and continuation of the current administration. Export duties for wheat and barley will be reduced to 5.5% from 7.5% beginning in June.In the US, progress in soybean planting remained higher at 67% through the week ended May 17, compared with last year's pace of 63% and the five-year average of 53%. Updated data will be released by the agriculture department on Tuesday.With these factors buoying global supplies, MySteel expects Chicago soybeans "to trade in a range-bound pattern between $11.70 per bushel and $12.10 per bushel."In Asia, Malaysian palm oil futures tracked gains in crude oil prices following US military strikes on Iran, but slowing exports partially offset increases.The Bursa Malaysia Derivatives' June crude palm oil contract recovered 0.43% to 4,429 Malaysian ringgit ($1,119.71) per metric ton on Tuesday. The July palm oil contract rose 0.45% to 4,466 ringgit/mt.Indonesia's move to centralize exports of palm oil and other commodities to a state-backed agency, which is planned for implementation beginning September, may provide a temporary boost to Malaysia's export market, hence supporting prices."Crude oil and geopolitical risks, together with Indonesia's export policy, were the core variables driving (vegetable) oil price increases," MySteel said.The new export policy could further reduce Indonesian shipments of palm oil, which have already seen a drop in March to 2.17 million metric tons from 2.88 mmt a year earlier, according to industry association data, cited by Trading Economics.Indonesian Palm Oil Association chairman Eddy Martono, as cited by Jakarta Globe, cautioned that the new system, if not managed properly, may disrupt long-established export markets and trading networks.Uncertainties in export mechanisms have also impacted farmers, as palm oil fresh fruit bunch prices fell to around 1,000 Indonesian rupiah ($0.06) per kilogram from 2,800 rupiah/kg, after traders, mills, and companies withheld purchases and temporarily halted sales, according to a palm oil farmer association cited by Reuters.The government reportedly argued that the centralized system will enhance oversight of shipments, preventing state revenue leakages of around $150 billion annually.In Malaysia, declining Malaysian shipments weighed on prices, after cargo surveyors reportedly estimated a 14.5% to 18.0% month-over-month decline in export volumes for the May 1-25 period.A possible US-Iran peace deal could pressure palm oil prices going forward due to decreasing appeal of biofuels, Phillip Capital said.The market will be closed on Wednesday for Eid holiday.In the US, ethanol prices also rose, with June contract on the NYMEX up 0.74% to about $2.04 per gallon on Friday.

Commodities30d ago

Market Chatter: Singapore Diplomat Expects Large-Scale Investment Imminent in Renewables

Singapore's chief climate diplomat Ravi Menon expects fresh, large-scale investment in the renewables sector, with concerns related to energy security and supply chain expected to boost demand and revenue, Bloomberg reported Tuesday.The rising worldwide demand for clean energy industry inputs is expected to result in an increase in prices in the future, unless the industry capacity manages to catch up, Menon told Bloomberg News.Considering the expectations of rise in demand and prices, investment by institutional investors and hedge funds must have already made its way into the sector, said Menon, who served as the chief of the Monetary Authority of Singapore for over 12 years before retiring in 2024.The ongoing energy supply crisis resulting from the Iran war has led to a surge in demand for renewables, with countries heavily reliant on fossil fuels eyeing energy independence, the report said. Countries like South Korea and the Philippines are looking to speed up such projects, it added.A longer-term shift back to coal, a strategy adopted by several Asian countries including India to combat power shortages, could however dent the progress of renewables, Menon said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Commodities30d ago

Japan Could Increase May Oil Imports to Three-Quarters of Pre-War Level, Bloomberg Data Show

Japan will increase its imports of crude oil in May to 1.7 million barrels a day as its refiners find supplies in areas not affected by Iran's closure of the Strait of Hormuz, Bloomberg analysis showed on Tuesday.The May import estimate would be about three-quarters of what Japan imported around the same time a year ago, during a time of relative normalcy for energy markets.Bloomberg made the estimate using its vessel-tracking data as of May 19 and said imports could be higher than the government's estimates due to independently-purchased oil cargoes from the US and Saudi Arabia transiting the Red Sea.It is possible that some of these cargoes could be rerouted away from Japan, Bloomberg said, with destination switching seen more frequently since the Iran war began in late February.Japanese government had forecast that 1.4 million barrels per day of Middle Eastern crude, not transiting the Strait of Hormuz plus crude from the US, would reach Japan each day.About 90% of Japan's crude oil comes from the Middle East, forcing both the government and private companies to search for alternatives since the start of the Iran war, the article said.Japan has twice released reserves to stabilize the market and now has about 202 days of oil left, down from 243 at the end of February when the war started, Bloomberg said.

Commodities30d ago

BP Removes Board Chair Over Concerns of Governance, Oversight, Conduct

British energy major BP (BP) on Tuesday said its board has unanimously decided to remove Albert Manifold as chair and director with immediate effect over concerns of governance standards, oversight and conduct.The board has appointed Ian Tyler as interim chair effective immediately, the company statement said."Albert has helped bring a welcome focus and pace to bp's transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," Amanda Blanc, senior independent director at the company said.The company will initiate a a succession process for a permanent chair, the statement said.

$BP

Commodities30d ago

Market Chatter: Malaysia's Petrol Supply to Remain Stable Until July, Says PM

Malaysia's petrol supplies should remain stable until July, according to the country's Prime Minister Anwar Ibrahim, as global disruptions continue to mount, leading to supply constraints and rising prices, New Strait Times reported on Tuesday.Ibrahim credited the country's international relations, along with access to key shipping routes, that have allowed it to tide over the crisis, while speaking at the Madani Korban Cattle Distribution Ceremony in Seberang Jaya on Tuesday.He emphasized the importance of maintaining strong international diplomatic relationships for domestic energy security as Malaysia is one of the few countries allowed through the Strait of Hormuz.He, however, acknowledged the rising global shipping costs, with tensions in the Strait of Hormuz affecting insurance and freight costs, which were weighing on energy prices in the country.While highlighting the several subsidies and targeted assistance programs unveiled by the government to deal with this crisis, Anwar urged Malaysians to remain resilient and grounded in shared responsibility.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Commodities30d ago

JSW Steel, Bharatia, Carbon Iceland Partner on Green Methanol Project in India

Steel manufacturer JSW Steel has partnered with Carbon Iceland International and non-profit consultancy Bharatia to develop a 300,000-ton-per-annum green methanol plant in India, according to a regulatory filing Monday.The project will produce e-methanol by converting carbon dioxide emissions from JSW Steel's operations in Raigad, Maharashtra, and it will use of green hydrogen from renewable energy sources, the document stated."The collaboration seeks to establish a scalable carbon capture and utilization pathway for the steel sector," JSW Steel said, as India pursues its energy transition and industrial decarbonization objectives.The memorandum of understanding, signed by the three companies during the third India-Nordic Summit in Norway, also outlines a phased development pathway towards commercial-scale implementation of the project.Under the agreement, Carbon Iceland will serve as the technology project developer, while non-profit foundation Bharatia will support project development and establishment of financing pathways.

Commodities30d ago

RWE Secures CIS Contract for 1.1 GW Wind Project

Germany's RWE has advanced its 1.1 gigawatt Theodore Wind Farm toward a Final Investment Decision after securing an Australian government underwriting contract under Capacity Investment Scheme Tender 7, the company said on Saturday.Located within the Banana Shire Local Government Area, the utility-scale development is designed to integrate up to 170 wind turbines alongside a co-located battery energy storage system.Once fully operational, the facility will generate clean power sufficient for about 500,000 homes, throwing substantial weight behind Queensland's grid decarbonization targets, the company said.RWE already cleared a major regulatory hurdle by securing its state Development Application in June 2025, making it one of the few large-scale wind assets to hold active development approval in the region.The project is currently working through the final stages of the Federal Environment Protection and Biodiversity Conservation approval process.Pending these federal environmental clearances and a formal internal FID, RWE expects to break ground on construction later this year, it said.

Commodities30d ago

Energy Services Firm High Arctic Overseas to Restart Drilling for Papua New Guinea Client

Canadian energy services company High Arctic Overseas intends to recommence drilling activity in Papua New Guinea after receiving a request for the work from its principal client there, the company said on Monday.The request from the client, whose name was not given, asks High Arctic Overseas to remobilize workers and equipment from July 2026 to reactivate Drilling Rig 103 in PNG, according to a company statement.High Arctic's long-standing drilling services contract with the Papua New Guinea client was renewed for two years, effective May 1 with an option for further extension on the same terms and conditions beyond April 30, 2028."We will commence with a series of planned reactivation and re-commissioning works aimed at ensuring that Rig 103 maintains current certification and optimum operating condition. It is expected that drilling of the first well will commence in Q4 2026," said Mike Maguire, High Arctic Chief Executive Officer in the statement.The drilling plan includes four approved wells, with potential to include more unapproved ones, which could keep Rig 103 operating beyond the current contract period, the statement said.

Commodities30d ago

Market Chatter: Sri Lanka in Talks With Russia, China to Import Crude, Fuel

Sri Lanka has held discussions with Russia and China for the potential purchase of crude oil and fuels to reduce supply shortages, Reuters reported Monday, citing Energy Minister Anura Karunathilake.The island nation has had positive discussions with the two countries in the past couple of months although it is still negotiating prices with China and figuring out the means of payment to China, Karunathilake said. He did not give a specific timeline for imports however, the report said.Sri Lanka aims to make use of the temporary US suspension of sanctions enabling purchases of Russian crude, and is prepared to import refined products from both Russia and China, the report said.Its first objective, however, is to purchase one shipment from each country then explore the potential further imports, he said.Sri Lanka relies on imports for all of its fuel requirements and has been severely impacted by the Iran war, which has resulted in a global energy supply crunch.Authorities in the country raised fuel prices 40%, rationing its sale and declared all Wednesdays a public holiday to lower energy demand.Singapore and India are the main sources of fuel for Sri Lanka, with crude oil coming mainly from the United Arab Emirates. Karunathilake said fuel shipments have already been secured until August, primarily from Singapore via tenders, Reuters said.has reached out to the Sri Lankan Energy Ministry for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Commodities30d ago

Armenia Could Reportedly Lose Access to Cheap Gas if it Leaves Russian-led Economic Union

Armenia could lose its preferential price for imported Russian gas if it decides to leave the Eurasian Economic Union, according to multiple media outlets, citing Kremlin spokesperson Dmitry Peskov.In a briefing, Peskov reportedly said that an attractive gas pricing offered by Russia to its partners is "impossible" for participants in other integrations, particularly the EU, where prices are market-based.Armenia receives natural gas from Russia at a cost of $177.50 per thousand cubic meters, while the same volume costs up to $633 in Europe, according to Reuters and national news agency Armenpress.has reached out to Armenia's energy ministry to seek feedback and additional information on the country's gas import plans.Peskov's remarks came ahead of a visit by US Secretary of State Marco Rubio in Yerevan, to attend a memorandum of understanding signing ceremony with Armenian Foreign Minister Ararat Mirzoyan. The US Department of State website did not provide further details.While being a member of a Russian-led economic union and, at the same time, heavily dependent on Russia for energy supplies, Armenia has sought deeper ties with the EU and adopted a law to launch its accession process to the bloc in April 2025.Armenia and the EU have also held their first summit earlier this month, to strengthen economic ties and deepen cooperation on security and defense, according to a statement by the European Commission.Peskov reportedly noted that Armenia remains a full member of the EAEU, while also developing relations with other countries, mainly Europe. He cited Armenian Prime Minister Nikol Pashinyan during his last visit to Moscow.Armenia relies on Russia for most of its energy needs, with Russian gas accounting for about 80% of its total energy imports and 60% of total primary energy supply, according to a statement by World Bank.

Commodities30d ago

Market Chatter: Kazakhstan Hesitates to Enforce Gazprom Asset Seizure Decision That Favors Ukraine

Kazakhstan's justice minister has said that Naftogaz may not be able to enforce a foreign ruling against Gazprom on its territory through the seizure of the Russian company's assets to settle a $1.4 billion dispute over unpaid gas transit fees, according to a news report by the country's Channel 7 News.Naftogaz last week said the Astana International Financial Center Court's ruling would enable it to seize Gazprom assets in Kazakhstan.Channel 7 reported, citing Minister of Justice Erlan Sarsembayev, that the ruling was a "notification order" that has not yet entered into force and that Kazakhstan would need the consent of both parties for the AIFC to rule on the matter in order for the decision to be valid and that Gazprom had not offered this.The minister said the defendant has the right to file an appeal, after which a full hearing would take place, with both parties participating, without explaining how this would be possible without Gazprom's aforementioned necessary consent, 7 News reported.Sarsembayev said it is too early to talk about enforcement at this point, according to the report.Under the 2019 Russia-Ukraine Gas Transit Agreement, Naftogaz Group was obligated to organize the transit of natural gas through the territory of Ukraine for Gazprom until the Agreement expired on Jan. 1, 2025.The dispute centers around what Naftogaz said is Gazprom's failure to pay Naftogaz in full for the transit of Russian gas over Ukrainian territory.Channel 7 further said that the Astana court's appeal window is 14 days, leaving about one week for a Gazprom appeal. However it noted that the minister also said Kazakhstan would not become a place for the enforcement of legal decisions unconnected to the country.Nonetheless, the minister, according to the channel, said that the AIFC Court process was not yet complete, that both sides would be heard and only then a final decision would be made, leaving some apparent ambiguity over what procedures will be followed.Naftogaz said in a statement on May 20 that the AIFC had said that it recognized the arbitration decision the Ukrainian company received in its favor and would allow it to enforce the decision in Kazakhstan.Naftogaz said that was the first such pronouncement it had received from a foreign court, clearing the way for asset recovery.has reached out to Naftogaz seeking comment on the minister's pronouncements and for clarification on the details of the case.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Commodities30d ago