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Libya's Ghadames Basin Yields New Gas, Condensate Discovery

Libya's state-owned National Oil, and Sonatrach confirmed a significant oil and gas discovery at the A1-69/02 exploration well in the Ghadames Basin, NOC said on Wednesday.Located approximately 70 kilometers from the Wafa field, the A1-69/02 well reached a final depth of 8,440 feet and testing has yielded initial production rates of 13 million cubic feet of gas and 327 barrels of condensate per day, it said.The discovery represents the sixth well drilled by the Sonatrach under a 2008 exploration and production sharing agreement with two wells remaining in the current eight-well program.

Oil & Energy168d ago

RBC Capital Markets Raises Commodity Price Outlook for 2026-28

RBC Capital Markets has raised its commodity price outlook due to the potentially long-lasting impact of the conflict between the US and Iran.The analysts said the tightening of supply and demand fundamentals has prompted them to raise their 2026-2028 equilibrium price for Brent/WTI by $10 to $80/$75 and Henry Hub natural gas by $0.25 to $4.00 per million cubic feet."This move reflects ongoing collateral damage in the Gulf region and a rising call on barrels globally from an energy security standpoint," RBC's research note said.It added that share buy-back activities were likely to slow given the recent sharp rise in equities valuations, up by more than 50% in the calendar year so far.In terms of trading ideas, RBC highlighted ConocoPhillips (COP) and EOG Resources (EOG) among large players, California Resources (CRC), Permian Resources (PR) and Chord Energy Group (CHRD) among small to medium and Expand Energy Corp (EXE) in gas.RBC said it had raised its EPS-to-cash flow per share estimates by an average 45% to reflect its revised commodity price expectations with oil players in this basket generally up closer to 55%.In keeping with this, price targets have been raised 27% on average, the note said.

$CHRD$COP$CRC$EOG$EXE$PR

Oil & Energy168d ago

RBC Lifts Oil, Gas Forecasts Amid Enormous Middle East Supply Shock

Global oil and natural gas price forecasts have been sharply revised higher following the latest escalation in the Middle East, with RBC Capital Markets citing an "enormous oil supply shock" and no clear path to de-escalation.In a research report published on Wednesday, the bank said that it now sees Brent crude averaging $90.99 per barrel in 2026, up 51.3% from its prior estimates, with the West Texas Intermediate expected at $83.63 per barrel, a 49.3% upward revision.Similarly, RBC raised its natural gas outlook, with Henry Hub prices seen at $4.07 per Metric Million British Thermal Unit, up 7%. In contrast, European gas prices are expected to more than double, with the UK NBP forecasts at $16.51 per MMBtu.The report said that expectations of normalization in European gas prices had been "upended," as Asian buyers seek out alternative supplies, competing directly with buyers within the bloc.Globally, around one-fifth of LNG supply has been taken offline due to the Iran conflict. However, RBC noted that increased capacity additions and weaker Chinese demand could partially cushion the shock.The bank's analysts also moved their natural gas liquids forecast higher, attributing it to replacement demand for propane and butane, flows of which have been disrupted during the ongoing Strait of Hormuz crisis.

Oil & Energy168d ago

EMEA Oil Update: Prices Bounce as Middle East Truce Hopes Fade

Brent futures gained over 2% on Thursday erasing a portion of yesterday's historic losses as diplomatic friction threatened the newly brokered US-Iran ceasefire deal.The Brent futures contract gained over 2% to $96.97 per barrel. Murban closed at $97.64 on April 8 and was not trading as of the time of publishing this oil price update."Prices rebounded as fighting in the Middle East continued, and the ceasefire outlook deteriorated, keeping uncertainty around the Strait of Hormuz firmly in focus," ING analysts noted.After crashing below $100 in the last session, oil prices are rebounding today as the fragile truce faces immediate accusations of non-compliance."Optimism over the ceasefire faded after Tehran said several terms of the agreement had been breached," ING analysts said.The reversal follows a statement from Iranian Parliament Speaker Mohammad Bagher Ghalibaf, who claimed on social media that the US has already violated the 10-point framework proposed by Tehran.In a Wednesday post on X, Ghalibaf said Washington had breached three clauses of a 10-point proposal put forward by Iran. He cited what he described as non-compliance with a ceasefire in Lebanon, the reported intrusion of a US drone into Iranian airspace, and the denial of Iran's right to uranium enrichment."With a full reopening of the strait unlikely in the near term, oil prices are expected to remain supported, as disruptions linked to reduced output and refinery shutdowns will take time to unwind," ING analysts added.

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