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US Oil Update: Crude Falls as Markets Weigh Peace Prospects Against Iran Strike Risk

Crude oil futures retreated in midday trading on Tuesday as markets balanced President Trump's remarks that a US-Iran peace deal could be reached within days, against his warning of a US response after Iran shot down a US military helicopter in the Strait of Hormuz.Front-month West Texas Intermediate crude futures dropped by 4.24% to $87.51 per barrel, while Brent futures shed 3.34% to $91.09/bbl.Saxo Bank strategists said crude gave back most of Monday's gains after Israel and Iran halted hostilities that had threatened to derail already fragile efforts to secure a broader peace deal in the Middle East.President Trump said on Tuesday that a potential peace deal to end the Middle East conflict could come within one or two days as negotiations continue.However, fears of renewed tensions lingered later in the day after Trump said in a social media post on Tuesday that the US would respond after Iran shot down a US Apache helicopter patrolling the Strait of Hormuz overnight.Trump said both pilots were safe and uninjured, but added that the US would "must, of necessity, respond to this attack."Meanwhile, Iranian and Israeli officials said Monday that the two sides had halted attacks on each other after an appeal from Trump that they immediately stop shooting, according to media reports.Iran's central military command, Khatam al-Anbiya, said on Monday that Tehran had ceased strikes against Israel, but warned it would resume hostilities if Jerusalem continued attacks on Lebanon.Prime Minister Benjamin Netanyahu also said Israel has halted strikes for now, but said its fight against Iran and Hezbollah is not over.Fueling bearish sentiment, US Energy Secretary Chris Wright said commercial vessel traffic and oil exports via the Strait of Hormuz are rising, even as the US and Iran struggle to reach a deal to end their more than three-month-old war, according to media reports.Soojin Kim, a research analyst at MUFG, said that although the de-escalation improved market sentiment, the Strait of Hormuz remains effectively closed, continuing to disrupt global flows of crude, fuels, and natural gas.On the demand front, China's overseas oil purchases fell to about 7.8 million barrels per day in May, the lowest in more than 8 years, according to government customs data.Saxo Bank analysts said China's crude oil imports fell to an eight-year low last month at 33.1 million tons, or 7.8 million b/d, as refiners increasingly drew on accumulated inventories rather than sourcing additional barrels from abroad.Global oil demand is now expected to fall by 1.1 million b/d in 2026, compared with 2025 levels of 104.0 million b/d, according to the US Energy Information Administration Short-Term Energy Outlook.The downward revision in the EIA's May forecast follows a 200,000 b/d increase forecast in 2026, and an even steeper shift from February's estimate of a 1.2 million b/d gain.The EIA said it projected demand would recover in 2027 as supply flows normalize, with global consumption forecast to rise by 2.5 million b/d to 105.3 million b/d.

Oil & Energy14d ago

EMEA Oil Update: Crude Drops 4% After Iran-Israel Halt Attacks, Hormuz Transit Rises

EMEA crude futures fell 4% in after-hours trading on Tuesday as Iran and Israel signaled a pause in hostilities, easing concerns of a wider regional conflict that had threatened to unravel peace talks and further disrupt vessel traffic through the Strait of Hormuz.Brent crude futures tumbled 4.4% to $90.13 per barrel, while Murban crude futures were down 4.3% to $87.92/bbl.Soojin Kim, research analyst at MUFG, said that crude edged lower after Israel and Iran signaled their intention to maintain a fragile ceasefire following a recent escalation that threatened broader efforts to end the conflict.On Monday, President Trump reportedly said that a deal to end the Middle East conflict could be reached in two or three days, and that the Hormuz would reopen immediately after a peace deal.Trump said that the two sides are in the final stages of a very good deal that will not allow Iran to have nuclear weapons.His remarks followed an announcement by Iranian and Israeli officials that the two sides had halted hostilities. Iran's central military command, Khatam al-Anbiya, said on Monday that Tehran had ceased strikes against Israel, but warned it would resume hostilities if Jerusalem continues attacks on Lebanon.Prime Minister Benjamin Netanyahu also said Israel has halted strikes for now, but said its fight against Iran and Hezbollah is not over.Fueling bearish sentiment, US Energy Secretary Chris Wright said commercial vessel traffic and oil exports via the Strait are rising, but did not provide data on how much oil flows through Hormuz, according to media reports.However, Kpler strategists said that transit activity via the strategic waterway remained constrained between June 5 and 7, with only eight monitored crossings for both commercial and non-commercial traffic.The analysts said Hormuz is likely to remain open only under narrow, tightly managed conditions, and that it is moving further away from stabilizing or increasing flows.Meanwhile, China's overseas oil purchases fell to about 7.8 million barrels per day in May, the lowest in more than eight years.Saxo Bank analysts said China's crude oil imports fell to an eight-year low last month at 33.1 million tons, or 7.8 million b/d, as refiners increasingly drew on accumulated inventories rather than sourcing additional barrels from abroad.The May figure marks the weakest level since October 2017, reflecting what TPH analysts described as a pullback in demand following disruptions linked to the ongoing conflict.Global oil demand is now expected to fall by 1.1 million b/d in 2026, compared with 2025 levels of 104.0 million b/d, according to the US Energy Information Administration Short-Term Energy Outlook.The EIA said it projected demand would recover in 2027 as supply flows normalize, with global consumption forecast to rise by 2.5 million b/d to 105.3 million b/d.

Oil & Energy14d ago

Trump Sees Iran Agreement in 1-2 Days, Says US Blockade Remains Fully Effective

US President Donald Trump said Tuesday that a potential agreement with Iran could come within one or two days as negotiations continue.Trump made the remarks while interacting with reporters in New York's John F Kennedy International Airport."We have ongoing negotiations [with Iran] that hasn't stopped and we could have at least an idea by one or two days from now, but I think it's going well," Trump said.He said Iran could secure an agreement by committing not to pursue nuclear weapons, which would allow the strait to reopen immediately."The strait will open up right away. It'll open up immediately upon signing, which could be in two or three days," Trump said.Trump added that the US maritime blockade remains fully effective, preventing oil and other revenue-generating flows from reaching Iran."The blockade continues to hold 100%. Nothing is getting through our blockade. No oil, no income, no nothing. Nothing's getting through the blockade," Trump said.Trump said negotiators are close to an agreement but maintained that military action remains an option if diplomacy fails."We should be able to do it in one hour," Trump said, before adding that additional bombing over the next two or three weeks could leave significant damage while keeping the strait closed for months.Trump said a recent conversation with Israeli Prime Minister Benjamin Netanyahu went well, adding that Israel responded after coming under attack.Trump added that he encouraged Netanyahu to end hostilities as quickly as possible, adding that the conflict's connection to Lebanon makes a resolution necessary.Asked about oil markets, Trump said crude continues to move through the Strait of Hormuz, adding that current prices remain lower than during the Biden administration while criticizing the earlier Joint Comprehensive Plan of Action as a failed agreement.

Oil & Energy14d ago

Asia Crude Imports Rebound Despite Record-Low Chinese Seaborne Purchases, Vortexa Says

Crude and condensate arrivals into Asia and Oceania rose by 1 million barrels per day over the month to 18.6 million b/d in May, as stronger imports across the region offset a record drop in China's seaborne crude purchases, Ivan Mathews, a Vortexa analyst, said in a Tuesday note.Chinese crude imports fell to an all-time low of 6.7 million b/d as refiners drew down domestic inventories and curtailed spot purchases amid elevated crude premiums.Higher imports elsewhere in Asia, however, improved refinery feedstock availability and supported a recovery in regional refining activity.The increase was driven largely by stronger inflows from the Wider Arabian Sea and the Americas. Saudi Arabia redirected exports through Red Sea terminals via the East-West pipeline, while crude shipments from the UAE's Fujairah export hub continued to rise.India's seaborne crude imports also returned to pre-conflict levels, supported by record arrivals from Russia and Venezuela.Refiners outside China and India increased purchases of Atlantic Basin crude to diversify supply and replace disrupted Middle Eastern volumes. US crude arrivals into the rest of Asia reached record highs in May.Improved crude availability, together with stock releases in countries including South Korea and Japan, supported a rebound in refinery runs. Rising clean and dirty petroleum product tanker liftings since late May point to stronger refinery utilization and increased product output.Higher refinery throughput has also eased regional product tightness. Narrowing East-West price spreads for naphtha, gasoline, diesel and low-sulfur fuel oil reduced incentives to ship products into the Pacific Basin.As a result, Atlantic Basin-to-Pacific Basin product flows have retreated from record highs reached in March and are expected to decline further in June.Despite the broader recovery, vulnerabilities remain. India's LPG imports, while improving in May, remain more than 50% below pre-conflict levels.Alternative supplies from sources such as the US Gulf Coast have failed to fully replace lost Middle Eastern volumes.The shortfall is expected to keep government measures in place that prioritize LPG production and limit propane and butane use in petrochemicals, supporting elevated naphtha imports.While Asia's crude supply chain has largely adapted to disruptions, LPG markets remain exposed to ongoing supply constraints.

Oil & Energy14d ago

Market Chatter: Kuwait Offers 4 Million Barrels of Crude to Asia, Signaling Easing Flows at Strait of Hormuz

For the first time since the war in Iran began, Kuwait is offering to sell its crude oil to refiners in Asia, which is being viewed as an indication of rising oil flows through the Strait of Hormuz, according to a report by Bloomberg, citing traders familiar with the matter.An estimated 4 million barrels of the country's export-grade crude oil, loaded into two very large crude carriers, is reportedly being offered to refiners in China and South Korea.This offer from the fifth-largest producer in the region, which loads its supplies deep within the Persian Gulf, signals a potential shift in conditions at the Strait of Hormuz, which has remained effectively closed for more than 14 weeks.There has been an uptick in vessel activities around Kuwaiti ports in recent days, near the Mina Al Ahmadi terminal, before their transponders were turned off, Bloomberg said, citing ship tracking data.The report also highlighted that the oil was being offered directly by the state-owned Kuwait Petroleum, rather than via a subsidiary.Kuwait Petroleum did not immediately respond to' request for a comment on this story.(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.)

Oil & Energy14d ago

EMEA Natural Gas Update: Futures Slide After Trump Sparks Renewed Optimism on Peace Deal With Iran

European natural gas futures edged lower on Tuesday, after US President Donald Trump once again expressed optimism regarding a potential peace deal with Tehran.The Dutch TTF front-month contract was down 1.15% at 49.255 euros ($57.01) per megawatt-hour, while the UK NBP front-month contract was down 1.88% at 118.260 British pence ($1.58) per therm.Speaking with reporters in New York on Monday, Trump said that the two countries were very close to a "good, strong, powerful deal," which he said was set to conclude over the next "two or three days," following which the Strait of Hormuz was going to reopen right away.Trump also said that both Iran and Israel had agreed to "leave each other alone for another week," as all sides make progress towards a peace deal.Meanwhile, the strategically crucial Strait of Hormuz, which accounted for one-fifth of global LNG flows, remained effectively closed for the 15th week running, with just 10 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.According to Cyril Widdershoven of Blue Water Strategy, despite the progress made on ensuring safe transit via the strategically crucial Strait, it still remains "critical," with the region just "one incident away from complete closure," despite recent optimistic pronouncements.Daniel Hynes, a senior commodity strategist at ANZ highlighted other supply-side issues, such as the strike in Inpex's Ichthys LNG plant in Australia, where workers were planning to "increase strike action" after talks between the Union and management stalled.This comes at a time when European gas inventories remain depleted, at just 42.48% of capacity, compared to 50.97%, during the corresponding period a year ago, according to Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 56.7%, according to data from the Swiss Federal Office of Energy.

Oil & Energy14d ago

US Oil Update: Crude Benchmarks Hit 1-Week Low

Global oil prices hit a more than one-week low on Tuesday on ceasefire hopes in the Middle East as traders awaited the US crude inventory data for clues on supply and demand.Front-month West Texas Intermediate crude futures fell 2.2% to $89.32 per barrel, while Brent futures were down 1.7% to $92.63/bbl."Oil prices eased to a one-week low on Tuesday as easing tensions in the Middle East improved sentiment and raised hopes that the current disruption to regional energy exports may eventually begin to unwind," said Zaheer Anwari, CEO at the Revacy Fund.Israeli Prime Minister Benjamin Netanyahu reportedly confirmed that the country is holding its fire against Iran for the time being.This aligned with an earlier announcement from Tehran's central military command, Khatam al-Anbiya, stating that its strikes against Israel had ceased, though it warned operations would immediately resume if it struck Lebanon.Sentiment was further stabilized by a Truth Social post from US President Donald Trump, who claimed both combatants are actively seeking to formalize an immediate ceasefire.On the demand side, India's domestic fuel consumption stood at 19.93 million metric tons in May, down from 21.31 million metric tons for the same month last year, according to data shared by the oil ministry's Petroleum Planning and Analysis Cell on Saturday.However, it was higher than the figures in April, when consumption stood at 19.47 million metric tons.Meanwhile US crude exports surged to a record 5.6 million barrels per day in May, fueled by Strategic Petroleum Reserve releases and elevated Gulf of Mexico output, though a slowdown is forecast in June, Kpler strategists said in a Monday note.The market now awaits crude inventory data due on Wednesday to be released by the US Energy Information Administration.

Oil & Energy14d ago

EMEA Oil Update: Oil Futures dip as Israel and Iran Halt Escalation

Oil benchmarks declined on Tuesday after Israel and Iran signaled a pause in direct military actions after a flare up in the last few days, providing some reassurance to energy markets.Front-month Murban crude futures dipped 2.6% to $89.50 per barrel, while Brent futures fell 1.5% to $92.84/bbl.Israeli Prime Minister Benjamin Netanyahu reportedly confirmed that the country is holding its fire against Iran for the time being.This aligned with an earlier announcement from Tehran's central military command, Khatam al-Anbiya, stating that its strikes against Israel had ceased, though it warned operations would immediately resume if Jerusalem struck Lebanon.Sentiment was further stabilized by a Truth Social post from US President Donald Trump, who claimed both foes are seeking to formalize an immediate ceasefire.Despite the cooling rhetoric, underlying risks to supply remain many.Threatening alternative supply routes, Yemen's Houthi rebels announced a comprehensive ban on Israeli shipping in the Red Sea.ANZ analysts noted that while there is some conjecture surrounding what explicitly constitutes an Israeli vessel, the mandate introduces vulnerabilities to a critical bypass corridor, specifically for Saudi Arabia.It has historically relied on its East-West pipeline to export upwards of 4 million barrels per day through its Red Sea port of Yanbu and it has been a lifeline for the country's exports since the start of the Iran war.

Oil & Energy14d ago

Market Chatter: Revego Fund Managers Mull Merger With H1 Holdings for South Africa Renewables Focus

Revego Fund Managers are looking into a potential merger with H1 Holdings, a tie-up that would create one of the largest funds focused on renewable energy in South Africa, Bloomberg reported on Tuesday.The transaction would bring together the assets of Revego's Africa Energy Fund, backed by Investec and those of H1, for a total worth of 13.3 billion South African rand ($807 million), with 36 projects across solar, wind, hydroelectric and battery storage around the south of Africa, the article said.Revego started in 2021 and has a portfolio worth 2.4 billion rand, having the backing of UK development-finance institution British International Investment and South African pension administrator Alexander Forbes Group.It has made 10 investments in South Africa, which has the biggest renewable-energy industry in the sub-Saharan part of Africa. Revego would take on H1's 26 projects, Bloomberg said.The new vehicle will aim to generate returns of 5% to 7% over and above inflation, Revego's Chief Investment Officer Ziyaad Sarang said.H1 will be the majority shareholder with a 51% stake up from its current 36%, the article said.has reached out to Revego and H1 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.)

Oil & Energy14d ago

Market Chatter: Trump Says Iran Deal Possible in 2-3 Days

US President Donald Trump has said that a peace deal with Iran is possible over the next 2-3 days, the Associated Press reported on Tuesday."We have a good chance" of signing a deal in "two or three days," the report quoted him as saying.Trump who was addressing reporters at the John F. Kennedy International Airport in New York on Monday night, said a very strong, powerful deal was close to being finalized, the report said.In a post on Truth Social earlier on Monday, Trump said that final negotiations were proceeding and indicated that things could move quickly."The blockade will remain in place, and in full force and effect, until a 'final deal' is reached. Things should move quickly," he 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.)

Oil & Energy14d ago

Qatari LNG-Laden Tanker Crosses Hormuz Strait, Reuters Analysis Shows

A Qatari vessel carrying liquefied natural gas has crossed the Strait of Hormuz, making it the ninth such cargo and fifth such tanker from the country to clear through the waterway since the start of the Iran war, according to a Reuters analysis of ship-tracking data from Kpler and LSEG published Tuesday.On Monday, the vessel was tracked east of the strait with signs that it will move towards China, the report said.A cargo was loaded on the tanker, controlled by QatarEnergy, at the Ras Laffan terminal in Qatar on June 1, the article said.Meanwhile, an unladen LNG tanker has entered the waterway again after unloading its cargo in India, the report said, citing ship-tracking firm Vortexa.Energy flows through the crucial waterway, which handled almost 20% of the global oil and gas flows, remain severely constrained since the beginning of the Iran war.An average of 125-140 ships passed through the strait daily before the war began in late February, the report said.

Oil & Energy14d ago

US President Donald Trump Says Good Chance of Signing Iran Peace Deal in 2-3 Days, Media Outlets Report

Oil & Energy14d ago

Update: Market Chatter: Chinese Refiners Delay 500,000 bpd Capacity Amid Hormuz Supply Disruptions

(Updates with Aramco's response in fifth paragraph.)China's top refiners have delayed two major projects slated for this year following Middle Eastern crude supply disruptions via the Strait of Hormuz, Reuters reported Monday citing sources.The Saudi Aramco-backed Huajin Aramco Petrochemical, joint venture has delayed the start-up of its 300,000 barrel-per-day Panjin refinery autumn, while PetroChina indefinitely postponed a 200,000 bpd Dalian expansion, the report said.Hapco was originally scheduled to start between May and June but sources familiar with the project confirmed its timeline has been pushed back to September or early October, as per the report.The delay to new processing capacity impacts about 500,000 bpd and will limit prompt physical crude demand as Chinese domestic operators grapple with weak consumption due to aggressive domestic electric vehicle adoption, the report added.Saudi Aramco declined to comment in its emailed response to.None of the other parties involved responded immediately to requests for comments.(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.)

Oil & Energy14d ago

Unladen Oil Tanker Disabled by US Forces for Iran Blockade Violation

An unladen oil tanker heading towards Iran was disabled in the Gulf of Oman on Monday by US forces over non-compliance with the US naval blockade against Iran, according to a statement from the US Central Command.The Palau-flagged M/T Marivex vessel was disabled by the US Centcom forces as the vessel attempted to sail towards the country, maritime access to which the US is impeding while Iran keeps the Strait of Hormuz effectively closed."An F/A-18 Super Hornet from USS Abraham Lincoln (CVN 72) fired a precision munition into the ship's engineering and steering spaces after the crew failed to comply with directions from US forces," the statement said.The vessel is no longer heading towards Iran.Since the launch of the blockade on April 13, Centcom has disabled seven non-compliant vessels, redirected 134 compliant ships, and allowed passage to 42 vessels supporting humanitarian aid, the statement said.

Oil & Energy14d ago

EMEA Natural Gas Update: Futures Edge Higher Despite Trump's Renewed Optimism on Iran Peace Deal

European natural gas futures edged little higher on Tuesday, despite Israel and Iran's decision to halt mutual attacks, and US President Donald Trump once again expressing optimism regarding a potential peace deal with Tehran.The Dutch TTF front-month contract was up 0.23% to 49.94 euros ($57.67) per megawatt-hour, while the UK NBP front-month contract gained 0.05% at 120.59 British pence ($1.61) per therm.Speaking with reporters in New York on Monday, Trump said that the two countries were very close to a "good, strong, powerful deal," which he said was set to conclude over the next "two or three days," following which the Strait of Hormuz was going to reopen right away.Trump also said that both Iran and Israel had agreed to "leave each other alone for another week," as all sides make progress towards a peace deal.Meanwhile, the strategically crucial Strait of Hormuz, which accounted for one-fifth of global LNG flows, remained effectively closed for the 15th week running, with just 10 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.Daniel Hynes, a senior commodity strategist at ANZ highlighted other supply-side issues, such as the strike in Inpex's Ichthys LNG plant in Australia, where workers were planning to "increase strike action" after talks between the Union and management stalled.This comes at a time when European gas inventories remain depleted, at just 42.48% of capacity, compared to 50.97%, during the corresponding period a year ago, according to Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 56.7%, according to data from the Swiss Federal Office of Energy.

Oil & Energy14d ago

EMEA Oil Update: Crude Slides as Ceasefire Talks Ease Fears

Crude prices edged lower on Tuesday after Israel and Iran indicated they would refrain from further immediate escalation, providing a brief reprieve to energy markets.Front-month Murban crude futures were down 0.3% to $91.65 per barrel, while Brent futures fell 1.3% to $93.05/bbl.Israeli Prime Minister Benjamin Netanyahu reportedly said on Monday that the country is holding its fire against Iran for the time being.This aligned with an earlier announcement from Tehran's central military command, Khatam al-Anbiya, stating that its strikes against Israel had ceased, though it warned operations would immediately resume if Jerusalem struck Lebanon.Sentiment was further stabilized by a Truth Social post from US President Donald Trump, who claimed both combatants are actively seeking to formalize an immediate ceasefire.Despite this, underlying structural risks to supply remain highly elevated. Threatening alternative supply routes, Yemen's Houthi rebels announced a comprehensive ban on Israeli shipping in the Red Sea.ANZ analysts noted that while there is some conjecture surrounding what explicitly constitutes an Israeli vessel, the mandate introduces sharp vulnerabilities to a critical bypass corridor, specifically for Saudi Arabia, which has historically relied on its East-West pipeline to export upwards of 4 million barrels per day through its Red Sea port of Yanbu.Meanwhile, the US continues to enforce its strict naval blockade on Iranian ports.

Oil & Energy15d ago

Asia Coal Demand Set to Rise on LNG Squeeze After Middle East Conflict, Rystad Says

Asia-Pacific thermal coal demand is set to jump sharply in the wake of Middle East energy disruptions that have tightened global LNG supply and forced power utilities back into coal, Rystad Energy strategists said in a note on Monday.The consultancy estimates an additional 150 million metric tons of cumulative coal consumption through 2030, with about half of that increase occurring in 2026 alone, driven by a widening liquefied natural gas shortfall and elevated gas prices across key importing economies.A force majeure at Qatar's Ras Laffan facility, following conflict-related damage, has removed about 10.2 mmt per annum of LNG supply to Asia, tightening regional balances and helping push spot LNG prices to near three-year highs.Rystad estimates a resulting supply gap of around 35 million mt in 2026, leaving utilities with limited alternatives beyond increased coal burn."Coal is stepping in when gas prices spike, supply tightens or mothballed plants are briefly restarted," said Tonmit Talukdar, coal research analyst at Rystad Energy.Under its base case, the firm expects incremental coal consumption in Asia to rise by close to 70 mmt in 2026, largely through higher utilization of existing coal-fired capacity rather than new build-outs.Rystad said that translates into about 90 terawatt-hours of generation shifting from gas to coal across Northeast and Southeast Asia.The adjustment is already visible in regional power mixes. Japan's coal-fired generation rose 11% even as gas output fell 13%, while coal imports in South Korea and Japan are tracking over 50% and over 20% higher over the year, respectively, for May.The firm said the response reflects "necessity over choice," with coal supply chains largely unaffected by the geopolitical disruption, even as LNG markets tighten.However, despite the near-term spike, Rystad said the shift is a cyclical stress response rather than a structural reversal of the energy transition, pointing to strong coal inventories in India and China and growing renewable capacity that have prevented a more severe imbalance similar to the 2022 energy crisis triggered by Russia's invasion of Ukraine.Rystad strategists said until storage, grid flexibility, and firm low-carbon capacity scale sufficiently to cover peak demand and periods of low wind or hydro output, coal will continue to serve as the system's fallback.The consultancy, in a downside scenario in which hostilities escalate again, projected that incremental coal demand could rise by about 90 mmt in 2026, with cumulative near-term growth reaching about 190 mmt.Price signals are also expected to reflect the tightening. Newcastle 6,000 kcal coal, the benchmark for seaborne thermal coal, is projected to average about $125 per metric ton in 2026 before easing to $115/mt in 2027 as nuclear restarts in Northeast Asia and improving LNG supply conditions gradually rebalance markets.Demand gains are expected to be concentrated in gas-exposed power systems, with Japan leading due to nuclear restarts and policy adjustments, while South Korea, Taiwan and parts of Southeast Asia, including Vietnam, Thailand and the Philippines, increase coal burn to offset LNG shortages.

Oil & Energy15d ago

Technip Energies Secures Coral Norte FLNG Contract in Mozambique

Technip Energies has secured an engineering, procurement, construction, installation, and commissioning contract for the Coral Norte floating LNG project offshore Mozambique, the energy firm said on Monday.The contract was awarded by Mozambique Rovuma Venture, the development consortium led by Eni alongside partners CNPC, Empresa Nacional de Hidrocarbonetos, XRG, and Kogas.Coral Norte, a floating liquefied natural gas development located offshore Mozambique, is designed to produce around 3.6 million tons per annum of LNG, doubling output from the Coral hub to about 7 Mtpa.The project is an expansion of the existing Coral South development in Mozambique's Area 4 offshore gas block and will replicate much of its design to reduce execution risk and improve cost and delivery certainty.The company said the "design one, build many" approach would help accelerate offshore LNG deployment by leveraging lessons from Coral South and standardizing engineering and integration work across the Coral hub.

Oil & Energy15d ago

US Disables 7th Vessel Since Start of Iran Maritime Blockade, Centcom Says

US forces disabled an unladen oil tanker in the Gulf of Oman on Monday after the vessel allegedly violated the ongoing US maritime blockade against Iran, as it attempted to reach an Iranian port, the US Central Command said Monday.Operating in international waters, the Palau-flagged vessel allegedly ignored directions from US forces while sailing toward Iran, according to Centcom's post on X.An F/A-18 Super Hornet launched from the USS Abraham Lincoln fired a precision munition at the vessel's engineering and steering compartments, preventing the tanker from continuing its voyage to Iran, Centcom said.Since the blockade began on April 13, US forces have disabled seven non-compliant vessels, redirected 134 ships that complied with instructions and allowed 42 humanitarian-support vessels to transit, Centcom added.Meanwhile, former US Defense Secretary Lloyd Austin said the US Navy has the capability to reopen the Strait of Hormuz, although maintaining access to the waterway over an extended period would require significant resources and international support, Bloomberg reported Monday."Holding it open for a long period of time would be pretty costly," Austin reportedly said, speaking at the HSBC Gulf Cooperation Council Exchanges Conference in London.He added that allies and partners should participate because freedom of navigation is "important to the entire globe," Bloomberg reported.

Oil & Energy15d ago

US Oil Update: Futures Trim Gains as Markets Weigh Iran, Israel Ceasefire

Crude futures pared early gains in midday trading on Monday after Iran and Israel halted military attacks against one another, offering a reprieve to energy markets that had earlier surged on fears of a broader conflict in the Middle East.Front-month West Texas Intermediate crude futures were up 0.70% to $91.17 per barrel, while Brent futures were up 1.30% to $94.31/bbl.Saxo Bank strategists said the exchange is one of the most serious tests of a ceasefire that took effect on April 8 to halt fighting involving the US-Israel alliance and Iran.On Monday, Iran's central military command, Khatam al-Anbiya, reportedly ended military operations against Israel but warned of much harsher actions if Jerusalem continued to attack, including in southern Lebanon.Israel, in response, said it had halted attacks but warned that in the event that Iran resumes military strikes, "we will respond with overwhelming force."President Trump said in a Truth Social post that both countries are seeking to agree to an immediate ceasefire.Soojin Kim, research analyst at MUFG, said that the renewed escalation has reinforced fears of prolonged supply disruptions, keeping upward pressure on oil prices despite OPEC+ plans to gradually increase output.The ongoing Middle East conflict and the double-closure of the Strait of Hormuz are raising concerns that the world will need to tap crude inventories further, after the International Energy Agency said global oil inventories could hit critical levels ahead of the peak summer demand period.Trump said that the US blockade of the Strait would remain in full force until a final deal is reached.Saxo Bank analysts said the near-closure of the Hormuz continues to tighten global energy markets, with several oil majors warning that the window before physical shortages emerge may be measured in weeks rather than months.Fueling bullish sentiment, Yemen's Houthi rebels said on Monday that they would impose a complete ban on Israeli vessels in the Red Sea, according to media reports. The Houthis said that any Israeli maritime navigation in the Red Sea will be considered a military target and will be struck.On the supply side, OPEC+ agreed to increase targets by 188,000 barrels per day from July, according to an OPEC statement, marking the fourth oil output quota hike approved since the outbreak of the conflict.

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Oil & Energy15d ago