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Supertanker Seen at Iran Export Terminal for 1st Time Since Early May, Bloomberg Analysis Says

A crude oil supertanker has been observed moored at Iran's main export terminal for the first time in nearly a month, signaling a potential resumption of loading activity despite a US-led maritime blockade aimed at restricting Tehran's oil exports, according to a Bloomberg analysis on Wednesday.It said an image captured by the European Union's Sentinel-1 satellite on Tuesday morning showed a vessel matching the dimensions of a very large crude carrier alongside a jetty west of Kharg Island, Iran's principal crude-export facility in the northern Persian Gulf.No similarly sized tanker had been observed at the island since May 6.The sharp decline in loading activity in recent weeks suggests Tehran may have exhausted the supply of tankers available to transport its crude under the blockade, which began in mid-April.Alternatively, Bloomberg said, Iranian authorities may have opted against loading vessels without assurances that cargoes could reach international buyers.Before the restrictions were imposed, VLCC loadings at Kharg Island occurred almost daily.Whether the newly arrived tanker will be able to leave the Persian Gulf remains uncertain as the US maintains a blockade of all ships originating from or destined for Iranian ports.US Central Command said Tuesday that the US Navy had enforced blockade measures against a tanker as it sailed toward Kharg Island through international waters.According to a social media post, US forces fired a missile into the vessel's engine room.The US Navy imposed a blockade on maritime traffic entering and leaving Iranian ports on April 13.Since then, six commercial vessels have been disabled and 122 others redirected, according to CENTCOM.

Oil & Energy20d ago

Hormuz Conflict Could Reshape Global LNG Markets Under 3 Scenarios, Wood Mackenzie Says

Wood Mackenzie outlined three scenarios for global LNG markets after the Strait of Hormuz closure removed over 80 million metric tons per annum of LNG, equivalent to 20% of global supply, the firm said Tuesday.Wood Mackenzie said the disruption has created significant uncertainty across global gas markets as buyers, investors and policymakers assess how different conflict outcomes could reshape supply, demand and pricing trends."The Strait of Hormuz closure has done more than remove LNG from the market. It has removed certainty," Kateryna Filippenko, Research Director at Wood Mackenzie, said.She added that volatility is the new baseline, noting that the key question for buyers, investors and policymakers is whether their portfolios and supply strategies are resilient enough to absorb any of the potential scenarios.Under the scenario of a quick peace deal, undamaged Gulf LNG facilities are expected to resume operations in June 2026 and return to full capacity by 2027, Wood Mackenzie said.In the scenario where a settlement is expected by summer, delays restarts until September 2026, while producers recover full output only by 2028, extending supply tightness across global LNG markets.Wood Mackenzie said the scenario of an extended disruption assumes recurring conflict flare-ups and infrastructure damage, preventing Gulf LNG output from returning to pre-war growth expectations.In that scenario, Qatar's North Field West project remains postponed indefinitely, major developments face multi-year delays, and companies advance no additional pre-final investment decision projects.Despite risks in the Middle East, LNG supply growth continues elsewhere, with over 150 mtpa under construction outside the Persian Gulf, largely in the United States, Wood Mackenzie said.Wood Mackenzie said LNG expansion outside the Persian Gulf remains robust, with over 150 mtpa under development and an additional 30 mtpa expected to reach final investment decision by the end of 2027.LNG demand increases across all three scenarios as Europe and South and Southeast Asia offset declines in domestic production and pipeline imports, though efforts by major importing nations to curb reliance on LNG could yield widely varying demand outcomes over the next decade.Under the quick-peace scenario, markets start easing in 2028, increasing the risk of US LNG cargo cancellations between 2031 and 2033, while the summer-settlement scenario delays a similar imbalance until 2032 and could extend it through 2034, Wood Mackenzie said.The extended-disruption scenario keeps markets volatile and supply tight through 2030 before rising LNG output creates oversupply risks, while recovering supply weighs on European and Asian gas prices and pushes US gas prices higher as low-cost associated gas supplies decline.

Oil & Energy20d ago

US Oil Update: Oil Extends Rally to Third Session Amid US-Iran Impasse

Global crude oil prices advanced for a third consecutive session on Wednesday as energy markets continued to price in the growing risk premiums of an unresolved US-Iran diplomatic impasse.Front-month West Texas Intermediate crude futures advanced by 1.3% to $94.86 per barrel, while Brent futures rose 1.3% to $97.25/bbl.Market participants noted that renewed maritime and geopolitical friction in the Middle East has reinforced anxieties that global energy disruptions could persist into the medium term, especially as a lasting diplomatic resolution remains stubbornly elusive.Beneath the volatile, headline-driven pricing, the physical crude market continues to contract sharply.Commercial transit through the Strait of Hormuz remains heavily restricted, keeping a significant volume of Middle Eastern crude cut off from global supply networks and forcing international buyers to scramble for alternative barrels.Data released late Tuesday by the American Petroleum Institute showed that US crude oil inventories plummeted by a massive 6.75 million barrels for the week ended May 29.The energy market is now awaiting the US Energy Information Administration petroleum inventory report, scheduled for release later on Wednesday."While ongoing disruptions continue to support prices, any credible breakthrough and the return to normal export conditions from the Middle East could gradually drive crude prices to the downside," said Konstantinos Chrysikos, Head of Customer Relationship Management at Kudotrade.

Oil & Energy20d ago

EMEA Natural Gas Update: Futures Rally Over 2% as Tensions Cloud US-Iran Peace Talks

European natural gas futures rallied on Wednesday as tensions intensified in the Middle East, casting a cloud over peace negotiations between the US and Iran.The Dutch TTF front-month contract rose 2.27% to 48.690 euros ($56.50) per megawatt-hour, while the UK NBP front-month contract rose 2.45% to 117.60 British pence ($1.58) per therm.On Wednesday, US Centcom said on X that it had intercepted "multiple Iranian ballistic missiles and drones," aimed at Iran's neighbors. The US also conducted another round of self-defense strikes against Iran's Qeshm Island in retaliation over Iran reportedly firing missiles at Kuwait and Bahrain.Iranian drones and missiles struck a terminal in Kuwait's international airport, killing one person and wounding several others, according to Al Jazeera, marking a major escalation in the conflict.Iran's Revolutionary Guards warned that their barrage of strikes against neighbors "should serve as a lesson" for the US.Meanwhile, the strategically crucial Strait of Hormuz remained effectively shut for the 14th week running, with just 4 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.Daniel Hynes, senior commodity strategist at ANZ, said this is set to put added pressure on European buyers, as they "struggle to refill storage facilities," as Asian imports rise.Hynes warned that Asia's supply constraints could worsen with Australian workers at the Ichthys LNG facility commencing strikes after talks stalled between the union and the company.European gas inventories stood at 40.76% of capacity, compared to 48.88% during the corresponding period a year ago, according to data from Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 54.7%, according to the Swiss Federal Office of Energy.All of this comes during a heatwave across Europe, which has "obliterated historical temperature records," according to Severe-Weather EU, leading to increased air conditioning use and gas-fired power generation.

Oil & Energy20d ago

EMEA Oil Update: Crude Rises for Third Day as Tension Escalates in Middle East

Crude futures rose for a third consecutive session on Wednesday, as Middle East hostilities flared with Iranian missile strikes on Kuwait and Bahrain.Front-month Murban crude futures advanced by 1.9% to $97.88 per barrel, while Brent futures rose 2.2% to $98.12/bbl."Oil edged higher as the US-Iran standoff showed no visible progress toward reopening the Strait of Hormuz," Saxo Bank analysts said.The immediate catalyst for the market rally was the outbreak of fresh regional hostilities, following reports of Iran firing missiles directly at Kuwait and Bahrain.The Islamic Revolutionary Guard Corps reportedly said that the only safe route for transit via the strait is designated by its own naval forces.ANZ noted that crude edged higher as broader diplomatic tracks struggled to stay viable, especially after media reports surfaced indicating that Hezbollah will not accept any partial ceasefire framework with Israel.Iranian state media openly questioned the integrity of the peace talks, directly challenging optimistic statements from the White House.However, President Trump dismissed widespread media reports of a diplomatic freeze as "false and erroneous," insisting that backchannel discussions between Washington and Tehran are ongoing, in a post on Truth Social.Data released late Tuesday by the American Petroleum Institute revealed that US crude oil inventories fell by 6.75 million barrels for the week ended May 29.The energy market is now awaiting US Energy Information Administration petroleum inventory report, scheduled for release later on Wednesday.

Oil & Energy20d ago

Market Chatter: Iraq to Triple Northern Pipeline Crude Exports

Iraq's cabinet reportedly approved a plan on Tuesday to more than triple northern pipeline exports through Turkey's Ceyhan port to 770,000 bpd, Bloomberg reported Tuesday.The pivot comes as the OPEC nation scrambles to mitigate the severe economic damage inflicted by the blockade of the Strait of Hormuz, which has severely crippled its maritime shipping capabilities.The strategy aims to restore national oil revenues, which account for 90% of Iraq's budget.Under the new framework, exports will expand from a baseline of 220,000 barrels per day to 770,000 bpd within a tight two-and-a-half-month window, as per the report.This target eclipses an earlier stop-gap proposal that capped northern pipeline flows at 500,000 bpd, building on a political breakthrough achieved in March when Baghdad and the Kurdistan Regional Government finalized terms to resume idled northern pipeline operations, as per the report.None of the parties involved responded to' request 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 & Energy20d ago

Market Chatter: US Forces Aids Merchant Vessels Transit Hormuz in Quiet

The US military is quietly escorting ships through the strategically vital Strait of Hormuz, according to Bloomberg, citing US Central Command statements, ship-tracking data, and people with knowledge of the matter.This comes just a month after US President Donald Trump launched and abandoned the plan, which was dubbed "Project Freedom," which involved safely aiding the transit of commercial ships via the strait, which accounted for one-fifth of global LNG and crude oil flows pre-war.However, this time, US forces are doing this more quietly, with ships turning off their transponders and making the treacherous journey close to the Omani coast to steer clear of Iranian mines.The Bloomberg report also alluded to the US Centcom's latest statement, saying that US forces had shot down Iranian drones aimed at "civilian mariners that were rightfully transiting regional waters" as further evidence of quiet military escorts for merchant vessels in the Strait.The report noted that while Centcom had earlier denied reports of escorting merchant ships, it has since said that it continues to coordinate and communicate with ships passing through the Persian Gulf, to ensure their safe passage.Centcom 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 & Energy20d ago

Market Chatter: Dangote Refinery Could Supply Jet Fuel to Global Markets, Says CEO

The Dangote refinery in Nigeria, with a 650,000 barrel-per-day capacity, holds a substantial jet fuel surplus, allowing it to cater to global markets, CEO David Bird said according to a Reuters report.Jet fuel supply has faced severe disruptions due to conflict in Iran which has blockaded the Strait of Hormuz shipping chokepoint.The geopolitical bottleneck has created an export window for non-Middle Eastern refiners like Dangote to plug shortages across international distribution networks.The chief executive, speaking at the S&P Global Energy Middle East Petroleum and Gas Conference, confirmed that the Nigerian complex is presently operating at 100% of its designed processing utilization rate, as per the report.He did not offer further context on volumes and the potential impact for global markets or why the company has not sold some of the surplus already.Subdued domestic consumption across African markets has left the facility with significant excess volumes earmarked for overseas export markets.(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 & Energy21d ago

EMEA Oil Update: Brent Extends Gain on Middle East Escalation

Brent crude benchmark rose for third day in a row on Wednesday, as Middle East hostilities flared with Iranian missile strikes on Kuwait and Bahrain.Brent futures contract climbed 1.8% to $97.76 per barrel. Murban futures closed at $96.09 on June 2 and were not trading by the time of publication of this oil price update."Oil edged higher as the US-Iran standoff showed no visible progress toward reopening the Strait of Hormuz," Saxo Bank analysts said.The immediate catalyst for the market rally was a severe outbreak of fresh regional hostilities, following reports of Iran firing missiles directly at Kuwait and Bahrain.This military escalation coincided with a breakdown in peace negotiations.ANZ noted that crude edged higher as broader diplomatic tracks struggled to stay viable, especially after media reports surfaced indicating that Hezbollah will not accept any partial ceasefire framework with Israel.However, President Trump dismissed widespread media reports of a diplomatic freeze as "false and erroneous," insisting that backchannel discussions between Washington and Tehran remain fully active in a post on Truth Social.Data released late Tuesday by the American Petroleum Institute revealed that US crude oil inventories plummeted by 6.75 million barrels for the week ended May 29.The energy market is now awaiting US Energy Information Administration petroleum inventory report, scheduled for release later on Wednesday.

Oil & Energy21d ago

US Oil Update: Crude Rises After Trump Says Iran Peace Talks Remain Active

Crude oil futures settled higher in after-hours trading on Tuesday after Trump said talks with Iran remain ongoing, countering earlier reports of a breakdown in negotiations, while Tehran is reportedly reviewing a US proposal to end the conflict.Front-month West Texas Intermediate crude futures advanced by 1.33% to $93.39 per barrel, while Brent futures rose 0.80% to $95.74/bbl.Iranian negotiators are reviewing a proposed agreement with the US to halt the conflict in the Middle East, but have not communicated with Washington for a few days, local media reported on Tuesday, after President Trump said peace negotiations were ongoing.Trump said on Tuesday that reports suggesting that the US and Iran had stopped communicating are "fake and erroneous," adding that talks between Washington and Tehran have continued over recent days.The US President said that while the direction of the talks remains uncertain, he has told Iran it is "time, one way or another, to make a deal," arguing that the current situation cannot continue indefinitely."The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today," Trump said in a social media post on Trust Social.Soojin Kim, research analyst at MUFG, said oil holds gains as uncertainty surrounding US-Iran negotiations raised concerns that disruptions to energy flows from the Persian Gulf could persist.Fueling uncertainty, Trump and Prime Minister Benjamin Netanyahu offered conflicting accounts of a call about the ongoing war between Israel and Hezbollah.On Monday, Trump said he held a call with Prime Minister Netanyahu during which he instructed Israel to halt a planned strike on parts of Beirut, as regional tensions escalated amid continued cross-border violence.Netanyahu, in a separate statement, said he told the US President that Israel would target locations in Beirut if Hezbollah did not stop attacks against Israel, following ongoing exchanges of fire in southern Lebanon.With commercial traffic through Hormuz still constrained and geopolitical tensions extending to Lebanon, investors remain focused on the risk of prolonged supply disruptions in a region that normally handles around one-fifth of global oil and LNG trade, said Soojin Kim, research analyst at MUFG.Market participants' focus remains on Hormuz, as commercial traffic through the strategic waterway remains constrained amid uncertainty over the US-Iran peace deal.The US Central Command said on Tuesday that US forces redirected 122 Iran-linked commercial vessels, while Iranian media reported that 24 vessels had transited the Hormuz over the past 24 hours.

Oil & Energy21d ago

Hormuz Traffic Remains Subdued Amid Iran Peace-Deal Uncertainty, Bloomberg Analysis Says

Commercial vessel traffic through the Strait of Hormuz remained limited on Tuesday amid uncertainty over a potential US-Iran peace deal, according to Bloomberg analysis.Ship-tracking data indicated only two inbound commercial transits on Tuesday morning, following two outbound movements on Monday.Though Iranian media reported that 24 vessels had transited the Strait of Hormuz over the past 24 hours with authorization from the Islamic Revolutionary Guard, analysts said such figures are difficult to verify due to frequent electronic interference and potential data overlap with smaller coastal craft.President Trump has expressed continued hope for an interim peace deal, even as Iran signaled potential friction in negotiations following escalating hostilities involving Israel in Lebanon.Iranian officials are reportedly reviewing a "final text" to be sent to the US, while reiterating concerns that Washington has previously failed to uphold commitments in earlier discussions.Meanwhile, regional shipping patterns have also been affected by the US blockade of Iranian-linked vessels in the Gulf of Oman. The US Central Command said on Monday that 121 commercial vessels had been rerouted as a result of recent security measures.Maritime tracking has been further complicated by persistent AIS signal interference in the region, with vessel counts likely to be revised as ships re-emerge outside high-risk zones.Industry analysts say Iranian and Iran-linked vessels have frequently switched off tracking systems when approaching the Strait, a practice that predates current tensions and can leave ships untraceable for extended periods.

Oil & Energy21d ago

Trump Says US-Iran Talks Continue; Rubio Says US Prefers Negotiations to Reopen Hormuz

President Donald Trump said Tuesday that US-Iran talks are "going on continuously," dismissing media reports that indicate that stated talks were halted.Trump said in a Truth Social post that reports of a halt in US-Iran communications were "false and erroneous" and that discussions between Washington and Tehran remained ongoing."The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today," Trump said."Where they lead, one never knows, but as I told Iran, 'It's time, one way or another, for you to make a Deal. You've been doing this for 47 years, and it cannot be allowed to go on any longer'," Trump said, reiterating his call for Tehran to reach an agreement.Meanwhile, Secretary of State Marco Rubio struck a similar diplomatic tone during a Senate hearing on Tuesday while outlining the administration's conditions for restoring commercial traffic through the Strait of Hormuz.Rubio said the Trump administration has not discussed sanctions relief for Iran in exchange for reopening the Strait of Hormuz, arguing that any easing of restrictions must remain tied to Tehran's nuclear activities."... any sanctions relief is condition-based, which means it has to be in return for the reason why those sanctions were put in place in the first place, which is their nuclear program," Rubio said."Iran is being sanctioned because they've highly enriched uranium. Iran is being sanctioned because of their nuclear activities. If they agree to give up those things, there will be sanctions relief associated with their commitment and compliance," Rubio said.He added that the US would prefer to continue negotiations to reopen the Strait of Hormuz."If Iran wants to be able to move its oil again... they will have to reopen the Strait, if they refuse to do so, then we have other options available to us but we would prefer to negotiate," Rubio said.He added that Iran must reopen the Strait of Hormuz, stop charging transit fees and end threats against commercial vessels before broader negotiations can proceed. "They have to announce very clearly, that straits are now open, we're are not charging a toll, we'll help remove the mines... and they will not fire on ships," Rubio said.After reopening the Strait, talks would shift to Iran's nuclear program and its stockpile of highly enriched uranium, Rubio said."Phase two is... the disposition of the highly enriched uranium that is still very deep in the mountains somewhere," Rubio said, adding that Iran must accept severe long-term limits on uranium enrichment or agree to end the activity altogether.Rubio said specialists would likely need up to 90 days to work through technical details surrounding Iran's nuclear program if Tehran agrees to proceed.Rubio said Iran's supreme leader remains alive and is becoming increasingly involved in decision-making, suggesting Tehran's leadership continues to play an active role in ongoing discussions with the US.On energy markets, Rubio said countries across the Indo-Pacific remain heavily dependent on flows through the Strait of Hormuz and will need time to diversify supplies.The Strait of Hormuz carries roughly 80% to 90% of the Indo-Pacific's energy supplies, Rubio said, adding that the region will see "more diversification on where they get the energy from, including from the United States."Asked whether he could commit to not extending a general license tied to Russian oil transactions when it expires on June 17, Rubio said the decision ultimately rests with the Treasury Department.Rubio said the administration previously approved the temporary measure to help maintain global oil supplies and avoid disruptions that could have pushed energy prices higher, describing the license as a time-limited response to market conditions.Oil prices rose in midday trading on Tuesday as investors monitored developments in US-Iran negotiations, with Brent crude increasing 1.14% to $96.06 per barrel and US West Texas Intermediate crude gaining 1.83% to $93.85/bbl.

Oil & Energy21d ago

Market Chatter: UAE Weighs Products Pipeline Bypassing Strait of Hormuz

The UAE is weighing plans to build an additional pipeline for refined petroleum products that would bypass the Strait of Hormuz and deliver fuels directly to the country's east coast, Bloomberg reported on Tuesday, citing a senior executive at Abu Dhabi National Oil Company.Adnoc, which is already constructing a crude pipeline aimed at doubling capacity to the port of Fujairah on the UAE's eastern seaboard, is now "potentially" considering a separate conduit for oil products, Philippe Khoury, executive vice president for sales & trading, reportedly said at S&P Global's Middle East Petroleum & Gas Conference in London.Adnoc did not immediately reply to a request for comment by.The UAE currently relies on a 1.5 million barrel-per-day pipeline linking its inland oil fields to Fujairah, a route that has served as a critical alternative during recent Middle East tensions that disrupted shipping through the Strait of Hormuz.The pipeline has allowed the UAE to maintain export flows and partially offset revenue losses after Iran effectively curtailed normal transit through the Strait following the outbreak of conflict in late February.Adnoc is accelerating expansion plans already underway, reflecting efforts to strengthen export resilience and reduce exposure to potential disruptions at the key shipping chokepoint.(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 & Energy21d ago

EMEA Oil Update: Crude Rises as Markets Weigh US-Iran Peace Prospects

EMEA crude futures rose in after-hours trading on Tuesday as markets weighed the prospects of a US-Iran peace deal, following President Trump's statement that talks with Iran were ongoing amid conflicting reports from Tehran.Brent crude futures gained 0.74% to $95.64 per barrel, while Murban oil futures advanced 1.57% to $95.91/bbl."Crude oil continues to trade from one headline to the next, making it increasingly difficult for traders to maintain conviction beyond a few hours," a Saxo Bank strategist said, adding that global energy markets continue to tighten, with the main focus remaining on the Strait of Hormuz.On Tuesday, Trump said that reports suggesting that the US and Iran had stopped communicating are "fake and erroneous," adding that talks between the two sides have continued over recent days."The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today," Trump said in a social media post on X.The US President reportedly said that a memorandum of understanding with Iran to reopen the Strait of Hormuz could be reached over the next week. Trump said the US still had "to get a few more points" before a deal.Iran, meanwhile, suspended the exchange of messages with US negotiators for at least several days and issued threats against vessels transiting the Bab el Mandeb, the Red Sea chokepoint that carries a major share of the world's energy shipments.ING strategists said the Bab el-Mandeb threat is a concern for oil markets, given that Saudi Arabia has diverted a large amount of crude that should have been exported from the Persian Gulf to the Red Sea.Fueling uncertainty, Trump and Israeli Prime Minister Benjamin Netanyahu offered differing accounts of a call about the fighting in Lebanon.Trump said on Monday that he held a call with the Israeli leader, whom he instructed to halt a planned Israeli attack on parts of the Lebanese capital, Beirut, while Netanyahu released a statement saying he had told the US President that his country would attack targets in Beirut if Hezbollah did not stop attacking Israel amid ongoing strikes in Southern Lebanon."With commercial traffic through Hormuz still constrained and geopolitical tensions extending to Lebanon, investors remain focused on the risk of prolonged supply disruptions in a region," said Soojin Kim, research analyst at MUFG.The Middle East conflict has morphed into a stalemate with the Strait largely shut for more than three months after the US-Israel alliance launched strikes against Iran. Traffic via the strategic waterway remains constrained, with CENTCOM saying on Monday that US forces redirected 122 Iran-linked commercial vessels.

Oil & Energy21d ago

Market Chatter: Adnoc Restarts Naphtha Exports Via Oman Route as Asian Prices Retreat

Adnoc has resumed naphtha exports through Oman's Sohar port after creating an alternative route that bypasses direct shipments through the Strait of Hormuz, Reuters reported Tuesday, citing traders.The company stopped exporting about 1 million metric tons of naphtha per month from its Ruwais refinery in April after the US-Israeli conflict disrupted shipping through the strait, according to the report.Instead of sending cargoes directly to customers, Adnoc is first moving naphtha on smaller tankers inside the Gulf before transferring the product onto larger vessels at Sohar for export to Asia.The new route offers buyers another supply option and helps alleviate concerns about ships transiting the Strait of Hormuz.Two tankers loaded Adnoc-linked naphtha cargoes near Sohar around May 30 and are now sailing toward Asia, the report added, citing shipping data from traders.Traders added that more vessels may have loaded Adnoc cargoes through Sohar, although available shipping records do not show every transfer.Earlier supply disruptions in the Gulf drove Asian naphtha prices to a record $1,300 per metric ton and pushed refining margins to a record $467 per ton above Brent crude, according to the report.With more supplies reaching the market, Asia's benchmark naphtha price for second-half July delivery has fallen to $788 per ton, while refining margins have dropped to about $84 per ton, the report added.Shortages of feedstock have also forced petrochemical plants across Asia to cut production rates and declare force majeure at some facilities, putting further pressure on demand.The International Energy Agency expects global naphtha demand to fall by 80,000 barrels per day to 7.136 million b/d this year.An India-based trader said weak demand and improving supplies should keep prices below the record levels seen in March.Adnoc didn't immediately respond to' request 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 & Energy21d ago

Adnoc's Executive Sees August as Oil Price Inflection Point Amid Supply Crisis

August could become a critical turning point for oil prices if stronger demand collides with prolonged supply disruptions, Adnoc Executive Vice President for Sales and Trading Philippe Khoury said Monday.As uncertainty surrounding a peace agreement persists, shipping activity through the Strait of Hormuz is unlikely to return to pre-war levels and will remain only partially restored, Khoury said at the Middle East Petroleum and Gas Conference in London."It's not going to resume like a flip of a switch," Khoury said, adding that some supply chains may take weeks to recover while others could require months after flows normalize.A full return to pre-war operating conditions may not arrive until mid-2027, Khoury said.That timeline aligns with Adnoc Chief Executive Officer Sultan Al Jaber's recent forecast that normal flows through the Strait of Hormuz may not resume until Q1 or Q2 2027.After the US-Israeli conflict erupted on Feb. 28, Iran effectively shut a waterway that previously handled about one-fifth of global oil supplies, triggering what Khoury described as the largest energy supply shock in history.Oil could remain near $100 a barrel if weaker economic conditions continue to suppress demand, although Khoury said it remains unclear how much further consumption can contract.Khoury said oil prices may face upward pressure from August if stronger demand collides with continuing supply disruptions.Europe is losing access to a major source of jet fuel as disruptions squeeze Middle Eastern exports that typically account for 40% to 45% of regional supply, while shortages have also spread across liquefied petroleum gas, chemicals, fertilizers, and sulfur markets, Khoury said.Khoury said airlines that hedged jet fuel prices now face a different challenge, as supply shortages rather than costs threaten flight operations.Chinese crude demand has started to recover after previously falling short of expectations, while India has remained one of the largest spot buyers during the crisis, he said.Before Iran's closure of the Strait of Hormuz and US restrictions on Iranian ports created overlapping barriers to trade, China had imported large volumes of Iranian crude, Khoury said.Khoury said Adnoc has restored much of its production and continues moving exports through a pipeline that bypasses the Strait of Hormuz.

Oil & Energy21d ago

EMEA Oil Update: Crude Prices Ease as Markets Remain on Edge

Global oil prices held tight to most of Monday's 5% rally, adopting a cautious stance despite US President Donald Trump's expression of optimism for a deal with Iran.Front-month Murban crude futures eased 0.1% to $94.33 per barrel, while Brent futures were down 1.2% to $93.86/bbl."Crude oil continues to trade from one headline to the next, making it increasingly difficult for traders to maintain conviction beyond a few hours," Saxo Bank analysts said.The minor pullback reflects a cautious wait-and-see approach from investors after US President Donald Trump reiterated in a social media post that "it will all work out well in the end."Market sentiment does not share the same apparent confidence however. Iran reportedly said on Monday that it was suspending indirect negotiations with Washington.Compounding the diplomatic gridlock, Iranian state media reported that Tehran is now aiming for a complete blockade of the critical Strait of Hormuz that would halt the small trickle of ships that are managing to cross it.The threat to global oil flows is expanding beyond Hormuz. Iran's proxy militant groups are reportedly considering closing the Bab el-Mandeb Strait at the southern end of the Red Sea.This development is particularly alarming for energy markets, as the Bab el-Mandeb has served as a vital alternative route for Saudi Arabia to bypass the already-closed Strait of Hormuz.

Oil & Energy21d ago

US Oil Update: Futures Drop as Traders Assess Mixed Geopolitical Signals

Oil benchmarks declined more than 1% on Tuesday as traders assessed conflicting diplomatic signals against a backdrop of severe physical supply disruptions.Front-month West Texas Intermediate crude futures fell 0.4% to $91.75 per barrel, and Brent futures were down 0.3% to $94.69/bbl."Crude oil continues to trade from one headline to the next, making it increasingly difficult for traders to maintain conviction beyond a few hours," Saxo Bank analysts said.The immediate downward pressure followed comments from US President Donald Trump, who stated Monday that negotiations with Iran are actively continuing.Trump expressed confidence that a deal to extend the current ceasefire and successfully reopen the Strait of Hormuz could be finalized over the coming week.However, this optimism has yet to be matched by Tehran. According to Iran's Mehr News, a government source confirmed that the nation has not yet formally responded to the proposed final text of the temporary agreement.The fragile nature of these backchannel talks was put on display Monday when prices rebounded from a six-week low.That spike was triggered by reports that Iranian officials had abruptly halted indirect negotiations with Washington to protest Israel's expanded military operations in Lebanon.Adding to the complexity, structural gridlock over the proposed agreement's fine print continues to stall progress.Analysts at TPH warned that a US-backed uranium provision is highly likely to encounter stiff resistance from Tehran. This non-oil roadblock is further complicating diplomatic efforts already strained by what Iranian officials have repeatedly criticized as shifting, inconsistent US negotiating positions.The main focus for logistics and supply chains remains the Strait of Hormuz, a critical maritime shipping artery that remains effectively shut.Analysts note that the ongoing closure sustains intense long-term anxieties over supply disruptions and keeps global energy prices highly elevated.This prolonged maritime blockade has triggered an unprecedented reshuffling of global oil flows, directly benefiting North American producers.A Reuters analysis of ship-tracking data revealed on Monday that US crude oil exports surged to a record 5.6 million barrels in May as international importers aggressively scour the globe for alternative origins.

Oil & Energy21d ago

EMEA Natural Gas Update: Futures Slide After Trump Expresses Optimism on Iran Peace Deal

European natural gas futures were down on Tuesday after US President Donald Trump said that talks with Iran were continuing to make progress.The Dutch TTF front-month contract was down 2.65% to 47.790 euros ($55.67) per megawatt-hour, while the UK NBP front-month contract dropped 2.88% to 115.660 British pence ($1.55) per therm.In a Truth Social post on Monday, Trump said that talks were continuing "at a rapid pace," helping calm market concerns following a renewed wave of airstrikes over the weekend that had cast doubt on the prospects for a peace deal.Meanwhile, the strategically crucial Strait of Hormuz, which accounted for one-fifth of global LNG flows, remained effectively closed for the 14th week, with just 4 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.Prices also eased after Iran's President Masoud Pezeshkian said that the country would allow Japanese vessels to pass through the Strait with "greater ease and without problems," according to the IRNA. This could help reduce the pressure on spot LNG markets, according to Daniel Hynes, senior commodity strategist at ANZ.This could provide some relief for European markets, where gas storage levels remain below year-ago levels, as reduced competition from Asian buyers may ease pressure on LNG supplies, Hynes said.European gas inventories stand at 40.48% of capacity, compared to 48.34% 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 54.4%, according to the Swiss Federal Office of Energy.This comes during an unprecedented heatwave across Europe, which has "obliterated historical temperature records," according to Severe-Weather EU, leading to increased air conditioner usage, which in turn results in higher power gas burn in the region.

Oil & Energy21d ago

Aya Gold & Silver Up 1.7% In US Premarket As Reports High-Grade Exploration Drill Results Near Pit Depth at Zgounder

Aya Gold & Silver (AYA.TO; NASDAQ: AYA) was at last look up 1.7% in US premarket trade after announcing high-grade silver drill results from its at-depth drill exploration program at the Zgounder Silver Mine in the Kingdom of Morocco.Among highlights, Aya said 9,250 metres or 30.8% of the 2026 exploration program has been drilled year to date."Today's high-grade results continue to confirm the strong continuity of silver mineralization both around the open pit and within the central zone," said Benoit La Salle, President & CEO. "Importantly, new intersections near the Western Fault continue to support the significant exploration potential to the west, where development of the exploration drift at the 1825-metre level is advancing ahead of planned drilling west of the fault in the second half of the year. In parallel, drilling along the granite contact continues to demonstrate encouraging high-grade continuity at depth."Shares in AYA were down $0.37 or 1.3% to $28.65 in Canada yesterday.

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Oil & Energy21d ago