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US Oil Update: Oil Head for Weekly Loss Caught Between Diplomacy, Conflict

Oil benchmarks were headed for weekly losses on Friday over renewed doubts over the peace deal between US and Iran.The Brent futures contract was steady at $100.01 per barrel. West Texas Intermediate futures contract eased 0.5% to $94.31 per barrel. For the week, both contracts are still headed for weekly losses."Crude oil prices suffered a rollercoaster rise as doubts emerged over US-Iran peace negotiations," ANZ analysts said.SEB analysts noted that "risks remain skewed to the upside, and we remain long volatility, and neutral on flat price ahead of Tehran's reply."They further added that "the muted price action tells you the market is exhausted from headline trading, not that the next price move is decided."On the supply side, fundamental data confirms that the prolonged obstruction of the Strait is severely taxing global reserves.US Energy Information Administration data released Wednesday showed a 2.3-million-barrel drawdown in domestic crude stockpiles."Demand for US crude remains strong, with exports sitting at 4.75mb/d," ANZ noted.This depletion is largely a result of American refineries utilizing domestic oil to compensate for international shortages, market experts said.

Oil & Energy46d ago

EMEA Oil Update: Crude Ticks Up; Heads for Weekly Loss

Crude futures rose Friday on renewed Middle East doubts, though both benchmarks remain on track for weekly losses as diplomatic uncertainty continues to weigh on the market.The Brent futures contract gained 0.2% to $100.30 per barrel. Murban futures gained 1.2% to $97.92 per barrel. For the week, both contracts are still headed for weekly losses."Crude oil prices suffered a rollercoaster rise as doubts emerged over US-Iran peace negotiations," ANZ analysts said.Despite earlier optimism, reports of explosions near Bandar Abbas and renewed friction over Strait of Hormuz naval escorts pushed prices higher, overriding the impact of tightening US inventories, analysts noted.On the supply side, fundamental data confirms that the prolonged obstruction of the Strait is severely taxing global reserves.US Energy Information Administration data released Wednesday showed a 2.3-million-barrel drawdown in domestic crude stockpiles."Demand for US crude remains strong, with exports sitting at 4.75mb/d," ANZ noted.This depletion is largely a result of American refineries utilizing domestic oil to compensate for international shortages, market experts said.

Oil & Energy46d ago

EMEA Natural Gas Update: Futures Rally After US, Iran Trade Blows, UAE Struck Again

European natural gas futures were up on Friday, after the US and Iran launched attacks against one another, acts which ran counter to this week's optimism that the sides were making progress towards peace, while Iran also attacked the UAE.Dutch TTF natural gas futures rose 1.91% to 44.39 euros ($52.13) per megawatt hour, while UK NBP contracts gained 2.05% to 109.06 British pence ($1.48) per therm. The Dutch TTF and UK Gas were set to end the week down by 3.21% and 3.25%, respectively, according to data from TradingEconomics.On Thursday, US Centcom said that it had intercepted "multiple missiles, drones and small boats" launched by the Iranian side, while US forces responded in self defense, as the Navy's guided missile destroyers transited through the Strait of Hormuz.Ebrahim Zolfaghari, the spokesperson for Iran's Khatam al-Anbia Central Headquarters, has said that the country's attacks were "retaliatory" and were in response to US forces violating the ceasefire by targeting an Iranian oil tanker, according to a report by state news agency Tasnim News.On Friday, the UAE's Ministry of Defense confirmed that the country's air defenses had engaged two ballistic missiles and three drones earlier in the day, resulting in some injuries.This marked a major escalation in hostilities in the region, following several weeks of ceasefire, during which both sides had attempted to work out a deal.Meanwhile, the Strait of Hormuz, which handled one-fifth of global LNG flows before the conflict, remained effectively closed for the 10th week running, with just 7 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.Cyril Widdershoven, a geopolitical strategist, highlighted the growing disconnect in the markets while speaking to the Washington Report on Thursday. He argued that the system was "structurally impaired, with diminished redundancy and resilience," which the market was yet to price.According to Daniel Hynes, a senior commodity strategist at ANZ, worsening shortages in Europe have prompted countries in the region to once again seek out more Russian gas, despite imposing steeper sanctions against Moscow earlier this year."The EU imported more Russian Arctic LNG in the first four months of 2026 than in any equivalent period since the Yamal LNG project began exporting in 2017," Hynes said.This comes as the region steps into gas refilling season with depleted inventory levels at 34.26% of capacity, compared to 41.58% during the corresponding period a year ago, according to data from Gas Infrastructure Europe.

Oil & Energy47d ago

EMEA Natural Gas Update: Futures Rise Roughly 2% After US, Iran Trade Dwindles Yet Again

European natural gas futures were up on Friday, after the US and Iran traded blows in the Middle East yet again, reigniting fears of a protracted and wider conflict in the region.Dutch TTF natural gas futures rose 1.91% to 44.39 euros ($52.13) per megawatt hour, while UK NBP contracts gained 2.05% to 109.06 British pence ($1.48) per therm.On Thursday, US Centcom said that it had intercepted "multiple missiles, drones and small boats" launched by the Iranian side, while US forces responded in self-defense, as the Navy's guided missile destroyers transited through the Strait of Hormuz.Ebrahim Zolfaghari, the spokesperson for Iran's Khatam al-Anbia Central Headquarters, has said that the country's attacks were only "retaliatory" and were in response to US forces violating the ceasefire by targeting an Iranian oil tanker, according to a report by state news agency Tasnim News.Meanwhile, the Strait of Hormuz, which handled one-fifth of global LNG flows, remained effectively closed for the tenth week running, with just 7 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.Cyril Widdershoven, a geopolitical strategist, highlighted the growing disconnect in the markets while speaking to the Washington Report on Thursday. He argued that the system was "structurally impaired, with diminished redundancy and resilience," which the market was yet to price.According to Daniel Hynes, a senior commodity strategist at ANZ, worsening shortages in Europe have prompted countries in the region to once again seek out more Russian gas, despite imposing steeper sanctions against Moscow earlier this year."The EU imported more Russian Arctic LNG in the first four months of 2026 than in any equivalent period since the Yamal LNG project began exporting in 2017," Hynes said.This comes as the region steps into gas refilling season with depleted inventory levels at 34.26% of capacity, compared to 41.58% during the corresponding period a year ago, according to data from Gas Infrastructure Europe.

Oil & Energy47d ago

EMEA Oil Update: Brent Edges Above $100 as US-Iran Deal Doubts Lift Prices

Brent crude futures edged up on Friday as doubts surfaced regarding a potential US-Iran peace deal.The Brent futures contract gained 0.4% to $100.46 per barrel. Murban closed at $96.66 on May 7 and was not trading as of the time of publishing this oil price update. For the week, both contracts are still headed for weekly losses."Crude oil prices suffered a rollercoaster rise as doubts emerged over US-Iran peace negotiations," ANZ analysts said.Despite earlier optimism, reports of explosions near Bandar Abbas and renewed friction over Strait of Hormuz naval escorts pushed prices higher, overriding the impact of tightening US inventories, analysts noted.On the supply side, fundamental data confirms that the prolonged obstruction of the Strait is severely taxing global reserves.US Energy Information Administration data released Wednesday showed a 2.3-million-barrel drawdown in domestic crude stockpiles.This depletion is largely a result of American refineries utilizing domestic oil to compensate for international shortages, market experts said."Demand for US crude remains strong, with exports sitting at 4.75mb/d," ANZ noted.

Oil & Energy47d ago

US Oil Update: Futures Climb After Iran Fired Missiles at US Navy Vessels Near Hormuz

Crude oil futures advanced in after-hours trading on Thursday on reports that Iran fired missiles at US Navy vessels near the Strait of Hormuz, heightening fears of a wider conflict in the Middle East and potential disruptions to crude supplies.Front-month West Texas Intermediate crude futures gained 2.71% to $97.66 per barrel, while Brent was up 2.10% to $103.64/bbl.On Thursday, Iran's military fired missiles at "enemy units" following what an Iranian official described as a US attack on an Iranian tanker in the Hormuz, according to local media.A senior Iranian military official was quoted as saying that following the unprovoked attack by US military aircraft on an Iranian oil tanker in the Gulf of Oman, enemy units operating in the Strait came under Iranian missile fire.The fire exchange comes as Iran is reportedly set to deliver a response to the US's one-page memorandum of understanding in the next two days, after Tehran said it was reviewing Washington's peace proposal to end the Middle East conflict.The attacks also follow reports saying Saudi Arabia and Kuwait lifted restrictions on the US's use of its airspace and military bases, paving the way for Washington to restart operations to escort commercial ships via the Hormuz as early as this week.Meanwhile, President Trump said the US would lift its blockade "assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption," adding that "if they don't agree, the bombing starts."Amena Bakr, head of Middle East Energy at Kpler, said the oil industry has been built around navigating challenges over the decades, and a good indicator of a real deal is when you see energy companies confident it's real and start making decisions on that basis. "We are far from seeing that yet," Bakr said.On the supply side, US crude and fuel inventories continued to draw down last week, with the latest data from the Energy Information Administration showing that crude oil inventories decreased by 2.3 million barrels to 457.2 mmbbls.Crude oil input to refineries dropped by 42,000 barrels per day from the previous week to average about 16 mmb/d in the week ending May 1, the EIA said, adding that crude oil production dropped by 13,000 b/d to 13.6 mmb/d.EIA data showed US commercial crude inventories fell by 2.3 million barrels last week, smaller than the 8.1-million-barrel draw reported by the API and slightly below market expectations of a 2.4 million-barrel decline, ING strategists said in a note on Thursday.The Treasury Department sanctioned Iraq's deputy oil minister on Thursday, alleging his involvement in a scheme to help Iran sell its oil in violation of an international embargo by blending it with Iraqi crude."The Iranian regime is pillaging resources that rightfully belong to the Iraqi people," said Secretary of the Treasury Scott Bessent. "Treasury will not stand idly by as Iran's military exploits Iraqi oil to fund terrorism against the US and our partners."

Oil & Energy47d ago

Market Chatter: Gulf States Restore US Access for Strait of Hormuz Escort Mission

Saudi Arabia and Kuwait restored US military access to bases and airspace Thursday, clearing the way for Washington to revive its Strait of Hormuz escort mission, the Wall Street Journal reported, citing US and Saudi officials.Pentagon officials are reportedly preparing to restart the maritime security mission as early as this week after suspending operations earlier this week.US forces designed the operation around warships, fighter aircraft and surveillance systems to shield commercial vessels from Iranian missile and drone attacks across the critical shipping route.The operation sparked one of the biggest strains in Saudi-US military ties in years as repeated calls between President Donald Trump and Crown Prince Mohammed bin Salman raised concerns over Washington's long-standing security partnership with Riyadh.Saudi Arabia and Kuwait blocked US military access to bases and airspace after US officials downplayed Iranian attacks in the Persian Gulf, while Gulf states worried Washington would not protect them if fighting escalated further, according to the officials.Trump paused Project Freedom on Tuesday after Saudi crown prince raised concerns and informed him that Saudi Arabia would restrict US access to military bases and airspace, the officials reportedly said.Trump tried to persuade the Saudi crown prince to reverse the restrictions, the report added, citing officials.Trump posted on Truth Social on Tuesday, "Based on the request of Pakistan and other countries... while the Blockade will remain in full force and effect, Project Freedom (the movement of ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed.Responding to' query on restarting Project Freedom, the White House cited an official saying, "There was never a restriction or a ban to begin with, that is fake news."Meanwhile, another phone call between President Trump and Saudi crown prince led Saudi Arabia to restore US military access to bases and airspace, according to US and Saudi officials.US defense officials said naval escorts would steer commercial vessels through a narrow corridor cleared of mines while destroyers, drones, helicopters and fighter jets secured the route.Defense Secretary Pete Hegseth said Tuesday that US destroyers, fighter jets, helicopters, drones and surveillance aircraft were providing round-the-clock protection for commercial vessels in the Strait of Hormuz.Iran answered the US operation with missile and drone attacks targeting the UAE, including strikes on Fujairah's oil-export facilities and threats against commercial vessels, the report said.Gulf states became increasingly concerned that the US would not respond forcefully to further Iranian attacks and feared Tehran could conclude it can strike regional countries without facing serious consequences.US forces intercepted several attacks and destroyed six Iranian fast-attack boats, although Tehran still struck non-US ships and launched 15 missiles along with multiple drones toward the UAE.Kuwait's Ministry of Foreign Affairs and Saudi Arabia's Ministry of Foreign Affairs 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 & Energy47d ago

US Oil Update: Crude Steadies on US-Iran Peace Deal Hopes, Inventory Draw

Crude oil futures were little changed in midday trading on Thursday as optimism for a US-Iran peace deal to end the Middle East conflict gained momentum, with a larger-than-expected drop in US crude inventories lending further price support.Front-month West Texas Intermediate crude futures eased by 0.05% to $95.22 per barrel, while Brent futures were down 0.55% to $100.64/bbl."EIA data showed US commercial crude inventories fell by 2.3 million barrels last week, smaller than the 8.1 million-barrel draw reported by the API and slightly below market expectations of a 2.4 million-barrel decline," ING strategists said in a note on Thursday.US crude and fuel inventories continued to draw down last week, with the latest data from the Energy Information Administration showing that crude oil inventories decreased by 2.3 million barrels to 457.2 mmbbls.Crude oil input to refineries dropped by 42,000 barrels per day from the previous week to average about 16 mmb/d in the week ending May 1, the EIA said, adding that crude oil production dropped by 13,000 b/d to 13.6 mmb/d.Iran is reportedly set to deliver a response to the US's one-page memorandum of understanding through Pakistan, the mediator in the US-Iran talks, in the next two days. However, Iran hasn't indicated whether it will accept the terms.Rystad Energy strategists said Iran's Revolutionary Guard has remained silent on the US proposal, a departure from past episodes in which it responded to US initiatives.The analysts said the lack of comment could signal that the proposal is being considered seriously at senior levels in Tehran.The memorandum of understanding would reportedly allow for the gradual reopening of the Strait of Hormuz and the lifting of the US's blockade on Iranian ports.On Wednesday, Trump said the US would lift its blockade "assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption," adding that "if they don't agree, the bombing starts."Amena Bakr, head of Middle East Energy at Kpler, said the oil industry has been built around navigating challenges over the decades, and a good indicator of a real deal is when you see energy companies confident it's real and start making decisions on that basis. "We are far from seeing that yet," Bakr said.Elsewhere, the US Treasury Department sanctioned Iraq's deputy oil minister on Thursday, accusing him of involvement in a scheme to help Iran sell its oil in violation of an international embargo by blending it with Iraqi crude.Deputy Minister of Oil Ali Maarij Al-Bahadly authorized trucking several million dollars' worth of Iraqi oil a day to a smuggler who combined it with Iranian crude, Treasury said. Maarij helped falsify documents, enabling the blended product to be smuggled to market disguised as purely Iraqi oil.

Oil & Energy47d ago

ProFrac Q1 Activity Hit by Weather; North America H2 2026 Outlook Strengthens

ProFrac (ACDC) reported Q1 earnings Thursday and posted lower first-quarter operating results from a year earlier as weather disruptions affected activity early in the quarter.The energy sector has also been grappling with heightened volatility due to ongoing geopolitical tensions."Geopolitical events continue to influence the broader energy landscape," ProFrac Executive Chairman Matt Wilks said, adding that the Middle East conflict has created supply disruptions and severely impacted crude oil and liquefied natural gas infrastructure.Wilks said the prolonged closure of the Strait of Hormuz is "catalyzing a global shift in sentiment in favor of energy security."Simultaneously, industry activity has been "running below levels needed to maintain flat shale production," according to Wilks."As operator activity continues to accelerate, we see an increasingly constructive supply-demand backdrop for services in North America, especially as we enter the second half of 2026," he said.ProFrac expects stronger Q2 stimulation services activity as operator demand improves and it tightens its hydraulic fracturing calendar, driven by higher activity levels.The company expects lower Q2 proppant volumes due to operational issues and unplanned downtime, though completion activity is increasing."While industry completion activity is expected to increase, due to operational issues and unplanned downtime, the Company [ProFrac] expects sequentially lower volumes in second quarter of 2026," it said.Price: $6.63, Change: $-0.51, Percent Change: -7.08%

$ACDC

Oil & Energy47d ago

EMEA Oil Update: Crude Ease as Market Awaits Iran's Response to US Peace Proposal

EMEA crude futures were little changed in after-hours trading on Thursday as the market awaited Iran's response to the US peace proposal, which could ease tensions in the Middle East and restore disrupted crude flows through the Strait of Hormuz.Brent crude futures eased by 0.42% to $100.81 per barrel, while Murban oil futures were down 1.61% to $96.71/bbl."Brent crude extends its slide this morning and currently trades at $99/bl, down from yesterday's $108/bl open, and a fresh notch lower from the overnight $101-102 level," said Ole R. Hvalbye, commodities analyst at SEB Research.Iran is reportedly set to send a response through Pakistan, the mediator in the US-Iran talks, in the next two days after Tehran said it was reviewing Washington's peace proposal to end the Middle East conflict. However, Iran hasn't indicated whether it will accept the terms.The US presented Iran with a one-page memorandum of understanding that would allow for the gradual reopening of the Hormuz and the lifting of Washington's blockade on Iranian ports.Meanwhile, the Hormuz has been largely closed since the outbreak of the conflict, and at present, the strategic waterway faces a double blockade, with Iran obstructing traffic, while the US Navy blocks vessels calling at or leaving Iranian ports.On Wednesday, Trump said the US would lift its blockade "assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption," adding that "if they don't agree, the bombing starts.""Iran is expected to respond in the coming days, with nuclear talks likely to follow later. The catch is that talks are not a deal, and oil has already rebounded this morning as investors reassess how firm the progress really is," Saxo Bank strategists said in a note Thursday.Meanwhile, the US Treasury Department sanctioned Iraq's deputy oil minister on Thursday, accusing him of involvement in a scheme to help Iran sell its oil in violation of an international embargo by blending it with Iraqi crude.Deputy Minister of Oil Ali Maarij Al-Bahadly authorized trucking several million dollars' worth of Iraqi oil a day to a smuggler who combined it with Iranian crude, Treasury said.Maarij allegedly helped falsify documents, enabling the blended product to be smuggled to market disguised as purely Iraqi oil, the department added.On the supply front, US crude inventories continue to tighten as global markets increasingly rely on US barrels to offset disrupted Middle Eastern supply. The US Energy Information Administration said that crude stockpiles decreased by 2.3 million barrels to 457.2 mmbbls.EIA data showed US commercial crude inventories fell by 2.3 million barrels last week, smaller than the 8.1 million-barrel draw reported by the API and slightly below market expectations of a 2.4 million-barrel decline, ING strategists said in a Thursday note.

Oil & Energy47d ago

US Treasury Expands Iran Pressure Campaign With Iraq Oil, Militia Sanctions

The US Department of the Treasury's Office of Foreign Assets Control on Thursday unveiled sanctions targeting Iraq's deputy oil minister Ali Maarij Al-Bahadly and Iran-backed militias as Washington intensified pressure on Tehran, it said in a statement.The Treasury Department alleged that Al-Bahadly used his role in Iraq's oil ministry to divert oil revenue toward Iran-linked militias and sanctioned oil trader Salim Ahmed Said.Sanctions were imposed on three senior figures tied to Iran-aligned terrorist militias Asa'ib Ahl Al-Haq and Kata'ib Sayyid al-Shuhada over attacks targeting US personnel, diplomatic sites and businesses across Iraq.Treasury Secretary Scott Bessent alleged that Iran exploited Iraq's oil resources to finance terrorism."Treasury will not stand idly by as Iran's military exploits Iraqi oil to fund terrorism against the United States and our partners," he said.The Treasury Department said the actions were taken pursuant to Executive Order 13902, targeting key sectors of Iran's economy, including Iran's petroleum sector, and EO 13224, as amended, which targets terrorist groups, their supporters, and those who aid acts of terrorism.It added that Al-Bahadly helped Said secure export rights for Iraqi oil shipments and approved trucking operations worth millions of dollars daily from the Qayarah oil field to Khor Zubayr.OFAC designated Said in June 2025 for running a network of companies selling Iranian oil falsely declared as Iraqi oil to avoid sanctions, according to the statement.It alleged that Iraq-based VS Oil Terminal mixed Iranian crude with Iraqi oil before the shipments were exported to global markets, using "forged" Iraqi government paperwork to disguise the oil's origin.The Treasury Department sanctioned Asa'ib Ahl Al-Haq official Mustafa Hashim Lazim Al-Behadili, also known as Sayyid Awn, for running oil smuggling operations and coordinating Iranian oil shipments with the Islamic Revolutionary Guard Corps-Qods Force.Treasury designated four Iraqi companies tied to Al-Behadili, including Gulf Energy Oil Services, Gulf General Contracting, Iraq International Energy for the Import and Sale for Petroleum Products, and Gulf Energy for General Transport and Marine Services and Real Estate Consultancy.Treasury also sanctioned former Kata'ib Sayyid al-Shuhada deputy secretary general Ahmed Khudair Maksus Maksus and senior official Mohammed Issa Kadhim al-Shuwaili over weapons transfers involving Hizballah.The sanctions block all US-based property and financial interests tied to designated individuals and entities, while US persons generally cannot conduct transactions involving blocked assets without OFAC authorization.Treasury said US and foreign individuals, companies and financial institutions could face civil or criminal penalties for sanctions violations, while foreign banks risk secondary sanctions for facilitating significant transactions involving designated parties.The department said its Economic Fury campaign has already disrupted billions of dollars in expected Iranian oil revenue."Treasury is aggressively advancing Economic Fury and has disrupted billions in projected oil revenue, taken actions that have led to the freezing of nearly half a billion dollars in regime-linked cryptocurrency, and cracked down on Tehran's shadow banking networks," it said.It also warned foreign firms, airlines and banks that support Iranian trade networks could face sanctions, including institutions connected with China's independent teapot oil refineries.Any vessel or individual entity that helps transport Iranian oil through covert shipping or financial channels risks US sanctions, as Washington targets sanctions evasion schemes and digital asset networks.It added that the US-imposed maritime blockade "is directly targeting the regime's primary revenue stream, and any person or vessel facilitating the illicit flow of oil or other products risks exposure to US sanctions."

Oil & Energy47d ago

Market Chatter: US DOJ Probes $2.6 Billion Oil Trades Linked to Iran War

The US Department of Justice was investigating at least four oil trades amounting to about $2.6 billion, due to suspicions in timing, as they were placed just before US President Donald Trump and an Iranian official made major announcements about the war in Iran, ABC News reported Thursday, citing sources.The traders reportedly bet that oil prices would drop just before the actual decline.On March 23, traders bet more than $500 million on a drop in oil prices 15 minutes before Trump said attacks on Iran's power infrastructure would be delayed, according to London Stock Exchange Group data cited by the news agency.Further to this, on April 7, hours before Trump announced a temporary ceasefire, traders reportedly placed a $960 million bet that oil prices would fall.On April 17, traders bet another $760 million on the same price movement 20 minutes before a social media post by Iran's Foreign Minister Abbas Araghchi declaring the Strait of Hormuz "open."On April 21, traders reportedly placed a series of bets worth $430 million that prices would fall 15 minutes before Trump said he would extend the ceasefire.The DOJ and the Commodity Futures Trading Commission are leading the investigation, according to ABC News.The agencies did not immediately respond to' requests 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 & Energy47d ago

US Oil Update: Crude Futures Retreat as Markets Price in Persian Gulf De-escalation

Global oil benchmarks plunged nearly 5% on Thursday amid hopes of a diplomatic breakthrough between Washington and Tehran.Brent futures declined 3.4% to $97.82 per barrel, and Murban futures also fell 3.6% to $91.63/bbl."US-Iran peace hopes moved from a geopolitical headline to the main macro driver," Saxo Bank analysts said.Market optimism has been tempered by a diplomatic impasse.Although President Trump has paused naval escort missions under "Project Freedom" to signal progress toward a peace deal, Tehran maintains that formal negotiations are impossible so long as the US naval blockade remains in effect."Iran is expected to respond in the coming days, with nuclear talks likely to follow later. The catch is that talks are not a deal, and oil has already rebounded this morning as investors reassess how firm the progress really is. Good news, but not yet a holiday brochure," Saxo Bank analysts added.On the supply side, the US Energy Information Administration reported a 2.3 million barrels decrease in domestic crude inventories for the week ending May 1, bringing total stocks down to 457.2 mmbbls.This drawdown was accelerated by a historic surge in American oil product shipments.US petroleum product exports hit a record 8.2 million barrels per day last week, the highest level since the EIA began tracking the data in 1991, the agency said.

Oil & Energy48d ago

EMEA Oil Update: Oil Tumbles Below $100 per Barrel as Middle East Ceasefire Holds

Oil futures crashed below $100 per barrel Thursday as prices tumbled on hopes for a diplomatic breakthrough between Washington and Tehran.The Brent futures contract declined 4.5% to $96.76 per barrel. Murban futures fell 5.1% to $93.18 per barrel."Crude oil prices dropped back sharply on the lack of further confrontations in the Persian Gulf as ceasefire seen intact," Saxo Bank analysts said.Market optimism has been tempered by a diplomatic impasse.Although President Trump has paused naval escort missions under "Project Freedom" to signal progress toward a peace deal, Tehran maintains that formal negotiations are impossible so long as the US naval blockade remains in effect.On the supply side, the US Energy Information Administration reported a 2.3 million barrels decrease in domestic crude inventories for the week ending May 1, bringing total stocks down to 457.2 million barrels.This drawdown was accelerated by a historic surge in American energy shipments.US petroleum product exports hit a record 8.2 million barrels per day last week, the highest level since the EIA began tracking the data in 1991, the agency said.

Oil & Energy48d ago

APA Lifts 2026 Crude Output Forecast Amid Strong Q1 Results

APA (APA) reported Wednesday total production of 442,000 barrels of oil equivalent per day in Q1.This figure includes volumes from Egypt's noncontrolling interests and tax barrels, when adjusted for those items, the company's net production stood at 363,000 BOE per day.The results were bolstered by significant outperformance in the US, where oil production averaged 124,000 barrels per day, surpassing the company's previous guidance.These operational successes have prompted APA to raise its full-year 2026 US oil production outlook to 122,000 barrels per day, up from prior estimates.Internationally, APA's Egypt operations remained a key contributor, though adjusted production levels were impacted by high global oil prices.Under the region's production sharing contracts, higher prices result in fewer tax barrels being allocated to the company, leading to an adjusted average of 71,000 BOE per day for the quarter.However, the company noted that underlying gross oil production remained strong.Meanwhile, gross gas production in Egypt averaged 518 million cubic feet per day. Looking forward, for the full year the producer reaffirmed its Egypt gas guidance of 540-550 MMcf per day.

$APA

Oil & Energy48d ago

West Texas Intermediate Crude Futures Fall 2.5% to $92.74 Per Barrel

Oil & Energy48d ago

Brent Crude Futures Dip Below $100 Per Barrel Mark to $98.88 Per Barrel

Oil & Energy48d ago

Murban Crude Futures Decline Over 3% to $95.04 Per Barrel

Oil & Energy48d ago

EMEA Oil Update: Brent Firms as Traders Assess US-Iran Peace Hopes

Oil prices remained relatively stable on Thursday, with Brent futures edging up following a sharp retreat as the regional ceasefire appears to hold.The Brent futures contract edged up 0.4% to $101.68 per barrel. Murban closed at $98.29 on May 6 and was not trading as of the time of publishing this oil price update."Crude oil prices dropped back sharply on the lack of further confrontations in the Persian Gulf as ceasefire seen intact," Saxo Bank analysts said.Market optimism has been tempered by a diplomatic impasse.Although President Trump has paused naval escort missions under "Project Freedom" to signal progress toward a peace deal, Tehran maintains that formal negotiations are impossible so long as the US naval blockade remains in effect.On the supply side, the US Energy Information Administration reported a 2.3 million barrels decrease in domestic crude inventories for the week ending May 1, bringing total stocks down to 457.2 million barrels.This drawdown was accelerated by a historic surge in American energy shipments.US petroleum product exports hit a record 8.2 million barrels per day last week, the highest level since the EIA began tracking the data in 1991, the agency said.

Oil & Energy48d ago

US Oil Update: Crude Extends Slide as US-Iran Peace Prospects Weigh on Market

Crude oil futures fell in after-hours trading on Wednesday, after reports that the US and Iran are close to an agreement to end the Middle East conflict, fueling optimism that the Strait of Hormuz may soon reopen to global trade.Front-month West Texas Intermediate crude futures retreated by 5.93% to $96.21 per barrel, while Brent futures dropped by 7.05% to $102.59/bbl."Tighter US crude inventories and ongoing Middle East supply risks continue to support prices despite improving sentiment around diplomacy," said Soojin Kim, research analyst at MUFG.US crude and fuel inventories continued to draw down last week, with the latest data from the Energy Information Administration showing that crude oil inventories decreased by 2.3 million barrels to 457.2 mmbbls.Crude oil input to refineries dropped by 42,000 barrels per day from the previous week to average about 16 mmb/d in the week ending May 1, the EIA said, adding that crude oil production dropped by 13,000 b/d to 13.6 mmb/d.On Wednesday, Iran said it was reviewing a US peace proposal expected to end the conflict, as President Trump said "Great Progress" has been made on a final agreement.Trump sounded more optimistic about the chances of a peace deal. Trump said the US would pause its efforts to escort ships through the Hormuz, as White House officials reportedly believe Washington is nearing a one-page, 14-point memorandum of understanding to end the conflict.Earlier in the day, US Secretary of State Marco Rubio told reporters at the White House that "Operation Epic Fury is concluded," 66 days after the outbreak of the conflict. "We achieved the objectives of that operation," he said.Pakistan, the mediator in the US-Iran talks, said the two sides were closing in on a one-page memorandum of understanding, according to media reports.ING strategists said a deal that normalises oil flows through Hormuz is crucial, with about 13 million b/d of disrupted supply largely offset by declining inventory.However, Rystad Energy strategists said even if an agreement is reached, the impact on actual oil flows would be slower and more conditional than current price action suggests."A deal announcement would move futures further immediately, in fact even the potential of a deal is already triggering a decline in oil prices. However, the physical market does not run on political timelines," said Paola Rodriguez-Masiu, Rystad's chief oil analyst.On the supply front, Venezuelan crude exports climbed to a seven-month high of just over 1.05 million barrels per day in April, more than double from January levels, as a revamped licensing framework and easing trade restrictions supported a broader recovery in flows.Kpler said the rebound was driven by stronger demand from traditional buyers, with the US importing about 400,000 b/d and India taking 384,000 b/d.

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Oil & Energy47d ago