Financial News · Live Terminal

Page 53 of 57

EMEA Natural Gas Update: Futures Slip Nearly 5% After Trump Signals More Talks With Iran

European natural gas futures were down nearly 5% on Tuesday, erasing some of the previous session's gains, after US President Donald Trump said that Iran wants to make a deal "very badly," allaying fears of a prolonged disruption in the region.The front-month Dutch TTF contract dropped 4.60% to 44.28 euros ($52.26) per megawatt-hour, while UK NBP futures dropped 4.90% to 111.07 British pence ($1.49) per therm.Speaking to reporters in the White House on Monday, Trump said that the "other side" had reached out to him seeking a deal, amid the US naval blockade against Iran.Trump also claimed that 34 ships had sailed through the Strait of Hormuz, which he said was "the highest number" since the conflict began, in a Truth Social post on Monday.This, however, falls short of the figures reported by the Hormuz Strait Monitor, with just 2 vessels passing through the crucial waterway over the past 24 hours, as it remained effectively closed for the seventh week running.US and Iranian negotiators are expected to resume peace talks in Islamabad this week, following the failure of the first round of negotiations, according to a Reuters report, citing Pakistani and Iranian officials.France and the UK are set to co-host a video conference on Friday, for countries that are set to contribute towards a "purely defensive mission" to secure the Strait of Hormuz, according to the office of the French President, reported by Al Jazeera.According to Daniel Hynes, a senior commodity strategist at ANZ, "the continued closure of the Strait raises the risk that the recovery of supplies will take much longer," while noting that resumption of output and supplies will be a long and drawn-out process, even if the strait was to reopen right away.This comes at a time when Europe has begun refilling inventories, with storage levels significantly depleted, at just 29.54% of capacity, compared to 35.35% last year, according to data from Gas Infrastructure Europe.Weather forecasts are turning increasingly bearish, with above-normal temperatures expected across most of Europe for the summer of 2026, according to Severe Weather EU, which eases gas demand for heating.

Oil & Energy70d ago

Market Chatter: Petrobras Enters Direct Talks with Mubadala to Repurchase Mataripe Refinery

Brazilian oil giant Petrobras is in talks to reacquire the Mataripe refinery from Abu Dhabi's Mubadala to bolster security of domestic fuel supply, Reuters reported Monday citing sources.President Luiz Inacio Lula da Silva previously signaled an intent to bring the facility back under state control, reversing a divestment made during the administration of his predecessor, Jair Bolsonaro, the report noted.Following these remarks, Petrobras confirmed it would analyze the feasibility of a deal, which sources indicated could be finalized by the end of this year, as per the report.Expanding refining capacity has become a top priority for the Lula administration as the US-Israel conflict with Iran continues to drive global diesel prices higher.Brazil currently remains highly vulnerable to these international price shocks, as it depends on foreign markets for roughly one-quarter of its total diesel needs.Neither party involved immediately responded 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 & Energy70d ago

3 Vessels Under US Sanctions Pass Through Hormuz Strait Despite US Blockade, Reuters Analysis Shows

Three vessels under US sanctions have passed through the Strait of Hormuz since the US blockade on vessels calling at Iranian ports began on April 13, according to shipping data cited by Reuters Tuesday.The Iran-linked tankers were not heading to Iranian ports, hence were not covered by the blockade that began at 10 a.m. EDT on Monday, according to the report.LSEG data cited by the news agency showed that the latest vessel moving through the Strait was Panama-flagged Peace Gulf. The medium-range tanker was heading to the UAE's Hamriyah port.Kpler data reportedly showed that Peace Gulf typically moves Iranian naphtha to other Middle Eastern ports for export to Asia.Prior to this, handy tanker Murlikishan, formerly known as MKA and reportedly involved in the Russian and Iranian oil trade, was seen heading to Iraq to load fuel oil on April 16.China-bound tanker Rich Starry was the first to exit the Strait on Tuesday, having loaded 250,000 barrels of methanol from the UAE's Hamriyah port.Both the tanker and its owner Shanghai Xuanrun Shipping were placed under US sanctions for links to the Iranian oil trade.The US Department of the Treasury's Office of Foreign Assets Control, responsible for enforcing economic and trade sanctions, did not immediately respond to' request for comment.

Oil & Energy70d ago

Montage Gold Says Secured Prospective Gold Exploration Tenements in Mauritania

$MAU.TO

Oil & Energy70d ago

EMEA Natural Gas Update: Futures Fall Over 2% After Trump Says Iran Wants to Make a Deal

European natural gas futures were down over 2% on Tuesday, erasing some of the previous session's gains, after US President Donald Trump said that Iran wants to make a deal "very badly," which allayed fears of a prolonged disruption in the region.The front-month Dutch TTF contract dropped 2.47% to 45.26 euros ($53.30) per megawatt-hour, while UK NBP futures dropped 2.68% to 113.66 British pence ($1.53) per therm.Speaking to reporters in the White House on Monday, Trump said that the "other side" had reached out to him seeking a deal, amid the US naval blockade against Iran.Trump also claimed that 34 ships had sailed through the Strait of Hormuz, which he said was "the highest number" since the conflict began, in a Truth Social post on Monday.This, however, falls short of the figures reported by the Hormuz Strait Monitor, with just 2 vessels passing through the crucial waterway over the past 24 hours, as it remained effectively closed for the seventh week running.According to Daniel Hynes, a senior commodity strategist at ANZ, "the continued closure of the Strait raises the risk that the recovery of supplies will take much longer," while noting that resumption of output and supplies will be a long and drawn-out process, even if the Straits were to reopen right away.This comes at a time when Europe has begun refilling inventories, with storage levels significantly depleted, at just 29.54% of capacity, compared to 35.35% last year, according to data from Gas Infrastructure Europe.

Oil & Energy70d ago

IEA Forecasts Global Demand to Contract by 80,000 bpd Due to Iran War

In its Monthly Oil Market Report, the International Energy Agency said on Tuesday that the Iran war has fundamentally upended the global energy outlook, with oil demand now expected to contract by 80,000 barrels per day this year.Cumulative supply losses have reached 360 million barrels in March and are expected to hit 440 million barrels in April, driven by production curtailments and widespread infrastructure damage, the IEA said.The agency confirmed that the overall drain on global oil exports has now surpassed 13 mb/d.According to the IEA, global oil supply plummeted by 10.1 mb/d to 97 mb/d in March due to attacks on Middle East energy infrastructure and restrictions in the Strait of Hormuz in what is seen as the largest energy sector disruption in history.The agency said global crude throughput at refineries has also been curtailed with feedstock shortages and infrastructure damage, which the IEA warns is severely tightening global product markets.In a detailed breakdown of downstream impacts, the IEA reported that Middle East and feedstock-constrained Asian refineries cut runs by about 6 mb/d in April, bringing total throughput down to 77.2 mb/d.Regarding global stockpiles, the IEA noted that oil inventories fell by 85 million barrels in March, though this figure includes a massive 205 million barrel drawdown in stocks located outside of the Middle East Gulf.Simultaneously, the IEA added that the effective closure of the Strait of Hormuz caused Middle Eastern floating storage volumes to rise by 100 million barrels, while the agency confirmed onshore regional crude stocks rose by 20 million barrels.

Oil & Energy70d ago

- IEA says Middle East conflict reduced oil output by more than 360 million barrels in March, forecasts 440 million for April

Oil & Energy70d ago

IEA says reduction in oil exports averaging 13 million barrels per day since start of Iran war

Oil & Energy70d ago

EMEA Oil Update: Brent Eases as Trump Hints at Renewed Iran Talks

Brent futures slipped below $100 per barrel mark on Tuesday as tentative signs of revived peace talks tempered previous session's rally.The Brent futures contract eased about 0.4% to $98.98 per barrel. Murban closed at $103.33 on April 13 and was not trading as of the time of publishing this oil price update.While the US began blockading Iranian ports on Monday, market gains faded after President Donald Trump hinted at new contact from Tehran, despite warnings of a record global supply disruption."Crude oil gave up some of these gains late in the session after Trump claimed Iran wants to "work a deal" after the collapse of peace negotiations over the weekend," ANZ analysts said."Iran has not confirmed any further discussions. This suggests financial markets continue to look through the conflict to possible barrels being back on the market," they added.While Trump did not provide specifics on the reported diplomatic outreach analysts observed that oil slipped back below the $100 threshold as traders priced in the possibility of a longer-term ceasefire.These reports suggest a potential revival of talks before the current two-week truce expires, with Iranian President Pezeshkian expressing a conditional readiness for dialogue, analysts noted.However, the situation on the water remains volatile. The US naval blockade of Iranian ports officially commenced Monday at 10:00 a.m. ET, an action Iran reportedly condemned as "an act of piracy."Despite the slight cooling in futures, the physical reality of the crisis remains unprecedented.International Energy Agency Executive Director Fatih Birol warned Monday that global oil supply disruptions have reached 13 million barrels per day, describing it as the greatest energy security threat in history.

Oil & Energy70d ago

US Oil Update: Crude Jumps on Hormuz Blockade, Iran Reaches Out to US

Crude oil futures climbed in after-hours trading on Monday after the US Navy began enforcing a blockade of the Strait of Hormuz, though gains were tempered by President Trump's claim that Iran has reached out to resume peace negotiations.Front-month West Texas Intermediate crude futures rose by 2.60% to $91.91 per barrel, while Brent futures climbed 3.05% to $98.05/bbl."The collapse of US Iran negotiations and emerging US plans to interdict vessels linked to Iranian toll payments have shifted the risk profile from physical disruption to regulatory and enforcement uncertainty," Kpler strategists said in a social media post Monday.The US blockade of Iranian ports and a partial closure of the Strait of Hormuz took effect Monday at 10.00 ET, with the US Central Command saying it will not impede vessels transiting to and from non-Iranian ports."The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman," Centcom said Sunday.Saxo Bank strategists said the disruption has reinforced concerns about supply, especially across middle distillates, as tight availability continues to underpin diesel and jet fuel markets.Trump ordered the blockade of the strategic waterway on Sunday after weekend peace talks between the US and Iran broke down, as the Middle East conflict has resulted in the largest global energy disruption amid Iran's closure of the Hormuz.However, Iran pushed back against Trump administration threats, saying the US's blockade of the Strait would be "an act of piracy," as it reiterated plans to permanently control the critical chokepoint even after the conflict, according to media reports.Capping the gains, Trump claimed on Monday that Iran reached out to his administration over peace negotiations, as the two sides trade blame over the collapse of weekend talks in the Pakistani capital, Islamabad.Trump said Monday that Iran wanted to make a deal, but did not provide details on who participated in the call.Erik Meyersson, chief EM Strategist at SEB Research, said that without progress on the diplomatic front, Hormuz will remain effectively closed, which would push oil prices higher.Meanwhile, crude production in the Arabian Gulf plunged in March due to the ongoing Middle East conflict, OPEC said in its monthly report on Monday.Iraq took the biggest hit, with production dropping from 4.2 million barrels per day in February to 1.6 mmb/d in March, followed by Kuwait and the UAE, which registered declines over the month of 1.4 million b/d and 1.5 million b/d, respectively.The latest OPEC data showed that Saudi Arabia's production dropped by 2.3 million b/d, from 10.1 million b/d to 7.8 million b/d.

Oil & Energy70d ago

EU Consults States on Crisis Aid Framework to Counter Middle East Shock

The European Union is seeking feedback from member states on a proposed temporary crisis framework aimed at cushioning the bloc's economy from the fallout of escalating tensions in the Middle East, the European Commission said on Monday.The proposal would allow governments to loosen state-aid restrictions under a targeted adjustment to the EU's Clean Industrial Deal State Aid Framework, enabling higher levels of financial support to industries hit by surging energy costs.The plan would enable governments to provide temporary, calibrated aid to the most exposed sectors, including covering part of the rise in fuel or fertilizer costs compared with levels before Feb. 28.The Commission is also considering raising the ceiling on aid intensity for electricity costs for energy-intensive industries beyond the current 50% cap under existing rules, a move designed to ease pressure on manufacturers grappling with higher power prices.The EU executive signaled that it is open to approving further temporary interventions on a case-by-case basis, including potential subsidies for gas-fired power generation to help curb wholesale electricity prices.The consultation marks the latest effort by Brussels to respond to energy market volatility triggered by the Middle East conflict.

Oil & Energy70d ago

Natural Gas Prices Fall as Storage Swells; Oil Supported by Iran Tensions, EBW Analytics Says

Natural gas extended losses for a fifth straight week, while oil markets turned volatile amid shifting geopolitical and macro drivers, EBW Analytics said in a Sunday note.Heating demand declined sharply, cutting about 21 gas-weighted heating degree days, though a near-term rebound could add back roughly 8 billion cubic feet per day of demand, according to the note.Production has softened modestly, but spot pricing remains weak, with Henry Hub near $2.65 per million British thermal units and national averages around $1.48/MMBtu, the note added.A growing storage surplus, projected to reach about 200 billion cubic feet above five-year norms by May, continues to weigh on medium-term gas fundamentals, EBW added.Long-term technical support in the $2.50s per MMBtu, alongside lower production and strong liquefied natural gas demand, may help bolster prices, though any rebound could be limited by a growing storage surplus, EBW said.Electricity demand edged lower due to milder weather, but reduced wind output and stronger regional loads lifted gas-fired power demand by about 0.8 billion cubic feet per day over the week.Power prices were mixed, with PJM West near $60.10 per megawatt-hour, while Electric Reliability Council of Texas North fell to $24.66/MWh and California Independent System Operator SP-15 dropped to $1.88/MWh.Crude markets remained volatile, with West Texas Intermediate prices briefly reaching $117.63 per barrel before falling sharply on ceasefire news, then stabilizing above prior levels, the analysis said.Breakdowns in US-Iran talks and continued constraints in the Strait of Hormuz are expected to support oil prices, with further upside risks as supply disruptions persist, EBW said.Iran's control over Hormuz limited tanker flows to about 12 to 16 vessels per day, while the US blockade of Iranian oil transiting Hormuz could remove another 1 million barrels per day to 1.3 million b/d from global supply, the note said.Over 9 million b/d of Middle East output could remain offline in April, with partial offsets from China's reserve releases and rising US inventories, according to the note.Looking ahead, natural gas is expected to remain under pressure as large storage builds and a growing surplus weigh on prices, though easing supply and improving seasonal demand may help limit downside, EBW said.Electricity demand is expected to stay elevated above five-year averages, supported by underlying load growth, though strong renewable generation during the shoulder season may cap price upside across some regions.Iran's continued control over the Strait of Hormuz, even during a ceasefire, signals that a full return to normal shipping may be difficult, with WTI holding in the mid-$90s suggesting a higher "new normal" for crude, EBW said.

Oil & Energy70d ago

IEA Chief Flags 13 Million b/d Oil Disruption Amid Middle East Conflict

International Energy Agency executive director Fatih Birol said Monday that global oil supply disruptions have reached about 13 million barrels per day due to the Middle East conflict and called it the largest threat to energy security ever recorded.Birol delivered the remarks during an event organized by the Atlantic Council.Current oil and gas disruptions now exceed past crises, including the 75 billion cubic meters of gas lost after Russia's invasion of Ukraine, Birol said.Birol warned that damage to energy infrastructure is deepening the crisis, adding that even if the situation improves quickly, restoring disrupted supply systems would take considerable time, he said.Over 80 energy facilities, including oil fields, gas sites and refineries, have been damaged, Birol said, adding that "more than one-third are... very severely damaged," highlighting the scale of disruption.He added recovery will vary by country, noting it may take longer in nations with weaker financial capacity, and said a return to pre-crisis levels could take "up to two years," underscoring prolonged supply risks.Birol said he hopes additional emergency releases will not be required, adding, "I very much hope we don't need to do it, but if it is needed, we are ready to act immediately."The IEA had earlier announced on Mar. 11 that its 32 member countries unanimously agreed to release 400 million barrels from emergency reserves to ease oil market disruptions linked to the Middle East conflict.He added that the IEA is closely monitoring the situation and stands ready to deploy further stockpiles if needed to help stabilize global oil markets.The IEA chief said that prices are "... already high but they are not reflecting the severity of the problem," and warned that markets could adjust sharply as conditions become clearer.Prices remain misaligned with fundamentals, terming the current situation as a "disconnect," according to Birol."... I think soon we will see that they [prices] will converge, which is of course an extremely sensitive issue for the global economy," he said.The crisis extends beyond energy, with "vital commodities... such as fertilizers, petrochemicals, helium" also being lost daily, Birol said, highlighting risks to global supply chains.

Oil & Energy70d ago

Trump Says Oil Flows Via Strait of Hormuz Could Improve

US President Donald Trump said Monday that oil flows via the Strait of Hormuz could improve, while also signaling a tougher stance on Cuba and possible action after the current conflict.Trump made the remarks while addressing a press briefing at the White House.Answering a question about the US naval blockade of the Strait of Hormuz, Trump said oil companies "are going to be doing very well there," signaling future support for tanker flows.He added that oil firms were also doing very well in the US, and that activity is strong, saying "a lot of tankers are coming up here... . They're coming in empty and out full, and we have a great capacity to take care of that business," pointing to rising crude movements and export capacity.His remarks come as Strait of Hormuz activity remains effectively constrained amid tensions with Iran, leaving uncertainty about near-term global oil supply flows.On Cuba, Trump said the country "... has been a terribly run country for a long time," with an "oppressive" system, indicating a tougher stance.He added, "... we may stop by Cuba after we're finished with this," signaling potential US action following the current conflict with Iran.

Oil & Energy70d ago

US Oil Update: Futures Rally as Blockade of Hormuz Heightens Supply Risks

Crude oil futures rallied in midday trading on Monday as the US began a blockade on vessels transiting to and from Iranian ports, stoking fears of energy supply disruptions amid Tehran's threat to target Arabian Gulf ports in retaliation.Front-month West Texas Intermediate crude futures climbed by 3.78% to $93.02 per barrel, while Brent futures soared 4.23% to $99.24/bbl.Saxo Bank strategists said the disruption has reinforced concerns about supply, especially across middle distillates, as tight availability continues to underpin diesel and jet fuel markets.On Monday, the US Central Command began enforcing the Hormuz blockade at 10 a.m. ET, as Trump warned that any vessels attempting to breach the perimeter would be "immediately eliminated"."The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman," CENTCOM said in a social media post on X, adding that it will not impede freedom of navigation for vessels transiting the Hormuz to and from non-Iranian ports.Trump ordered the blockade of the strategic waterway on Sunday after weekend peace talks between the US and Iran broke down.However, Iran pushed back against Trump administration threats, saying the US's blockade of the Strait would be "an act of piracy," as it reiterated plans to permanently control the critical chokepoint even after the conflict, according to media reports.China urged the international community to step up efforts to promote peace talks between Iran and the US, warning that the current truce remains fragile and must be preserved."China hopes the ceasefire will be kept, disputes will be resolved through political and diplomatic means rather than reigniting the flames of war, and conditions will be created for an early return of peace to the Gulf," China's Foreign Ministry Spokesperson Lin Jian said in a social media post.Meanwhile, three fuel tankers reportedly transited the Strait via routes close to Iran's coastline, despite threats of US blockade. Trump also claimed in a social media post that 34 vessels passed through the Hormuz on Sunday.The latest data from MarineTraffic showed that two tankers reversed course near the strategic waterway shortly after the start of the US blockade, with one vessel signaling China as its destination.On the supply front, crude production in the Arabian Gulf plunged in March due to the ongoing Middle East conflict, OPEC said in its monthly report.Iraq took the biggest hit, with production dropping from 4.2 million barrels per day in February to 1.6 million b/d in March, followed by Kuwait and the UAE, which registered month-over-month drops of 1.4 million b/d and 1.5 million b/d, respectively.The latest OPEC data showed that Saudi Arabia's production dropped by 2.3 million b/d, from 10.1 million b/d to 7.8 million b/d.

Oil & Energy70d ago

EMEA Oil Update: Crude Jumps as US Navy Moves to Blockade Strait of Hormuz

EMEA crude futures rallied in after-hours trading on Monday after President Trump ordered a naval blockade of the Strait of Hormuz following the collapse of US-Iran peace talks, while Tehran threatened to strike Arabian Gulf ports in retaliation.Brent crude futures jumped 5% to $99.98 per barrel, while Murban oil futures climbed 6.24% to $104.26/bbl.Soojin Kim, a research analyst at MUFG, said energy prices spiked after the US-imposed Hormuz blockade, following failed peace negotiations in Islamabad.The US Central Command began enforcing the Hormuz blockade at 10.00 ET on Monday, as Trump warned that any vessels attempting to breach the perimeter would be "immediately eliminated.""The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman," US Central Command said in a social media post on X, adding that it will not impede freedom of navigation for vessels transiting the Hormuz to and from non-Iranian ports.The latest data from MarineTraffic showed that two tankers reversed course near the strategic waterway shortly after the start of the US blockade, with one vessel signaling China as its destination.On Monday, Trump threatened strikes against Iranian navy ships that approach the US blockade, saying the vessels "will be immediately eliminated, using the same system of kill that we use against the drug dealers on boats at Sea".Erik Meyersson, chief EM Strategist at SEB Research, said that without progress on the diplomatic front, Hormuz will remain effectively closed, which would push oil prices higher.However, despite the threat, three fuel tankers reportedly transited the Strait via routes close to Iran's coastline, marking the first such movements since the blockade was announced.Trump, in a social media post, claimed that 34 vessels passed through the Hormuz on Sunday.Meanwhile, Iran said it would target all ports in and close to the Arabian Gulf if its own shipping hubs are threatened, heightening the standoff over the strategic waterway and raising concerns over global energy supply disruptions.Iran's armed forces said the US threat to block the Strait would be "an act of piracy," reiterating plans to permanently control the Hormuz after failed peace talks between the two nations."The disruption has reinforced concerns about supply, particularly across middle distillates. Tight availability continues to underpin diesel and jet fuel markets, with some European airports warning of potential shortages within three weeks if flows are not restored," Saxo Bank strategists said on Monday.On the supply front, the Organization of the Petroleum Exporting Countries said crude production by DOC countries averaged 35.06 million barrels per day in March, down about 7.70 million b/d from February, when it averaged 42.72 million b/d.The latest data from the producer group showed that global oil demand growth for 2026 is expected to be 1.4 million b/d, unchanged from its forecasts last month.

Oil & Energy70d ago

US Natural Gas Update: Futures Retrace Gains on Poor Domestic Fundamentals

US natural gas futures reversed earlier gains by midday Monday, pressured by weak demand and strong supply that outweighed an early geopolitical risk premium.The front-month Henry Hub contract and the continuous futures both fell 0.38% to $2.64 per million British thermal units.Prices initially rose alongside crude oil on renewed concerns over energy flows through the Persian Gulf, after US President Donald Trump issued an order to blockade the Strait of Hormuz following failed peace talks with Iran over the weekend, Bloomberg reported. The rally faded as supply-demand fundamentals reasserted control.Weather expectations also shifted during the session. US natural gas futures had earlier been supported by weather forecasts and geopolitical tensions, but Bloomberg said forecasts changed again after Friday's close, which marked the lowest level in 17 months.Commodity Weather Group said above-normal temperatures across the eastern two-thirds of the US are expected to ease back toward seasonal norms starting Apr. 18 and continue through Apr. 27.Supply remained elevated. Lower 48 dry gas production on Monday was 118.8 billion cubic feet per day, or about 2.4% above year-ago levels, Bloomberg said.Demand indicators weakened further. Bloomberg estimated total US demand at about 4% below year-ago levels. NRG Energy said natural gas demand fell last week as warmer temperatures spread across the country, with consumption dropping from 90 Bcf/d to 75 Bcf/d.NRG Energy said residential and commercial demand accounted for most of the decline, while other sectors were relatively flat.On the export side, BNEF said LNG feedgas demand was 19.9 Bcf/d, up 1.5% from the previous week.

Oil & Energy70d ago

34 Ships Transited Strait of Hormuz on Sunday, Trump Says; 'Highest' Since Closure

Oil & Energy71d ago

EMEA Natural Gas Update: Prices Ease After Weekend Spike, Stay Elevated on Blockade

European natural gas prices eased in after-hours trade on Monday after reversing part of Sunday's surge, though benchmarks remained roughly 5% above Friday's close amid ongoing geopolitical risk in and around the Strait of Hormuz.The front-month Dutch TTF contract rose 6.249% to 46.365 euros ($54.34) per megawatt-hour, while UK NBP futures rose 5.835% to 116.09 British pence ($1.56) per therm.On Friday, the front-month TTF contract traded near 43.86 euros/MWh on expectations that Saturday's peace talks between the US and Iran would help ease market pressure. When those talks failed, on Sunday, US President Donald Trump issued an order to blockade the Strait, causing prices to surge in pre-market Sunday trade, briefly reaching as high as 51 euros/MWh.Prices then retreated on Monday as traders took profits and clarification emerged that non-Iranian maritime traffic would not be blocked, easing fears of an immediate full shutdown scenario. Even so, prices stayed well above Friday's closing level.US forces were set to begin enforcing restrictions on all maritime traffic entering and leaving Iranian ports at 14.00 GMT on Monday, but were not to impede freedom of navigation for vessels transiting the strait to and from non-Iranian ports, Trading Economics said.Trump also said the US will interdict any ship that has paid a toll to Iran for safe passage through the waterway.While most Middle Eastern gas exports typically flow to Asia, prolonged disruption in the strait would increase competition among importing regions, particularly as Europe works to replenish storage ahead of the next winter season.On Monday, Gas Infrastructure Europe reported EU inventories had climbed to 29.36% of capacity but still remained below year-ago levels above 35%.Liquefied natural gas shipments from the Gulf have been halted for more than a month, with Qatar's largest LNG facility remaining offline since early March after being struck in Iranian attacks. Even after a restart, repairs to the most damaged parts of the Qatari LNG facility are expected to take three to five years to fix, keeping about 17% of the plant's production offline.

Oil & Energy71d ago

Iran Conflict Enters New Phase as Talks Collapse, Hormuz Tensions Rise, WFII Says

The Middle East conflict escalated over the weekend after US-Iran talks broke down, with Washington signaling an immediate blockade of the strategic Strait of Hormuz, a move that could reshape oil flows, Wells Fargo Investment Institute strategists said in a Monday note.WFII analysts said that negotiations ended Apr. 12 without agreement, and no further talks have been scheduled, underscoring a hardening of positions on both sides.President Trump said the US and allied partners would enforce a blockade of the Hormuz in both directions, including vessels paying Iran transit tolls. The move is designed to choke off a critical revenue stream for Tehran without directly striking its energy infrastructure.WFII said 90% of Iran's oil revenue passes through the strategic waterway, with oil accounting for about half of the country's government income, and any disruption could deal a significant blow to the country's finances.Iran signaled it was preparing to respond, with state-linked media circulating images of naval special forces said to be deploying toward the Strait. Meanwhile, media reports indicated the US Navy had already begun mine-clearing operations in the area.Meanwhile, early market movements reflected a shift in sentiment following last week's trends. WFII analysts said the rebound in crude, especially WTI futures, signals concern over potential supply disruptions at one of the world's most critical energy chokepoints, which handles about 20% of global oil flows.WFII said the blockade could be aimed at increasing pressure on the US to scale back its regional presence, while allowing Washington to target Iran's oil revenues without directly striking energy infrastructure.WFII analysts said the approach may help limit the risk of escalation, particularly the threat of retaliatory attacks on Gulf energy infrastructure.The analysts said the move could also impact China, which reportedly purchases about 80% of Iran's oil exports, often at discounted prices.Both sides appear to have used the ceasefire to regroup, according to WFII. The US is expected to redeploy multiple carrier strike groups to the Middle East, while Iran's naval positioning suggests the Strait will become the central theatre of operations.However, despite the escalation, WFII analysts said that neither side is likely to target energy infrastructure at scale, given the mutual economic and strategic costs, though the risk of miscalculation remains elevated.

Showing 1041-1060 of 1127

Oil & Energy70d ago