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Equinor Q1 Production Surges By 9% Year-Over-Year

Norwegian energy major Equinor (EQNR) posted its strongest quarterly profit in three years on Wednesday, driven by record-breaking production levels and high commodity prices resulting from the ongoing conflict with Iran.The company reported that Q1 production surged 9% year-over-year, reaching a record 2.31 million barrels of oil equivalent per day. That was significantly higher than the 2.12 mmboepd recorded a year earlier.The production spike was led by the commissioning of new wells and increased output across the Norwegian Continental Shelf and the US, Equinor noted.Higher realized liquids prices and a boost in US gas prices further bolstered the bottom line, despite a decline in European gas prices, the company said.Equinor warned that the disruption to global energy flows caused by the US-Iran hostilities and the closure of the Strait of Hormuz is likely to persist long after active the conflict ends.Despite these logistical hurdles, the company's downstream and trading division reported a profit of $787 million, nearly double its long-term quarterly guidance of $400 million.

$EQNR

Oil & Energy94d ago

Crude Futures Fall Below $100 Per Barrel After Reports That US And Iran Are Nearing Peace Framework

Oil & Energy94d ago

US, Iran Reportedly Nearing "One-Page Memo" to End War

The White House is reportedly nearing a breakthrough with Tehran on a one-page memorandum of understanding designed to end the current conflict, several media outlets reported Wednesday.According to a report by Axios on Wednesday, which was later confirmed by a Reuters' report, citing a Pakistani source involved in the mediation, the two nations are currently the closest they have been to an agreement since hostilities began.Crude oil and gas futures contract fell sharply following the news.The diplomatic surge comes directly after US President Donald Trump announced a pause to "Project Freedom," citing "great progress" in peace talks.Iranian President Pezeshkian has previously stated that any agreement must be "fair" and include the lifting of the naval blockade that has crippled regional trade.The new agreement reportedly includes talk on Iran's nuclear program and lifting of sanction.reached out to both US and Iranian authorities for comments which went unanswered.

Oil & Energy94d ago

West Texas Intermediate Crude Futures Decline Nearly 8% to $94.23 Per Barrel

Oil & Energy94d ago

Murban Crude Futures Decline Nearly 7% to $98.82 Per Barrel

Oil & Energy94d ago

Brent Crude Futures Dip Nearly 7% to $102.41 Per Barrel

Oil & Energy94d ago

Shah Gas Field Suspension in UAE Forces Occidental to Trim Annual Output Forecast

Occidental Petroleum (OXY) lowered its full-year 2026 production forecast on Tuesday, citing the significant impact of the Iran war on its international operations.The company now expects total production to range between 1.41 million and 1.46 million barrels of oil equivalent per day, a slight reduction from its previous guidance of 1.42-1.48 mmboe/d.International output specifically was revised downward to 218,000 to 228,000 boe/d, as regional hostilities continue to obstruct key energy infrastructure.The guidance cut follows a prolonged suspension at the Shah gas field in the UAE, where Occidental holds a 40% interest.Operations at the facility, one of the world's largest sour gas fields, have remained offline since an Iranian drone strike on March 16.Despite these geopolitical headwinds, Occidental reported that its total first-quarter production of 1,426 Mboed actually exceeded the high end of its quarterly guidance, bolstered by strong performance in the Permian Basin, the Rockies, and the Gulf of Mexico.Financial results for the first quarter reflected a volatile energy market. Occidental's oil and gas pre-tax income rose to $1.0 billion, up from $0.7 billion in the fourth quarter of 2025.This growth was driven by an 18% quarterly increase in average worldwide realized crude oil prices, the company said.However, these gains were partially offset by lower domestic gas prices, which fell 10% to $1.01 per Mcf.Looking ahead, the company's ability to hit its revised targets remains tied to the stability of its Middle Eastern assets.While US shale production remains a core strength, continued closure of the Shah field and broader regional supply losses have forced the producer to adopt a more conservative outlook for the remainder of 2026.

$OXY

Oil & Energy94d ago

EMEA Oil update: Crude Slips as Trump Hints at Iran Peace Deal, Pauses Hormuz Ship Escorts

Brent crude futures retreated for a second day on Wednesday following President Trump's surprise announcement of a pause in Hormuz naval escorts to favor peace negotiations.The Brent futures contract fell 1.5% to $108.21 per barrel. Murban closed at $105.97 on May 5 and was not trading as of the time of publishing this oil price update.The market sentiment shifted after Trump unexpectedly announced a brief suspension of Project Freedom.Trump cited significant progress toward a settlement with Tehran, but offered few specific details, even as he confirmed the US Navy would maintain its blockade of Iranian ports.While Tehran has yet to respond officially, ANZ analysts noted that crude gave up recent gains as the regional ceasefire appeared to hold despite the diplomatic tension.Despite the diplomatic opening, the Strait of Hormuz remains effectively obstructed.ANZ highlighted that Iran has implemented a restrictive new transit protocol requiring official email approval for all vessels.With global stockpiles under increasing pressure, investors are now focused on the upcoming EIA inventory report to gauge the severity of the ongoing supply drain.

Oil & Energy94d ago

EMEA Natural Gas Update: Futures Slip Amid Strong Renewables Output, Mild Weather

European natural gas futures opened lower on Wednesday with no major advances in the US-Iran conflict, while relatively strong renewables output displacing gas-fired generation and mild weather averting consumption from air conditioning were among influences.Dutch TTF futures were down 2.2% to 45.88 euros ($53.83) per megawatt hour while UK NBP futures fell 2.9% to 111.7 British pence ($1.52).ANZ Senior Commodities Analyst Daniel Hynes said in a daily update that cooler European temperatures and strong renewables output were one reason why its benchmark futures prices were not currently climbing.US President Donald Trump said in a social media post on Tuesday that he was pausing Project Freedom or the escort of ships through the Strait of Hormuz, at the request of mediator Pakistan and "other countries" while the US would continue to block access in and out of Iranian ports.Trump said that Project Freedom "will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," in reference to a deal he is seeking with Iran, with the abandonment of its nuclear enrichment ambitions chief among his demands.Speaking to reporters on Tuesday, Trump said that while higher, he said energy prices had not risen that dramatically and he said the higher prices were "a very small price to pay," to prevent Iran from developing a nuclear weapon.He said Iran's economy meanwhile was on the verge of collapse with galloping inflation, army salaries unpaid and a worthless currency. Trump also reiterated that Iranian negotiatorscontinued to engage keenly with the US behind the scenes while telling the public no such engagement was taking place.Analysts have grown somewhat immune to such messages with no significant progress on the single most pressing issue - the reopening of the Strait of Hormuz through which 20% of the world's oil and LNG-gas supplies flowed prior to the conflict.

Oil & Energy95d ago

US Oil Update: Crude Settles Lower as US-Iran Truce Holds Despite Hormuz Standoff

Crude oil futures settled lower in after-hours trading on Tuesday, as the US-Iran ceasefire held despite skirmishes in the Strait of Hormuz and strikes on the UAE.Front-month West Texas Intermediate crude futures dropped by 3.51% to $102.68 per barrel, while Brent futures fell by 3.58% to $110.35/bbl."Despite US plans to restore shipping, security risks may keep the route closed until a US-Iran deal, sustaining concern over energy prices," Saxo Bank strategists said in a note on Tuesday.The latest data from the American Petroleum Institute showed on Tuesday that US crude oil inventories decreased by 8.1 million barrels in the week ended May 1, following a 1.79-mmbbl draw the previous week.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.On Tuesday, the US said it had drafted a UN Security Council resolution to safeguard freedom of navigation in the Hormuz, accusing Iran of threatening global shipping through attacks, mining activity and attempts to impose tolls on commercial vessels."We're asking the UN to call on Iran to stop blowing up ships, remove the mines, and allow humanitarian relief. If the international community can't rally behind this and solve something so straightforward, then I don't know what the utility of the UN system is," said US Secretary of State Marco Rubio.The UAE's Defense Ministry said on Tuesday that its air defenses were dealing with missile and drone attacks from Iran after four weeks of relative calm since President Trump announced a ceasefire.The second day of attacks on the UAE came after Iran's Revolutionary Guards Navy issued a map it said was expanding the areas under Tehran's control near the Strait to include the UAE's ports of Fujairah and Khorfakkan, as well as the coast of the UAE's emirate of Umm Al Quwain.US Defence Secretary Pete Hegseth said the operation to protect commercial ships was temporary and that the four-week-old truce was not over."We're not looking for a fight", Hegseth said at a press conference on Tuesday. "Right now the ceasefire certainly holds, but we're going to be watching very, very closely".Hegseth said the US had secured a path through the Hormuz and that hundreds of commercial ships were lining up to pass through. Danish shipping giant Maersk reportedly said one of its commercial vessels successfully transited the Strait under US military protection."US forces said they repelled Iranian attacks while escorting two US-flagged ships, and the UAE reported intercepting missiles and a fire at its Fujairah oil terminal," Saxo Bank strategists said in a note Tuesday.

Oil & Energy95d ago

US Seeks Security Council Backing to Break Iran's Grip on Strait of Hormuz

The US said on Tuesday it had drafted a UN Security Council resolution to safeguard freedom of navigation in the Strait of Hormuz, alleging that Iran was threatening global shipping through attacks, mining activity and attempts to impose tolls on commercial vessels.US Secretary of State Marco Rubio said in a statement that Iran was "holding the world's economy hostage" through its actions in the strategic waterway through which a significant share of global oil and gas trade flows.The draft resolution, developed alongside regional partners including Bahrain, Saudi Arabia, the UAE, Kuwait and Qatar, calls on Tehran to halt attacks, stop laying sea mines and abandon any attempt to charge tolls on commercial shipping.The US and its allies are also demanding that Iran disclose the number and locations of any mines it has deployed and cooperate in their removal.The proposal further supports the establishment of a humanitarian maritime corridor.Secretary Rubio said the US expects the resolution to be put to a vote in the coming days and expressed confidence that it would gain the backing of Security Council members and additional co-sponsors.However, the initiative reportedly faces uncertain prospects, as it will need support from Russia and China, both of which wield veto power as permanent members of the council.

Oil & Energy95d ago

Market Chatter: US Naval Pressure Cuts Iran Exports; 1 Tanker Slips Blockade

An Iranian tanker is likely to have breached the US blockade, even as Washington has redirected 50 vessels since April 13, Bloomberg reported on Tuesday.Satellite tracking indicated the Iranian-flagged Very Large Crude Carrier Huge reappeared near Bali after going dark for months, suggesting it may have evaded US enforcement measures, Bloomberg reported, citing TankerTrackers.com.The vessel signaled its position on Sunday, with imagery confirming it had been at an Iranian port just hours before the US launched its blockade on April 13, Samir Madani, co-founder of TankerTrackers.com, said.The US has blocked ships carrying Iranian oil from exiting the Gulf of Oman, while deploying naval forces to escort commercial vessels through the Strait of Hormuz, intensifying regional tensions.US Central Command said forces have redirected about 50 vessels since the blockade began, according to the analysis.Iranian vessels have increasingly clustered near Chabahar, close to the US blockade line, where tankers are being redirected to idle in nearby waters rather than continue outbound voyages.The Strait of Hormuz saw no new commercial crossings on Tuesday, following a brief transit by a Maersk vessel under US military escort the previous day.Heightened tensions, including vessel attacks and missile strikes targeting the UAE, have deterred shipping activity despite US assurances of safe passage.Hundreds of vessels clustered near Dubai rather than entering the strait, as operators sought to avoid risk amid heightened regional tensions.On Monday, two US ships exited the Persian Gulf under military escort, with tracking systems turned off, while outbound traffic consisted only of smaller or Iran-linked vessels.Ships that continued transiting Hormuz stayed within a narrow northern corridor approved by Iran, while widespread signal spoofing reduced visibility into actual traffic movements.Most Iran-linked vessels departing the Gulf have stalled in the Gulf of Oman, though it remains unclear whether delays reflect trade patterns or continued US naval restrictions.Tracking challenges persist as vessels disable AIS signals to avoid detection, with some not reappearing until they reach distant routes, such as the Strait of Malacca, about 13 days from Iran.(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 & Energy95d ago

Nigeria Sees Major Shortfall in Crude Deliveries to Local Refineries in Q1 Despite Higher Allocations

Nigeria's domestic refineries are receiving far less crude oil than they are allocated under the country's supply obligation framework, according to data released by the country's upstream regulator on Tuesday.The Nigerian Upstream Petroleum Regulatory Commission released data on the enforcement of the Domestic Crude Supply Obligation in accordance with the provisions of the Petroleum Industry Act.The data show that 61.9 million barrels of crude were allocated to local refineries in Q1 2026, even as producers offered a significantly higher volume of 68.7 mmbbls.Of this, only 28.5 mmbbls were actually delivered, resulting in a conversion rate of roughly 36-46% in Q1.The DCSO aims to ensure that local refineries have access to sufficient feedstock.Monthly figures show uneven performance across the quarter. In January, regulators directed 22.6 mmbbls to be supplied.Producers exceeded expectations by offering 25.3 mmbbls, but actual deliveries came in at 9.2 mmbbls.In February, the allocation was set at 20.5 mmbbls. Producers offered slightly less at 19.8 mmbbls, falling short of the target. Deliveries remained weak at 9.1 mmbbls.March saw an improvement in physical supply, which rose to 10.1 mmbbls. That month, producers offered 23.6 mmbbls against an 18.8-mmbbl allocation, a surplus of 4.8 mmbbls on paper.Despite higher offers in some months, the regulator said the consistent gap between offered and delivered volumes is driven largely by pricing disagreements between producers and domestic refiners.The DCSO system operates on a "willing buyer, willing seller" model, which allows both sides to reject transactions if terms are not agreed upon.The commission said it remains focused on improving domestic supply outcomes and supporting government efforts to achieve energy security.It added that it will continue refining the DCSO framework under the Petroleum Industry Act to improve compliance, transparency, and delivery efficiency.

Oil & Energy95d ago

US Oil Update: Crude Drops as US-Iran Truce Tempers Supply Fears Despite UAE Attacks

Crude oil futures retreated in midday trading on Tuesday after US Defense Secretary Pete Hegseth said a fragile ceasefire with Iran remained in place, despite a series of missile and drone attacks in the UAE this week.Front-month West Texas Intermediate crude futures fell by 4.12% to $102.01 per barrel, while Brent futures were down by 3.85% to $110.00/bbl."Oil prices edged lower after a sharp rally... as markets reacted to renewed US-Iran clashes that cast doubt on the fragile ceasefire," said Soojin Kim, research analyst at MUFG.The UAE's Defense Ministry said on Tuesday that its air defenses were dealing with missile and drone attacks from Iran after four weeks of relative calm since President Trump announced a ceasefire.The second day of attacks on the UAE came after Iran's Revolutionary Guards Navy Corps issued a map it said was expanding the areas under Tehran's control near the Strait to include the UAE's ports of Fujairah and Khorfakkan, as well as the coast of the UAE's emirate of Umm Al Quwain."Markets may find some relief today following President Trump's overnight comments suggesting the conflict could continue for another two to three weeks," ING strategists said in a note Tuesday.The analysts said markets are likely to view this with considerable skepticism, given the recent escalation and the repeated extensions of projected timelines for ending hostilities.US Defense Secretary Pete Hegseth said the operation to protect commercial ships was temporary and that the four-week-old truce was not over."We're not looking for a fight", Hegseth said at a press conference on Tuesday. "Right now the ceasefire certainly holds, but we're going to be watching very, very closely".Hegseth said the US had secured a path through the Hormuz and that hundreds of commercial ships were lining up to pass through.Danish shipping giant Maersk reportedly said one of its commercial vessels successfully transited the Strait under US military protection."US forces said they repelled Iranian attacks while escorting two US-flagged ships, and the UAE reported intercepting missiles and a fire at its Fujairah oil terminal," Saxo Bank strategists said in a note Tuesday.Trump said on Tuesday dismissed Iran's military capability and said Tehran "should wave the white flag of surrender", but is too proud to do so.Meanwhile, the Iranian Foreign Minister, Abbas Araghchi, said in a social media post on X that talks with the US were "making progress," but Washington and the UAE "should be wary of being dragged back into a quagmire."Araghchi said events in Hormuz made clear "there's no military solution to a political crisis."On the supply front, OPEC+ agreed on Sunday to increase oil output by 188,000 barrels per day at the group's first meeting since the loss of its key member, the UAE.Sultan al Jaber, managing director and Group CEO at Adnoc, said exit from OPEC gives it greater ability to accelerate investment and expand.

Oil & Energy95d ago

Trump Calls Oil Price Surge 'Very Small Price to Pay,' Says Iran Wants to Secure Deal

US President Donald Trump said rising oil prices were a "very small price to pay" in the near term amid the ongoing Middle East conflict.Trump made the remarks while responding to reporters during a signing of a proclamation on the National Physical Fitness and Sports Month held at the White House."I thought oil would go to $200, $250, maybe $300, and I know it will be short-term... I look today, it's like at $102," Trump said, adding that's "a very small price to pay" for getting rid of an Iranian nuclear weapon.On shipping congestion in the Strait of Hormuz, Trump said Tuesday that about 400 ships are stranded there amid the ongoing Middle East conflict, adding, "...some of these tankers hold 2 million barrels..."Trump said Iran is seeking negotiations, signaling renewed pressure to secure a deal. "Iran wants to make a deal... they'll talk to me with such great respect, and then they'll go on television, they'll say, we did not speak to the President."He added that Iran should do make the right move to avoid military escalations. "They should do the smart thing... because we don't want to go in and kill people," Trump said, stressing preference for a negotiated outcome.Trump said Iran faces economic collapse with inflation near 150% as sanctions intensify."Their currency is worthless. Their inflation is probably 150%... they aren't paying their soldiers," Trump said, highlighting severe economic deterioration.He described US enforcement measures, saying the blockade is "It's like a piece of steel. Nobody is going to challenge the blockade," underscoring strict control over maritime routes.On the South Korean vessel hit by Iran on Monday in the Strait of Hormuz, Trump said, "They decided to go it alone, and their ship got the hell knocked out of it yesterday. But they didn't shoot the ships that were guarded by us."On China, Trump said he maintains a strong relationship with President Xi and plans to discuss Iran as part of broader geopolitical and energy considerations."... he gets like 60% of his oil from Hormuz," Trump said, underscoring China's exposure to the region's energy flows.He said the US has encouraged China to diversify supply routes, adding, "... send your ships to Texas... send your ships to Louisiana... Send your ships to Alaska," pointing to alternative energy sourcing options.Japan gets 90% of its oil, and South Korea 43%, from the Middle East, Trump said, highlighting the vulnerability to supply disruptions.Countries are "learning" to buy oil from the United States... they're changing their habits," Trump said, pointing to shifting global trade patterns.

Oil & Energy95d ago

EMEA Oil Update: Crude Falls as US-Iran Truce Holds Despite UAE Attack, Hormuz Skirmishes

EMEA crude futures retreated in after-hours trading on Tuesday as a fragile US-Iran truce appeared to hold, despite a drone attack on energy infrastructure in the UAE and renewed skirmishes in the Strait of Hormuz.Brent crude futures dropped by 3.57% to $110.38 per barrel, while Murban oil futures were down 1.37% to $105.83/bbl.Soojin Kim, research analyst at MUFG, said oil prices edged lower after a sharp rally as markets reacted to renewed US-Iran clashes that cast doubt on the fragile ceasefire.On Tuesday, the UAE's Defense Ministry said that Iran had launched missiles and unmanned aerial vehicles, even as Washington said a fragile ceasefire with Iran was intact despite skirmishes in the Hormuz the previous day.The attacks on the UAE come after Iran's Revolutionary Guards Navy issued a map it said was expanding the areas under Tehran's control near the Strait to include the UAE's ports of Fujairah and Khorfakkan, as well as the coast of the UAE's emirate of Umm Al Quwain.The US military said it had destroyed six Iranian small boats, as well as cruise missiles and drones, after President Trump sent the navy to escort stranded tankers via the strategic waterway in a campaign he called "Project Freedom."US Defense Secretary Pete Hegseth said the operation to protect commercial ships was temporary, and the four-week-old truce was not over."We're not looking for a fight", Hegseth said at a press conference on Tuesday. "Right now the ceasefire certainly holds, but we're going to be watching very, very closely".Hegseth said the US had secured a path through the Hormuz and that hundreds of commercial ships were lining up to pass through. Danish shipping giant Maersk reportedly said one of its commercial vessels successfully transited the Strait under US military protection."Despite US plans to restore shipping, security risks may keep the route closed until a US-Iran deal, sustaining concern over energy prices," Saxo Bank strategists said in a note on Tuesday.Trump said on Tuesday dismissed Iran's military capability and said Tehran "should wave the white flag of surrender", but is too proud to do so.Meanwhile, the Iranian Foreign Minister Abbas Araghchi said in a social media post on X that talks with the US were "making progress" but Washington and the UAE "should be wary of being dragged back into a quagmire."Araghchi said events in Hormuz made clear "there's no military solution to a political crisis."On the supply front, Asia's top crude importers are stepping up efforts to reroute supplies away from the Hormuz, moving beyond short-term contingency measures as regional tensions persist.Kpler said China and India secured about 90% of their average April import volumes through alternative sources and routes, relying on substitute barrels and diversified shipping lanes.Japan and South Korea, in contrast, leaned more heavily on strategic petroleum reserves to cushion supply disruptions, the shipping data firm said.

Oil & Energy95d ago

US Oil Update: Prices Dip Despite Ceasefire Violation in Middle East

Crude futures declined on Tuesday despite a violent collapse of the ceasefire as the US military began escorting commercial ships through the Strait of Hormuz, while a retaliatory Iranian strike on a UAE oil terminal reignited fears of supply disruptions.Front-month West Texas Intermediate crude futures dipped 3.5% to $102.67 per barrel, while Brent futures fell 2.6% to $111.39/bbl.Despite the successful transit of two merchant ships, renewed hostilities between Washington and Tehran, including a major fire at the Fujairah terminal, limited market relief amid record-breaking global supply losses.The hostilities broke out as the US initiated a mission to extract commercial ships currently trapped within the Persian Gulf."Clearly, continuation of 'Project Freedom' risks further escalation," ING analysts said.Analysts noted that the oil market remains on high alert following the breaking news of an attack on a US Navy vessel.The regional fallout intensified as the UAE reported its first defensive interceptions of Iranian missiles and drones since the April 8 ceasefire began.However, one Iranian drone successfully struck an oil terminal at the Port of Fujairah, sparking a major fire at the facility.Record-breaking supply losses of 10 million barrels per day have already depleted global inventories, and experts warn that if the Strait remains obstructed, this energy crisis could extend through late 2026 and into 2027."Markets may find some relief today following President Trump's overnight comments suggesting the conflict could continue for another two to three weeks," ING added, noting that markets are likely to view this with "considerable" skepticism.

Oil & Energy95d ago

EMEA Natural Gas Update: Futures Mixed After Iran Violates Ceasefire, Attacks Ships in Hormuz

European natural gas futures were mixed on Tuesday, after reports of missiles fired on ships in the Strait of Hormuz on day one of President Donald Trump's Project Freedom.The front-month Dutch TTF contract was down 1.85% at 47.25 euros ($55.29) per megawatt-hour, while UK NBP futures were up 3.04% at 115.51 British pence ($1.56) as the markets were closed on Monday, due to the Early May Bank Holiday.Iran attacked a national carrier affiliated with the UAE's Adnoc on Monday, as it transited through the Strait, marking a dangerous escalation in the conflict.Meanwhile, US Centcom Commander Admiral Brad Cooper said on Monday that they had reached out to "dozens of ships and shipping companies" to encourage the flow of traffic through the strategically crucial waterway. "Our support for this defensive mission is essential to regional security and the global economy as we also maintain the naval blockade," he said.In a post on X, Iran's Foreign Minister, Seyed Abbas Araghchi, noted that "there's no military solution to a political crisis," while referring to Trump's Project Freedom as "Project Deadlock."Speaker of the Iranian Parliament, Mohammad Baqer Qalibaf, said on Tuesday that a "new equation" had emerged in the Hormuz, while placing the blame squarely on the US and its allies for the current situation, according to a report by state media outlet, Tasnim News.Traffic in the Strait witnessed an uptick, with 12 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor. However, this is still significantly below the typical daily average of 138.According to Daniel Hynes, a senior commodity strategist at ANZ, global LNG exports have hit their lowest levels in nearly two years, while noting that lost shipments from Qatar have been partially offset by higher exports from US and Canada.This comes at a critical time for European markets, as the region begins refilling gas inventories from depleted levels, at just 33.79% of capacity, compared to 40.73% during the corresponding period a year ago, and a five-year average of 46% for this period, according to Gas Infrastructure Europe.In a note on Tuesday, analysts at ING said that they continue to believe that European and Asian LNG markets were "underpricing the scale of the supply impact" from the ongoing Hormuz crisis.According to the analysts, there was little that could be done to offset or replace the lost LNG supplies via the Hormuz, besides "demand destruction," which they said required higher prices to materialize.

Oil & Energy95d ago

EMEA Oil Update: Oil Prices Edge Lower Despite US-Iran Firefight

Oil prices dipped on Tuesday as the US military launched Project Freedom to break the blockade of the Strait of Hormuz.Front-month Murban crude futures fell 1.2% to $106 per barrel, while Brent futures fell 2% to $112.06/bbl.However, the decline was sharply checked by a direct exchange of fire between US and Iranian forces and a drone strike on the UAE's Fujairah oil terminal, which shattered a month-long ceasefire and reignited fears of a prolonged global energy crisis, analysts said.Analysts noted that the oil market remains on high alert following breaking news of an attack on a US Navy vessel.The hostilities broke out as the US initiated a mission to extract commercial ships currently trapped within the Persian Gulf.While US Central Command reportedly confirmed that two American merchant ships successfully completed their transit through the Strait of Hormuz, a subsequent direct fire exchange between US and Iranian forces now endangers the survival of the ceasefire established four weeks ago.The regional fallout intensified as the UAE reported its first defensive interceptions of Iranian missiles and drones since the April 8 ceasefire began.However, one Iranian drone successfully struck an oil terminal at the Port of Fujairah, sparking a major fire at the facility.Record-breaking supply losses of 10 million barrels per day have already depleted global inventories, and experts warn that if the Strait remains obstructed, this energy crisis could extend through late 2026 and into 2027.

Oil & Energy95d ago

Market Chatter: Iraq Offers Steep Discounts on May-Loaded Basrah Crude Within the Hormuz

Iraq is offering term buyers steep discounts on May-loading Basrah crude, with cuts of up to $33.40 per barrel amid ongoing export disruptions, according to a Reuters report, citing a note from Iraq's State Oil Marketing Organization, or Somo.This is for loading on the Strait of Hormuz, which remains effectively closed for the tenth week running, amid the ongoing military conflict in Iran.Basrah Heavy crude for May loading is also being marketed at a discount of $30 per barrel to its original selling price, the document reportedly showed, with cargoes being sold on a free-on-board basis from the Basrah Oil Terminal and Single Point Moorings, both located within the Hormuz.In 2025, the country exported 3.33 million barrels of crude per day on average, with the bulk of its shipments destined for Asia, according to Reuters, citing data from Kpler.Its exports have slowed sharply since the conflict began, with just two vessels being loaded at Basrah in April, and only one successfully making it through the Strait, Reuters reported, citing Kpler.Somo did not immediately respond to' request for a comment on this matter.(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.)

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Oil & Energy95d ago