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Market Chatter: EU Weighs Energy Rationing as Iran War Disrupts Supply

The European Union issued a stark warning to member states, cautioning that a prolonged Middle East conflict could trigger a prolonged supply shock that would force cuts to fuel consumption, Reuters reported on Wednesday, citing EU diplomats.The closure of the Strait of Hormuz, which usually handles 20% of the world's oil and liquefied natural gas, has roiled global energy markets since the outbreak of the conflict on Feb. 28.Though Europe has not yet faced supply shortages, a deepening energy crisis is sending shockwaves through the continent's economy. Record-high oil and gas prices are squeezing consumers, while a fresh threat looms over the aviation sector.The European Commission is considering two main scenarios in the face of the looming energy crisis, the report said.The Commission said that if a ceasefire between the US and Iran holds and Washington lifts its blockade of the Hormuz, oil and gas flows could normalize within months, helping to drive prices lower.The Commission did not immediately respond to' request for comment.Diesel and jet fuel markets would take longer to rebalance, with prices expected to ease toward the end of the summer. The global LNG market, however, is likely to remain tight through 2030, reflecting damage to key infrastructure in Qatar.However, if the conflict continues, energy markets risk a prolonged supply shock and sharp price spikes, with knock-on effects across industrial supply chains. Sustained disruptions to oil flows would increasingly trigger "demand destruction," curbing fuel consumption, the report said.The EU said that in such a scenario, it may struggle to replenish gas storage ahead of winter, while localized shortages of jet fuel could emerge.The Commission is preparing a package of measures to cushion the energy shock, including proposals to reduce electricity taxes and accelerate the rollout of clean technologies. The aim is to curb the bloc's reliance on fossil fuels and shield it from future oil and gas disruptions.(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 & Energy114d ago

US Natural Gas Update: Futures Trade Flat Amid Ample Supplies, Subdued Near-Term Demand

US natural gas futures were flat on Wednesday, as robust supply and subdued near-term demand continued to weigh on prices.The front-month Henry Hub contract and the continuous benchmark were up 0.04% at $2.60 per million British thermal units.European natural gas futures continued to post declines amid de-escalation in the Middle East conflict, with US President Donald Trump signaling a quick resolution in the coming weeks.For US markets, however, domestic factors were the key driver, with strong output, averaging around 107.2 billion cubic feet per day over the past few days, while residential and commercial demand is down by 5.0 Bcf per day on account of lower heating demand, according to NRG Energy.US natural gas markets are broadly insulated from the Middle East conflict, since LNG facilities across the country are operating at capacity.The market is expecting a 55 Bcf net injection in storage in the Energy Information Administration's weekly report, to be released on Thursday, compared with a 50 Bcf net injection last week, according to data compiled by Investing.com.Weather forecasts remained bearish, with most parts of the country expected to experience above-normal temperatures from April 22 to April 28, weighing on natural gas demand, according to the National Weather Service.

Oil & Energy114d ago

EMEA Natural Gas Update: Futures Slide Over 2% After Trump Signals End of Hormuz Blockade

European natural gas futures were down on Wednesday, after US President Donald Trump said he was lifting the blockade in the Strait of Hormuz, amid growing optimism for a potential second round of peace talks between the US and Iran.The front-month Dutch TTF contract was down 1.99% to 42.50 euros ($50.11) per megawatt-hour, while UK NBP futures dropped 2.07% to 106.50 British pence ($1.43) per therm.In a Truth Social post on Wednesday, Trump said he was "permanently" opening the Strait of Hormuz after China agreed not to sell weapons to Iran. He added that such a situation "will never happen again."This comes following his earlier statement to Fox News on Tuesday, when he said the war in Iran was "very close to over," while adding that Tehran wants to make a deal "very badly."Trump also said that it was "very possible" that a deal with Iran would be reached before King Charles is expected to visit the US later this month.Earlier in the day, Trump told the New York Post that the second round of US-Iran peace talks "could be happening over [the] next two days" in Pakistan's capital city.Meanwhile, the Strait of Hormuz continued to remain closed for the seventh week running, with just three vessels transiting through it over the past 24 hours, according to the Hormuz Strait Monitor.The prolonged disruption in the Strait had resulted in Asian LNG buyers emerging as key competitors to Europe in bidding for alternative supplies in recent weeks. However, most Asian countries have seen their imports drop to the lowest levels since 2020, according to ANZ senior commodity strategist, Daniel Hynes.Hynes also noted that Gail India and Indian Oil Corp haven't awarded any tenders for spot purchases of gas for April and May, while China's gas imports similarly fell in March.These developments bode well for European markets as they step into the refilling season with significantly depleted inventories, at just 29.55% of capacity, compared to 35.62% during the corresponding period a year ago, according to Gas Infrastructure Europe.Weather forecasts, too, have turned bearish, with most parts of Europe projected to experience above-normal temperatures during the Summer, according to Severe Weather EU.

Oil & Energy114d ago

US Oil Update: Oil Steady on Hopes for Renewed US-Iran Talks

Oil futures were relatively steady on Wednesday as traders shifted their focus from blockade fears toward a potential second round of US-Iran peace talks in Islamabad.The front-month West Texas Intermediate crude contract was steady at $91.32 per barrel. Brent futures contract was up 0.4% at $95.20/bbl.President Donald Trump fueled market optimism with a series of posts on Truth Social, claiming that Beijing has agreed to stop weapon shipments to Iran in exchange for maritime stability."China is very happy that I am permanently opening the Strait of Hormuz," US President Donald Trump posted.Sentiment was bolstered by reports that Iran may pause shipments to avoid naval confrontation, potentially clearing a path for renewed talks before the ceasefire deadline expires analysts said."Brent crude fell below $100 per barrel and WTI dropped nearly 7% as optimism grew over fresh signs of progress in US-Iran negotiations, with President Trump saying talks could resume over the next two days," Saxo Bank analysts said.Energy markets have shown signs of stabilizing following a volatile period, as ANZ analysts noted that reports of a second round of US-Iran peace talks helped temper earlier spikes."On the macro front, our economists note that a fragile ceasefire keeps the outlook on track for a manageable headwind, but vulnerabilities remain as inflation is spiking and central banks are expected to patiently assess the inflation pass-through threat," J.P. Morgan analysts said.

Oil & Energy114d ago

EMEA Oil Update: Crude Rises as Diplomacy Counters War Premium

Crude futures contracts gained roughly 1% on Wednesday rebounding from earlier losses as traders weighed the latest diplomatic signals from US about the Strait of Hormuz.The front-month Murban crude contract added 0.8% at $101.73 per barrel. Brent futures contract was up 1% at $95.72/bbl."China is very happy that I am permanently opening the Strait of Hormuz," US President Donald Trump posted on Truth Social.Energy markets have shown signs of stabilizing following a volatile period, as ANZ analysts noted that reports of a second round of US-Iran peace talks helped temper earlier spikes.Sentiment was bolstered by reports that Iran may pause shipments to avoid naval confrontation, potentially clearing a path for renewed talks before the ceasefire deadline expires analysts said.These discussions, aimed at extending the current ceasefire due to expire on April 22, are expected to take place in Islamabad over the coming days.Market sentiment was buoyed by comments from Trump, who stated in a Fox Business interview that the war is "very close to being over," SEB analysts said.The president highlighted these remarks on Truth Social, which SEB analysts suggested has led markets to price in a potential de-escalation.Saxo Bank analysts observed that Brent falling below the $100 threshold reflects growing optimism.

Oil & Energy114d ago

Iran War Triggers Energy Reconfiguration as Europe Turns to US Crude, Asia Absorbs Fuel Surplus, Wood Mackenzie Says

The supply crisis triggered by the Iran war has resulted in an unprecedented global energy reconfiguration, as Europe turns to North American crude to replace missing Middle Eastern supply while also exporting surplus gasoline and fuel oil to Asia, Wood Mackenzie said on Tuesday.By early March, Middle East crude flows fell 60% to 5.9 million b/d, down from 18.7 million barrels per day in early February, after conflict erupted between the US and Israel and Iran, leading to the effective closure of the vital Strait of Hormuz.The disruption forced Europe to import record volumes of North American crude and refined products. It simultaneously shipped excess gasoline and fuel oil to Asia."This is not a temporary disruption but a structural shift in global energy flows," said Javier Solis, analyst at Wood Mackenzie's Maritime Team. "Europe's diesel deficit and gasoline surplus, combined with Asia's role as the balancing valve, represent a moving landscape in which pricing and flows remain tightly linked to political decisions rather than purely commercial signals."Imports from the US and Canada have enabled European refineries to maintain throughput, especially for gasoline and fuel oil, even as diesel tightness persists with prices hovering above 2 euros per liter due to premium US imports and compounding Hormuz-related crude disruption."Europe's diesel market faces a structural deficit driven by multiple factors. The redirection of 3.6 million metric tonnes of Middle East Gulf and Indian distillates eastward removed traditional westbound supply. Baltic diesel exports collapsed 76.7%, eliminating another key source," Wood Mackenzie analysts said.European diesel premiums are expected to remain elevated through H2 2026 due to structural supply constraints, while gasoline oversupply is likely to persist with refiners in the continent facing ongoing margin pressure, they said.Europe's exports of unleaded motor spirit jumped 79.7% week-on-week east of Suez to 591,685 MT, especially to Pakistan and South Africa. At the same time, exports of fuel oil have also accelerated with Singapore accounting for 336,260 MT of European supply, with Ain Sukhna, Houston and Rotterdam also absorbing part of the flows.Meanwhile, Asia has emerged as the release outlet for surplus supply absorbing excess gasoline and fuel oil from Europe and record North America crude volumes. US crude flows to Asia were similar to Europe's at 1.41 million bpd over the same period, with India and East Asia accounting for most of the volume."East Asia emerged as the largest destination for Canadian West Coast crude exports. Asian markets retain regional distillates internally, consolidating MEG and Indian gasoil eastward rather than allowing traditional westbound flows," analysts said.

Oil & Energy114d ago

EMEA Natural Gas Update: Futures Slide Amid Growing Optimism on 2nd Round of US-Iran Peace Talks

European natural gas futures were down on Wednesday, as optimism continued to build around a potential second round of US-Iran talks in the coming days, aimed at a diplomatic resolution to the ongoing military conflict.The front-month Dutch TTF contract was down 1.69% to 42.63 euros ($50.24) per megawatt-hour, while UK NBP futures dropped 1.84% to 106.75 British pence ($1.43) per therm.Speaking to Fox News on Tuesday, US President Donald Trump said that he views the war as being "very close to over," while adding that Tehran wants to make a deal "very badly."Earlier in the day, Trump told the New York Post that the second round of US-Iran peace talks "could be happening over [the] next two days" in Pakistan's capital city.Meanwhile, Admiral Brad Cooper, commander of US Centcom, has said that the naval blockade against Iran is now fully in effect, with US forces having "completely halted economic trade going into and out of Iran by sea," which he said accounts for 90% of the country's international trade.The Strait of Hormuz saw a big uptick in traffic, with 17 vessels transiting through it over the past 24 hours, according to the Hormuz Strait Monitor.Asian LNG buyers, which had emerged as key competitors to Europe amid Middle East disruptions, have seen imports drop to their lowest levels since 2020, ANZ senior commodity strategist Daniel Hynes said.Hynes noted that Gail India and Indian Oil Corp haven't awarded any tenders for spot purchases of gas for April and May, while China's gas imports similarly fell in March.These developments bode well for European markets as they step into the refilling season with significantly depleted inventories, at just 29.55% of capacity, compared to 35.62% during the corresponding period a year ago, according to Gas Infrastructure Europe.Weather forecasts, too, have turned bearish, with most parts of Europe projected to experience above-normal temperatures during the Summer, according to Severe Weather EU.

Oil & Energy114d ago

EMEA Oil Update: Crude Ticks Up Despite Hopes for 2nd Round of Peace Talks

Crude futures contract edged higher on Wednesday, after dropping sharply in the previous session, as traders weighed fresh diplomatic signals against the Strait of Hormuz blockade.The front-month Murban crude contract added 0.8% at $101.62 per barrel. Brent futures contract was up 0.3% at $95.08/bbl.Energy markets have shown signs of stabilizing following a volatile period, as ANZ analysts noted that reports of a second round of US-Iran peace talks helped temper earlier spikes.Sentiment was bolstered by reports that Iran may pause shipments to avoid naval confrontation, potentially clearing a path for renewed talks before the April 22 ceasefire expires, analysts said.These discussions, aimed at extending the current ceasefire, are expected to take place in Islamabad over the coming days.Market sentiment was buoyed by comments from President Donald Trump, who stated in a Fox Business interview that the war is "very close to being over," SEB analysts said.The president highlighted these remarks on Truth Social, which SEB analysts suggested has led markets to price in a potential de-escalation.Meanwhile, Saxo Bank analysts noted that Brent falling below the $100 threshold reflects growing optimism.

Oil & Energy114d ago

Global Fossil Power Generation Falls as Renewables Grow, Easing Some Hormuz-Related Strain

Total global power generation from fossil fuels fell slightly in the first month of the Hormuz Strait closure, compared with March 2025, the Center for Research on Energy and Clean Air said on Tuesday.While countries nonetheless are grappling with what has been branded the most severe energy shock in history, displacement of some fossil fuel use versus a year ago looks to have eased a little of the pressure building now for available gas supplies.The CREA reached these conclusions based on a dataset that covers 87% of the global coal-fired power generation and more than 60% of gas-fired power generation.Overall, fossil-fuel-based power generation in March was 1% lower than in the same month last year, with gas-fired generation down 4% and coal-fired generation unchanged.Seaborne coal volumes fell 3% in the month, down to their lowest since 2021, which the CREA suggested contradicts the view that coal-fired power generation would rise as a result of the crisis.It said that solar and wind installations reached a record level in 2025, trimming demand for fossil-fuel-based power generation.Excluding China and looking at countries with real-time electricity data, coal-fired power generation fell 3.5%, the CREA said. At the same time, solar power output in those countries grew 14% and wind 8%.There was also an uptick in hydropower generation of 2% but a simultaneous and larger drop in nuclear power generation.China increased power generation from coal by 2% in March, an expected trend given its vast coal-powered generation fleet and domestic coal resources. Nonetheless, March 2026 coal-powered generation was 6% lower than the 2024 level, the CREA noted.Overall there was an unspecified year-on-year growth in electricity generation in March, underscoring the fact that the impact of the Iran conflict relates more to transport, with governments focusing mitigation efforts on cutting fuel taxes and reducing the need to travel.Interestingly, the CREA noted that the additions of solar and wind capacity that took place in 2025, generate twice as much electricity as all of the LNG flowing through the Hormuz Strait before the crisis.Power demand is generally growing rapidly however, with electrification of transport and the deployment of data centers seen as major sources of demand growth in the years ahead, leading to long wait-times for turbine deliveries for new gas-fired power generation facilities.

Oil & Energy114d ago

US LNG Tanker Departures Hit New High in March as Importers Seek Alternatives to Middle East, RBC Says

Tanker departures, carrying US liquefied natural gas, to import markets reached a new high in March amid disruption to supplies of Middle Eastern origin, RBC Capital Markets said on Tuesday, based on data from a new US LNG shipment monitor it is establishing.RBC said it estimates that 43% of departures with an undeclared destination were bound for Europe. Shipments destined for Asia doubled month over month while Europe remains the destination for most departing cargoes.Asia-Pacific is likely to increase demand as a result of losses of some Middle Eastern cargoes, RBC noted.It said with about 83% of Qatari LNG export capacity intact, the country will still need 4-6 weeks to ramp up movements while the remaining 17% of export capacity will take years to restore.Among new capacity additions in the US, Golden Pass has now produced its first cargo while Corpus Christ Stage 3 Train 5, with 1.5 million tons per annum capacity, was largely completed by March 27th, slightly ahead of schedule.RBC said it expects Corpus Christi Stage 3 Trains 6 and 7, each with the same capacity as Train 5, to be largely complete over the summer to autumn period.The Sabine Pass Train 7 has now established commercial contracts and Calcasieu Pass 2 Phase 2 reached a final investment decision in mid-March.RBC's data counted 145 LNG tanker departures in March, a record and a 23% increase over and above February's count.The increase was achieved in part by producers making use of small amounts of unused production capacity, to maximize output as demand rises amid the global supply shock.RBC said third-party tracking data will later help confirm its expectation that a growing number of cargoes will head to Asia amid a "scramble" for swing cargoes and due to arbitrage opportunities that have arisen.The research note said that all 36 trains are producing LNG at the major Plaquemines facility, with expectations of 2026 production of around 26 million tons, later rising to 28 million.The installation is currently commissioning, with contracts starting in Q4 for its Phase 1, 13.3 million tons per annum section. Phase 2 with 6.7 mtpa will start commissioning around mid-2027, RBC said.

Oil & Energy115d ago

Market Chatter: Over 20 Commercial Ships Sail Through Strait of Hormuz in Past 24 Hours

Over 20 commercial vessels have transited the Strait of Hormuz in the past 24 hours, WSJ reported, citing two US officials.The increase in the number indicates improving traffic through the key global oil route.Commercial tanker traffic, however, remains a fraction compared to pre-conflict levels.Vessels that crossed the waterway in the last 24 hours included cargo, container and tanker vessels headed into and out of the Persian Gulf, WSJ reported, citing an official.A few ships have reportedly sailed without their transponders switched on, making them difficult to track in an attempt to minimize the risk of an Iranian strike.Vessels have reportedly not attempted to sail through the strait amid reports of Iranian attacks and sea mines.US President Donald Trump has been pushing for Iran to reopen the key waterway.Two US warships sailed through the strait earlier this week in a freedom of navigation mission. The move aimed at establishing a new passage to encourage the free flow of commerce amid concerns about Iranian sea mines, according to the report.The White House did not 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 & Energy115d ago

Middle East Rig Count Dropped in March, RBC Says

Middle East onshore rig counts fell by 43 rigs, or 5% over the month in March, while offshore counts declined by 10 rigs, or 4%, RBC Capital Markets strategists said in a Tuesday note.These disruptions, along with higher logistics and staffing costs, are expected to pressure first-half results for companies with regional exposure, RBC said.In the US, Q1 rig counts totaled 530, down 7% over the year but above RBC's estimate of 518, prompting an upward revision to its 2026 forecast to 544 from 526.RBC expects activity to remain supported by higher oil prices, easing concerns about a potential drop in West Texas Intermediate crude to $50 per barrel coming into 2026.In Canada, rig counts reached 216, down 4% over the year but slightly above RBC's estimate of 214, with spending expected to remain broadly flat, RBC said.Meanwhile, oilfield services stocks have surged about 36% in 2026, with valuations shifting higher as the sector heads into the Q1 earnings season, strategists said.RBC said Q1 reporting begins Apr. 21 with Halliburton (HAL), Saipem, and Weatherford (WFRD), as investors assess geopolitical risks and future production recovery trends, the report said.RBC said US-focused companies have outperformed peers with Middle East exposure this year, reflecting stronger domestic activity trends and fewer geopolitical disruptions.The firm's top picks include Schlumberger (SLB), Baker Hughes (BKR), TechnipFMC (FTI), Enerflex (EFXT), Patterson-UTI Energy (PTEN), Hunting and CES Energy Solutions, according to the note.Meanwhile, RBC lowered its Q1 EBITDA estimates by 2.4%, with the largest revisions for Schlumberger (SLB) and Trican Well Service (TCW), while raising forecasts for Saipem, TechnipFMC and Enerflex.The revised estimates generally fall below consensus, particularly for Trican Well Service, Atlas Energy Solutions (AESI) and Calfrac Well Services (CFW), while exceeding expectations for Halliburton, Enerflex and Ensign Energy Services, RBC said.RBC downgraded Trican Well Service to sector perform from outperform with a $7.50 price target and cut NOV (NOV) to sector perform from outperform with a $21 price target.

$AESI$BKR$EFXT$FTI$HAL$NOV$PTEN$SLB$WFRD

Oil & Energy115d ago

US Oil Update: Crude Falls as US, Iran Consider 2nd Round of Peace Talks

Crude oil futures plunged in after-hours trading on Tuesday on reports that a second round of peace negotiations between the US and Iran could resume within days, easing market fears of a prolonged supply disruption despite the blockade of the Strait of Hormuz.Front-month West Texas Intermediate crude futures tumbled by 7.08% to $92.07 per barrel, while Brent futures dropped by 4.18% to $95.11/bbl.The second round of US-Iran peace talks is reportedly under discussion, with the negotiations expected to be held in Islamabad before the two-week ceasefire expires next week.On Tuesday, Trump reportedly signaled that another round of US-Iran negotiations could happen in Islamabad, Pakistan soon.Erik Meyersson, chief EM Strategist at SEB Research, said Monday that without progress on the diplomatic front, Hormuz will remain effectively closed, which would push oil prices higher.Iran is also reportedly considering a short-term pause to its shipments via the Hormuz to avoid testing a US blockade and ruining the second round of peace talks.The attacks on energy infrastructure in the Middle East and the closure of the Strait have led to the largest oil supply disruption in history, the International Energy Agency said in its monthly report, with 10.1 million barrels per day lost in March.On Tuesday, US Central Command said that no ships had passed its blockade of Hormuz, a day after it began the blockade, which is now extending eastward into the Gulf of Oman and the Arabian Sea."However, the continued closure of the Strait raises the risk that the recovery of supplies will take much longer than it would have if this disruption had ended in a few weeks," Daniel Hynes, senior commodity strategist at ANZ, said.Hynes said about half of the capacity of Arabian Gulf producers has been shut-in, and reactivation will be a long and difficult process.Meanwhile, the Treasury Department said it will not renew a 30-day sanctions waiver on Iranian oil, set to expire this weekend, a move that threatens to further squeeze global energy markets."The short-term authorization permitting the sale of Iranian oil already stranded at sea is set to expire in a few days and will not be renewed," the Treasury said in a social media post on X.The waiver, issued by the Treasury Department on Mar. 20, allowed about 140 million barrels of Iranian crude already at sea to reach buyers, primarily in Asia.On the product side, the International Energy Agency said on Tuesday that the Middle East conflict is set to wipe out oil demand growth in 2026, resulting in the first annual decline since the Covid-19 pandemic.The IEA expects global oil demand to contract by 80,000 barrels per day this year, 730,000 b/d less than the agency's previous projection that consumption would grow by 640,000 b/d.

Oil & Energy115d ago

Kenya Gasoline Jumps 16% to $1.60/Liter Amid Iran War Impact

Kenya on Tuesday raised gasoline to 206.97 shillings ($1.60) per liter, a nearly three-year high, as global oil disruptions tied to the Iran conflict pushed costs higher.The Energy and Petroleum Regulatory Authority made the announcement, citing higher landed fuel costs and market adjustments.Gasoline prices climbed 16% to 206.97 shillings, while diesel rose 24% to 206.84 shillings per liter, underscoring sharp increases across key transport fuels, EPRA said.Kerosene prices remained unchanged at 152.78 shillings per liter, EPRA added.The prices will be in effect for 30 days from April 15 to May 14, according to EPRA.To ease the burden, Kenya will draw 6.2 billion shillings from its Petroleum Development Levy Fund and lower the value-added tax on fuel from 16% to 13%, the regulator said.The EPRA said that the average landed cost of imported fuels rose sharply from February to March 2026, with super petrol up 41.53%, diesel rising 68.72%, and kerosene surging 105.15%.

Oil & Energy115d ago

Market Chatter: Shell in Talks to Sell South Africa Stations to Adnoc for $1 Billion

Abu Dhabi National Oil Co. is in advanced talks to acquire Shell's (Shel) South Africa fuel stations in a deal valued at about $1 billion, Bloomberg said Tuesday, citing people familiar with the matter.Shell is negotiating the sale of its retail fuel network in South Africa to Adnoc, with discussions progressing toward a potential agreement as soon as this quarter, the report said.Adnoc has emerged as the leading bidder after earlier negotiations between Shell and Gunvor Group collapsed, the report added, citing sources.The acquisition would include roughly 600 service stations, giving Adnoc an estimated 10% share in South Africa's fuel retail market, according to the report.The sale process, which began in 2024, has continued despite Middle East tensions, highlighting Adnoc's broader strategy to expand its footprint across Africa, the report said.Adnoc has also been growing its presence in the region through other investments, including a $500 million agreement with BP to develop a gas project in Egypt, the report added.South Africa's fuel retail sector has seen consolidation in recent years, with Glencore acquiring Chevron's Caltex network and Vivo Energy purchasing Engen, the country's largest station operator, the report noted.Shell is divesting non-core assets globally, with several firms, including Puma Energy, Sasol, and PetroSA, previously expressing interest in the South African business, according to the report.has reached out to Shell and Abu Dhabi National Oil Co. for any comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $91.28, Change: $-1.32, Percent Change: -1.43%

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Oil & Energy115d ago

US Gasoline, Diesel Prices Hit Record Seasonal Highs, Bloomberg Analysis Says

US retail gasoline and diesel are priced at record seasonal highs, intensifying cost pressures ahead of peak summer travel, according to a Bloomberg analysis on Tuesday.US consumers are facing unusually high fuel costs for this time of year, as gasoline and diesel prices climb to new seasonal peaks ahead of the busy summer travel period, the analysis said.Retail fuel prices have eased slightly in recent days amid hopes of a US-Iran deal, but remain elevated for the season, with gasoline averaging $4.12 per gallon Monday, the analysis said, citing the American Automobile Association.The price marks a new high for this date, exceeding the prior record of $4.07/gal set in 2022, when fuel costs surged amid supply disruptions following Russia's invasion of Ukraine, the analysis said.National average diesel prices reached $5.65/gal, exceeding the previous seasonal peak in 2022 by over $0.60, the analysis said.The surge is tied to disruptions in the Strait of Hormuz, where conflict involving Iran has constrained flows through a key route handling nearly a quarter of global seaborne oil.Higher crude prices have contributed to broader inflation pressures, with rising fuel costs feeding into transportation, food prices and even airline fares, amplifying economic strain, the analysis added.Gasoline prices have climbed more than $1.10/gal since late February, when US and Israeli strikes on Iran escalated tensions and tightened global energy markets.US Energy Secretary Chris Wright said Tuesday that gasoline prices could remain elevated for several more weeks, highlighting continued uncertainty around supply conditions, according to the analysis.The US Energy Information Administration expects gasoline to average $4.16/gal in Q2 before easing to $3.55/gal by Q4 if tensions subside, the analysis said.

Oil & Energy115d ago

US Oil Update: Futures Retreat as US-Iran Weigh Talks Amid Hormuz Blockade

Crude futures tumbled in midday trading on Tuesday on reports that the US and Iran are weighing negotiations to extend a two-week ceasefire, as the US Central Command has begun enforcing the blockade of Iranian ports and a partial closure of the Strait of Hormuz.Front-month West Texas Intermediate crude futures dropped by 6.69% to $92.51 per barrel, while Brent futures were down 4.12% to $89.99/bbl."Oil slipped back below $100 after Monday's rebound faded, amid tentative signs that Washington and Tehran may seek to revive previously stalled peace talks," Saxo Bank strategists said in a note Tuesday, noting that the blockade of the Hormuz has begun, with limited immediate impact.The second round of US-Iran peace talks is reportedly under discussion, though nothing has been officially scheduled yet. Iran is considering a short-term pause in its shipments via the Hormuz to avoid testing a US blockade and ruining a fresh round of peace talks, according to media reports.On Tuesday, Trump reportedly signaled that another round of US-Iran negotiations could happen in Islamabad, Pakistan, soon.On the product side, the International Energy Agency said on Tuesday that the Middle East conflict is set to wipe out oil demand growth in 2026, resulting in the first annual decline since the Covid-19 pandemic.The IEA expects global oil demand to contract by 80,000 barrels per day this year, 730,000 b/d less than the agency's previous projection that consumption would grow by 640,000 b/d.On Monday, OPEC said that crude production in the Arabian Gulf plunged in March due to the ongoing Middle East conflict. Iraq saw production dropping from 4.2 million b/d in February to 1.6 million b/d in March, followed by Kuwait and the UAE, which registered declines of 1.4 million b/d and 1.5 million b/d, respectively, over the month.The latest data from OPEC 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.Meanwhile, the US Central Command said on Tuesday that no ships had made it past its blockade of Hormuz, a day after it commenced the blockade, which extends east to the Gulf of Oman and the Arabian Sea.ING strategists said that, despite the blockade, two fuel tankers attempted to exit the Arabian Gulf via routes near Iran's coastline.The US Navy said that over 10,000 army personnel, along with over a dozen warships and dozens of aircraft, are enforcing the blockade.Erik Meyersson, chief EM Strategist at SEB Research, said Monday that without progress on the diplomatic front, Hormuz will remain effectively closed, which would push oil prices higher.

Oil & Energy115d ago

EMEA Oil Update: Crude Slumps on US-Iran Peace Talks, IEA Bearish Outlook

EMEA crude futures retreated in after-hours trading on Tuesday as reports of the US and Iran reviving peace talks offset the impact of the Strait of Hormuz blockade, while the International Energy Agency warned that the conflict will wipe out global demand growth.Brent crude futures dropped by 4.18% to $95.21 per barrel, while Murban oil futures were down 2.45% to $100.80/bbl."Oil slipped back below $100 after Monday's rebound faded, amid tentative signs that Washington and Tehran may seek to revive previously stalled peace talks," Saxo Bank strategists said on Tuesday.The analysts said President Trump said Tehran initiated contact, while Iran's President Pezeshkian expressed conditional readiness for dialogue.Iran is reportedly considering a short-term pause in its shipments through the Hormuz to avoid testing a US blockade and ruining a fresh round of peace talks, as the negotiating teams from the two sides are expected to return to the Pakistani capital, Islamabad, this week.The two sides are expected to hold talks before the expiration of a two-week ceasefire announced on Apr. 7.Meanwhile, the International Energy Agency said Tuesday that the Middle East conflict is set to wipe out oil demand growth in 2026, resulting in the first annual decline since the Covid-19 pandemic.The IEA expects global oil demand to contract by 80,000 barrels per day this year, 730,000 b/d less than the agency's previous projection that consumption would grow by 640,000 b/d.On the supply side, OPEC said on Monday that crude production in the Arabian Gulf plunged in March due to the ongoing Middle East conflict.Iraq took the biggest hit, with production dropping from 4.2 million b/d 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.Last month, the IEA said attacks on energy infrastructure in the Middle East and the effective closure of the Hormuz have led to the largest oil supply disruption in history, with 10.1 million b/d lost in March.The US Navy commenced the blockade of Iranian ports and the Hormuz at 10 a.m. ET on Monday.ING strategists said that, despite the blockade, two fuel tankers attempted to exit the Arabian Gulf via routes near Iran's coastline.The US Central Command said that over 10,000 army personnel, along with over a dozen warships and dozens of aircraft, are enforcing the blockade.

Oil & Energy115d ago

Eni Hosts Iraq Methane Initiative as Emissions Drop 40% at Zubair Field

Eni (E) said Tuesday it hosted Iraqi stakeholders in Basra to advance methane monitoring, as emissions cuts at the Zubair field reached about 40%.The company brought together officials from Iraq's oil and environment ministries, national oil companies, and representatives of the Clean Air Task Force for a technical knowledge-sharing initiative.The effort supports Iraq's emissions strategy following its 2021 Global Methane Pledge commitment to cut methane output by 30% by 2030, the company said.Eni said it is also working with local partners under the Oil and Gas Methane Partnership 2.0, a United Nations-backed program focused on tracking and reducing emissions.The program included a field session at the Zubair Initial Production Facility using optical gas imaging tools to detect, record, and manage methane emissions data.The practical demonstration highlighted the benefits of transferring technical skills to Iraqi professionals supporting national oil companies in emissions monitoring, the company added.Eni, lead contractor at the Zubair field for Basrah Oil, is working with local partners to reduce greenhouse gas emissions, focusing on methane and gas flaring, Eni said.The company is targeting zero routine flaring at Zubair by 2027 while continuing its leak detection and repair campaign introduced between 2022 and 2024.Implementation of the LDAR campaign reduced fugitive emissions by about 40% in 2025 compared with the previous year, according to the company.Zubair became the first Iraqi field to consistently apply the LDAR program, attracting support from international groups helping develop national emissions guidelines, Eni said.Price: $55.20, Change: $-0.81, Percent Change: -1.46%

Oil & Energy115d ago

White House Says Future US-Iran Talks Under Discussion

The White House on Tuesday confirmed that future US-Iran talks are under discussion, signaling a potential move toward another round of negotiations."Future talks are under discussion but nothing has been scheduled at this time," the White House toldin an emailed response.US President Donald Trump reportedly told the New York Post on Tuesday that "something could be happening over the next two days."Trump reportedly signaled another round of negotiations in Islamabad, Pakistan, and commended Pakistan's Field Marshal General Asim Munir."He's fantastic, and therefore it's more likely that we go back there [Pakistan]," he reportedly said.

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Oil & Energy114d ago