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Saudi Arabia Likely to Lower July Oil Price to Asia on Slower Demand, Reuters Survey Shows

Saudi Arabia could cut official selling prices, or OSPs, for crude oil shipments to Asia in July, which would mark a second month of cuts, according to a survey by Reuters.This is due to slower demand despite loss of significant supply due to the closure of the Strait of Hormuz after the start of the Iran war.The premium for the July OSP could slip to between $7.50 and $12.50 a barrel over average Dubai and Oman price quotes, according to five survey participants. That would be $3 to $8 lower than the OSP for June.This would follow a drop in prices and a relatively quiet spot market throughout May when the cash Dubai price premium over swaps has averaged $8.90 versus $13.92 in April, according to Reuters data. Spot Oman premiums showed similar trends.The Dubai premium rose to a record in March above $60 per barrel but the hike prompted Chinese refiners to slow activity as more expensive feedstock imports thinned margin or caused losses.Brent and Murban crude futures were volatile this week amid the roller coaster of hope and despondency over prospects for a peace deal, with the publication of details of a draft framework in the midst of a limited missile strikes traded between the sides.Saudi crude OSPs are usually published around the fifth of each month by state-owned Saudi Aramco which sets them, the article said.Aramco does not comment on OSPs.

Oil & Energy117d ago

EMEA Oil Update: Oil Dips as Traders Assess Potential US-Iran Peace Deal

Global crude benchmarks edged lower on Friday as traders assessed reports of a diplomatic breakthrough in the Persian Gulf.Front-month Murban crude futures fell 1.7% to $92.50 per barrel, while Brent futures dropped 1.3% to $92.47/bbl. Both contracts were headed for their second straight week of losses.ING analysts said that the "oil market continues to edge lower amid growing optimism that the US and Iran are moving toward a deal."US and Iranian negotiators are reportedly close to a memorandum of understanding that would extend the ceasefire for 60 days and allow "unrestricted" passage of commercial vessels through the Strait of Hormuz without paying tolls to Iran.However, ING noted that the deal faces structural hurdles, highlighting that there has been no official confirmation or supporting detail released from the Iranian side."Optimism continues to grow after reports that the US and Iran are set to extend a ceasefire, which will include the reopening of the Strait of Hormuz. However, President Trump still needs to sign off on the deal," ING added.The fragile nature of the peace talks was starkly underscored on the geopolitical front, where active military operations continue to clash with diplomatic headlines.On the supply side, US crude oil stockpiles fell by 3.3 million barrels to 441.7 mmbbls in the week ended May 22, the Energy Information Administration said in its weekly report on Thursday.Oil inventories are nearing "unheard of" levels that will lead to increased prices in the next few weeks, Neil Chapman, senior vice president of Exxon Mobil (XOM), said Thursday at the Bernstein Strategic Decisions Conference in New York.

$XOM

Oil & Energy117d ago

Market Chatter: German State Utility Warns of Slow Gas Reserves Refills Despite EU Assurances

Germany's state-owned utility company Uniper says the country's gas storage caverns are being refilled too slowly, raising the possibility of a shortage by next winter when withdrawals of these volumes begin, Reuters reported on Thursday, citing Frankfurter Allgemeine Zeitung.The statement raises some doubt over reassurances from the European Commission this week that there was "no immediate concern" over refilling of the bloc's reserves that supplement purchases over winter when power and heating demand rises.While the Commission's statement referred to the bloc as a whole, Germany is by far its most populous member and consumer of gas.Storage levels are rising since March, but too slow, according to the report, citing CEO Michael Lewis telling the German newspaper. If the reserves are not filled quickly, the bloc will have supply issues come winter.Data from Gas Infrastructure Europe shows storage levels just above 38% capacity, compared with nearly 47% at the same time last year while in Germany, Reuters said that level was 30.64% down from 38.65% a year earlier.Unlike last year when energy markets were operating in relatively normal times, Iran's effective closure of the Strait of Hormuz has halted movement of about a fifth of the world's hydrocarbon energy supplies.That has pushed Asian customers, the main buyers of Middle Eastern gas, to turn to North America, thrusting them and European importers into a bidding war.has emailed Uniper seeking further comment on the refilling of reserves.(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 & Energy117d ago

US Oil Update: Futures Settle Lower as Market Weighs Reports About Iran Peace Deal

Crude oil futures settled lower in after-hours trading on Thursday as traders digested reports about a potential memorandum of understanding between the US and Iran to extend their ceasefire by 60 days.Front-month West Texas Intermediate crude futures eased 0.17% to $88.53 per barrel, while Brent futures fell 1.13% to $93.22/bbl.US crude oil stockpiles fell by 3.3 million barrels to 441.7 mmbbls in the week ended May 22, the Energy Information Administration said in its weekly report on Thursday.Strategic Petroleum Reserve inventories dropped to 365.1 mmbbls for the week ended May 22, down from 374.2 mmbbls a week ago, marking a weekly decline of 9.1 mmbbls, EIA data showed.Crude inventories are now about 2% below the five-year average for this time of year, the EIA said.Iran's armed forces fired missiles at a US aircraft late Thursday local time, the local media reported, adding that the search for the wreckage of the destroyed aircraft is ongoing, with no confirmation from the US.The latest military action in southern Iran came hours after the US Central Command said that Iran had launched a ballistic missile toward Kuwait and deployed attack drones in and around the Strait of Hormuz.US and Iranian negotiators have agreed to a memorandum of understanding that would extend the ceasefire for 60 days and allow "unrestricted" passage of commercial vessels through the Strait of Hormuz without paying tolls to Iran, according to media reports earlier on Thursday.However, the agreement between the US and Iran still needs final approval from President Trump, who has told mediators he wants a few days to make the final decision.The White House confirmed the development toin an emailed response, citing US officials.However, US Treasury Secretary Scott Bessent declined to confirm reports of the tentative agreement, saying it would be "a mistake to get out ahead of the president.""Everything depends on what the president wants to do," Bessent said during a White House press briefing on Thursday.The tentative agreement between the US and Iran could bring the two sides closer to reopening the Hormuz and help alleviate a global energy crisis that has sent fuel costs to record highs.The International Energy Agency said in its May Oil Market Report that with Hormuz tanker traffic still restricted, cumulative supply losses from Arabian Gulf producers already exceed 1 billion barrels, with over 14 million barrels per day of oil now shut in.Meanwhile, the US Department of the Treasury imposed additional sanctions on oil sales tied to Iran's military, alleging that Tehran was using illicit crude revenue to rebuild its armed forces.The sanctions follow the blacklisting of Iran's Persian Gulf Strait Authority by the Treasury for allegedly extorting commercial vessels in the Hormuz to fund the Islamic Revolutionary Guard."Iran's military generates revenue through Iranian crude oil sales via an array of front companies to help fund its reconstitution and threaten its neighbors," the Department said in a statement.

Oil & Energy117d ago

US Treasury Targets Iran Military Oil Revenue; Extends Lukoil License

The US Department of the Treasury's Office of Foreign Assets Control on Thursday imposed additional sanctions on oil sales tied to Iran's military, alleging that Tehran was using illicit crude revenue to rebuild its armed forces.Treasury said the activity posed "continued threats" to the US and its regional partners."Iran's military generates revenue through Iranian crude oil sales via an array of front companies to help fund its reconstitution and threaten its neighbors," according to the statement.Treasury Secretary Scott Bessent said the department would continue increasing pressure on Iranian crude revenue streams."The Treasury Department will continue to increase pressure on Iranian oil sales to deprive the Iranian regime and its military of the financial resources it needs to threaten US allies and partners in the Middle East," Bessent said.He added that the US would not allow Iran "to increase its oil revenue for the purpose of reconstituting its armed forces and military capabilities."Thursday's action was taken under Executive Order 13224, as amended, which targets terrorists and those providing support to terrorism.Treasury's sanctions campaign targeting Iranian oil sales is part of the broader Economic Fury campaign and the National Security Presidential Memorandum 2, which reinstated economic pressure on Iran.Separately, the US State Department's Rewards for Justice program said it would offer up to $15 million for information leading to the disruption of the financial mechanisms of Iran's Islamic Revolutionary Guard Corps and its affiliated branches.In a separate action, the Treasury Department's Office of Foreign Assets Control extended a general license authorizing certain transactions involving Russia's Lukoil International and related entities through June 27, 2026, according to a notice published Thursday.The updated General License 131F permits activities related to the negotiation of contingent contracts for the potential sale or transfer of the company and its subsidiaries, as well as transactions ordinarily incident and necessary to the maintenance or wind-down of operations.

Oil & Energy117d ago

US Oil Update: Futures Mixed as Iran Peace Deal Hopes Temper Supply Shock Fears

Crude futures diverged in midday trading on Thursday, paring gains from the previous session, on renewed optimism that the three-month conflict could be nearing a resolution.Front-month West Texas Intermediate crude futures were up 0.41% to $89.01 per barrel, while Brent futures were down 0.56% to $93.76/bbl.Futures rallied earlier Thursday after the US and Iran traded military strikes.US crude oil stockpiles fell by 3.3 million barrels to 441.7 mmbbls in the week ended May 22, the Energy Information Administration said in its weekly report on Thursday. The decline falls below Macquarie's forecast of a 1.4-mmbbl draw for the week ending May 22.US Strategic Petroleum Reserve inventories dropped to 365.1 mmbbls for the week ended May 22, down from 374.2 mmbbls a week ago, marking a weekly decline of 9.1 mmbbls, EIA data showed.Crude inventories are now about 2% below the five-year average for this time of year, the EIA said.US and Iranian negotiators have agreed to a memorandum of understanding that would extend the ceasefire for 60 days and allow "unrestricted" passage for commercial vessels through the Strait of Hormuz without paying tolls to Iran, pending Trump's final approval, according to an Axios report.The White House confirmed the development toin an emailed response, citing US officials.However, the agreement between the US and Iran still needs final approval from President Trump, who has told mediators he wants a few days to make the final decision.On Thursday, Iran's Revolutionary Guard targeted a US air base in Kuwait with ballistic missiles, which the US Central Command said were successfully intercepted.The attack came after US forces launched fresh strikes in Iran against a military site believed to threaten American troops and commercial shipping through the Hormuz.The tentative agreement between the US and Iran could bring the two sides closer to reopening the Hormuz and help alleviate a global energy crisis that has sent fuel costs to record highs.The International Energy Agency said in its May Oil Market Report that with Hormuz tanker traffic still restricted, cumulative supply losses from Arabian Gulf producers already exceed 1 billion barrels, with over 14 million barrels per day of oil now shut in.Kpler strategists said negotiations between the US and Iran remain the key variable for transiting the Strait, with access likely to remain selective until a clearer framework for navigation is agreed.On Wednesday, the US Treasury Department sanctioned Iran's Persian Gulf Strait Authority, accusing the agency of extorting commercial vessels in the strategic waterway to fund the Islamic Revolutionary Guard."The Iranian military's latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash," Treasury Secretary Scott Bessent said.Secretary Bessent separately warned Oman against collaborating with Iran over a tolling mechanism."Oman, in particular, should know that the US Treasury will aggressively target any actors involved - directly or indirectly - in facilitating tolls for the Strait and any willing partners will be penalized," he said.

Oil & Energy117d ago

US Natural Gas Update: Futures Rise After Storage Build Misses Estimates

US natural gas futures climbed after government data showed a storage build slightly below expectations, trimming the surplus versus seasonal norms.Front-month Henry Hub futures and the continuous contract both rose 5.69% to $3.271 per million British thermal units.According to the US Energy Information Administration, working gas in storage rose by 92 billion cubic feet for the week ended May 22, bringing total inventories to 2,483 Bcf. The build came in just under analyst expectations of 93-98 Bcf and below the 104 Bcf injection recorded a year earlier.The latest data leaves stocks 6.2% above the five-year historical average, down slightly from a 149 Bcf surplus the prior week to 144 Bcf. Year-on-year inventories now sit roughly 0.9% higher.NatGasWeather.com forecasts a modest storage build of at least 87 Bcf for next week, citing record heat across the US East last week, offset by cooler-than-normal conditions in the Northwest, Mountain West, and Plains.For the coming week, it expects overall weak national demand as systems bring showers, thunderstorms, and largely seasonal temperatures in the 60s-80s, with pockets of 90s and 50s.On the demand side, NRG Energy data showed a 2.5 Bcf per day drop in power sector consumption, only partially offset by a 1.3 Bcf/d rise in residential and commercial demand. Total US gas demand is expected to decline by 0.8 Bcf/d, even as LNG feedgas edges up 0.2 Bcf/d.It said dry gas production has also increased by 0.6 Bcf/d, hovering just below 108 Bcf/d over the past week, adding to near-term supply pressure.Geopolitical risk premiums also eased following an Axios report that US and Iranian negotiators have tentatively agreed to a 60-day memorandum of understanding to extend a ceasefire framework and reopen talks on Iran's nuclear program, pending US presidential approval.The draft reportedly includes provisions to keep shipping through the Strait of Hormuz open, reduce maritime disruptions, and gradually ease sanctions-related restrictions on limited Iranian oil exports.A restoration of flows would ease global LNG logistics constraints and could soften European gas prices ahead of the winter storage cycle, where inventories remain structurally tight.

Oil & Energy117d ago

EMEA Oil Update: Crude Mixed as US-Iran Deal Optimism Temper Supply Fears

EMEA crude futures diverged in after-hours trading on Thursday, trimming earlier gains, as renewed optimism over a potential US-Iran peace deal helped offset geopolitical risk premiums tied to Middle East supply concerns.Brent crude futures slipped 0.51% to $93.81 per barrel, while Murban oil futures climbed 3.76% to $93.31/bbl. Prices rallied earlier Thursday after the US and Iran exchanged military strikes."The market remains caught between pricing the prospect of a deal and the growing realization that a resolution still looks increasingly elusive," Saxo Bank strategists said on Thursday.US and Iran negotiators have reportedly reached a tentative agreement for a 60-day ceasefire extension and the start of talks on Tehran's nuclear program. However, the agreement between the US and Iran still needs final approval from President Trump, who has told mediators he wants a few days to make the final decision.The tentative agreement comes at a moment when the fragile ceasefire between the US and Iran appeared to be wavering.On Thursday, Iran's Revolutionary Guard targeted a US air base in Kuwait with ballistic missiles, which the US Central Command said were successfully intercepted.The attack came after US forces launched fresh strikes in Iran against a military site believed to threaten American troops and commercial shipping through the Strait of Hormuz.Saxo Bank analysts said Brent crude surged on Wednesday after renewed US attacks near the Hormuz and retaliatory IRGC strikes targeting US bases, underscoring the limited prospect for a near-term peace deal as the two sides remained far apart on steps needed to reopen the Strait.On Wednesday, the US Treasury Department sanctioned Iran's Persian Gulf Strait Authority, accusing the agency of extorting commercial vessels in the strategic waterway to fund the Islamic Revolutionary Guard."The Iranian military's latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash," Treasury Secretary Scott Bessent said.Secretary Bessent separately warned Oman against collaborating with Iran over a tolling mechanism."Oman, in particular, should know that the US Treasury will aggressively target any actors involved - directly or indirectly - in facilitating tolls for the Strait and any willing partners will be penalized," he said.Meanwhile, the latest diplomatic developments and sanctions came as the US increased pressure on Iran with its naval blockade to choke off Iranian oil revenues. The US military has redirected 111 Iran-linked commercial vessels and disabled four others since imposing the blockade on April 13, the CENTCOM said on Thursday.

Oil & Energy117d ago

Update: US, Iran Reach Tentative 60-Day Nuclear Talks Deal Pending Trump Approval

(Updates to include White House response in the 2nd paragraph.)US and Iranian negotiators have tentatively agreed to a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran's nuclear program, pending President Donald Trump's final approval, Axios reported, citing two US officials and a regional source involved in the mediation.The White House confirmed the development toin an emailed response, citing US officials.The proposed deal could be announced as early as Sunday, according to the report, although officials cautioned it has not been finalized and could still collapse."This is an agreement to get everybody to the table. We will work out the details in the negotiations," one US official reportedly said.According to Axios, Iranian representatives told mediators they had secured the necessary approvals and were prepared to sign the agreement, though Tehran has not publicly confirmed that claim.Trump was briefed on the proposal but withheld immediate approval. "The president relayed to the mediators that he wants a couple of days to think about it," a US official said.Under the draft memorandum, shipping through the Strait of Hormuz would remain "unrestricted," officials said. Iran would remove naval mines from the waterway within 30 days and halt interference with commercial shipping. In return, the US would gradually lift its naval blockade and issue sanctions waivers allowing Iran to resume oil exports.The agreement would also include an Iranian commitment not to pursue a nuclear weapon and launch a 60-day negotiation period focused on Iran's highly enriched uranium stockpile and uranium enrichment activities.Washington would discuss sanctions relief and the release of frozen Iranian funds as part of the talks, while humanitarian aid and commercial goods deliveries to Iran would also be addressed.The draft memorandum also states that the conflict between Israel and Hezbollah in Lebanon would end. Israeli Prime Minister Benjamin Netanyahu raised concerns about that provision and other aspects of the deal during a phone call with Trump on Saturday, Axios said, citing Israeli and US officialsThe White House, the Iranian Foreign Ministry, the Permanent Mission of Iran to the UN, and the Israeli Prime Minister's Office did not immediately respond torequests 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 & Energy117d ago

Update: US Sanctions Iranian Maritime Agency Over Alleged Hormuz Extortion Scheme

(Updates with additional comments by Bessent in paragraphs 9-13.)The US Treasury Department on Wednesday sanctioned Iran's Persian Gulf Strait Authority, alleging that the agency extorted commercial vessels in the Strait of Hormuz to fund the Islamic Revolutionary Guard."The Iranian military's latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash," Treasury Secretary Scott Bessent said in a statement.The sanctions target the PGSA and any person or entity cooperating with the agency, which was established earlier in May to approve transit through the Hormuz and charge tolls that could reportedly reach as high as $2 million per vessel.Treasury said vessels transiting the strait had been required to submit information to the PGSA and follow Iranian-designated navigation routes near Iran's coastline in exchange for what Tehran described as permission for safe passage.The sanctions form part of the Trump administration's broader "Economic Fury" campaign aimed at intensifying economic pressure on Iran and curbing its oil revenues."Forming a Wall of Steel, the US Naval blockade has ensured a record low amount of Iranian crude on the water. We will also be shutting down both Iranian airlines' access to landing spots, refueling, and ticket sales," Secretary Bessent said on X.Treasury also warned shipping companies, insurers, and financial institutions that they could face sanctions exposure if they comply with Iranian demands related to transit payments through the Strait.The Department said prohibited payments could include transfers in traditional currencies, digital assets, informal swaps or other in-kind arrangements.Separately, Bessent said the Trump administration will not "tolerate" actions implementing a tolling system in the Strait of Hormuz."The United States Government will not tolerate any effort to impose a tolling system in the Strait of Hormuz," Bessent said in an X post.Bessent went on to warn Oman against collaborating with Iran over a tolling mechanism."Oman, in particular, should know that the US Treasury will aggressively target any actors involved - directly or indirectly - in facilitating tolls for the Strait and any willing partners will be penalized," Bessent said.He urged all nations "should reject outright any efforts by Iran to disrupt the free flow of commerce."Bessent's warning to Oman comes a day after President Donald Trump warned Oman of military consequences if it joined forces with Iran to set up a tolling system in the strategic waterway.

Oil & Energy117d ago

Market Chatter: US, Iran Reach Tentative 60-Day Nuclear Talks Deal Pending Trump Approval

US and Iranian negotiators have tentatively agreed to a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran's nuclear program, pending President Donald Trump's final approval, Axios reported, citing two US officials and a regional source involved in the mediation.The proposed deal could be announced as early as Sunday, according to the report, although officials cautioned it has not been finalized and could still collapse."This is an agreement to get everybody to the table. We will work out the details in the negotiations," one US official reportedly said.According to Axios, Iranian representatives told mediators they had secured the necessary approvals and were prepared to sign the agreement, though Tehran has not publicly confirmed that claim.Trump was briefed on the proposal but withheld immediate approval. "The president relayed to the mediators that he wants a couple of days to think about it," a US official said.Under the draft memorandum, shipping through the Strait of Hormuz would remain "unrestricted," officials said. Iran would remove naval mines from the waterway within 30 days and halt interference with commercial shipping. In return, the US would gradually lift its naval blockade and issue sanctions waivers allowing Iran to resume oil exports.The agreement would also include an Iranian commitment not to pursue a nuclear weapon and launch a 60-day negotiation period focused on Iran's highly enriched uranium stockpile and uranium enrichment activities.Washington would discuss sanctions relief and the release of frozen Iranian funds as part of the talks, while humanitarian aid and commercial goods deliveries to Iran would also be addressed.The draft memorandum also states that the conflict between Israel and Hezbollah in Lebanon would end. Israeli Prime Minister Benjamin Netanyahu raised concerns about that provision and other aspects of the deal during a phone call with Trump on Saturday, Axios said, citing Israeli and US officialsThe White House, the Iranian Foreign Ministry, the Permanent Mission of Iran to the UN, and the Israeli Prime Minister's Office did not immediately respond torequests 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 & Energy117d ago

US Sanctions Iranian Maritime Agency Over Alleged Hormuz Extortion Scheme

The US Treasury Department on Wednesday sanctioned Iran's Persian Gulf Strait Authority, alleging that the agency extorted commercial vessels in the Strait of Hormuz to fund the Islamic Revolutionary Guard."The Iranian military's latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash," Treasury Secretary Scott Bessent said in a statement.The sanctions target the PGSA and any person or entity cooperating with the agency, which was established earlier in May to approve transit through the Hormuz and charge tolls that could reportedly reach as high as $2 million per vessel.Treasury said vessels transiting the strait had been required to submit information to the PGSA and follow Iranian-designated navigation routes near Iran's coastline in exchange for what Tehran described as permission for safe passage.The sanctions form part of the Trump administration's broader "Economic Fury" campaign aimed at intensifying economic pressure on Iran and curbing its oil revenues."Forming a Wall of Steel, the US Naval blockade has ensured a record low amount of Iranian crude on the water. We will also be shutting down both Iranian airlines' access to landing spots, refueling, and ticket sales," Secretary Bessent said on X.Treasury also warned shipping companies, insurers and financial institutions that they could face sanctions exposure if they comply with Iranian demands related to transit payments through the Strait.The Department said prohibited payments could include transfers in traditional currencies, digital assets, informal swaps or other in-kind arrangements.

Oil & Energy117d ago

US, Iran Agree to 60-Day MOU Pending Trump Approval, Axios Says

Oil & Energy117d ago

EMEA Natural Gas Update: Futures Rise Over 4% as Fresh Uncertainties Cloud US-Iran Peace Deal

European natural gas futures rose on Thursday amid fresh uncertainties over the US-Iran peace deal and the lack of clarity on the peace deal to end hostilities in the region.The front-month Dutch TTF contract was up by 4.07% to 48.300 euros ($56.19) per megawatt hour, while the UK NBP front-month contract rose 3.95% to 117.500 British pence ($1.57) per therm.Both the US and Iran were involved in fresh clashes on Wednesday, with Iran's Islamic Revolutionary Guard Corps targeting a US airbase in retaliation against American attacks near the southern port city of Bandar Abbas, according to Iran's Tasnim News Agency.Meanwhile, during a cabinet meeting on Wednesday, US President Donald Trump signaled that he was in no hurry to make a deal with Iran."We can make a good deal right now, but maybe not a great deal, and if it's not a great deal, we're not making it," he said, while once again noting that Iran would not be allowed to have a nuclear weapon.The strategically crucial Strait of Hormuz remained effectively shut for the 13th week running, with just six vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.This comes at a time when European natural gas inventories remain depleted, at just 38.83% of capacity, compared to 46.60%, during the corresponding period a year ago, according to data from Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 52.8%, according to the Swiss Federal Office of Energy.In a meeting of the European Commission's Gas Coordination Group on Tuesday, member states noted that the region's total gas inventories could touch 80% of capacity by the end of the Summer, "which would secure gas supply for next winter."They, however, noted that gas storage filling must be regularly assessed, while adding that the member states had planned no further interventions as of now.All of this comes during a "a historic, record-shattering heatwave" across Europe, with temperatures rising 12 to 16 degrees Celsius above long-term climatological norms, according to Severe-Weather EU, leading to increased air-conditioning power demand and more natural gas burn.Meanwhile, Daniel Hynes, a senior commodity strategist at ANZ, warned that seaborne shipments to Europe were "running below seasonal norms," amid rising competition from Asian buyers in the spot markets. This stands to further complicate the supply situation for the region.

Oil & Energy117d ago

Update: 3 Oil, LNG Tankers Exit Strait of Hormuz Under Dark Transits, Reuters Analysis Shows

(Updates with requests for comments to the related parties.)Two oil supertankers and one liquefied natural gas tanker exited the Strait of Hormuz earlier this week, heading toward India and China with their transponders turned off, also known as dark transits, according to a Reuters report, citing ship tracking data from LSEG and Kpler.Even as traffic through the Strait remained restricted, the vessels were part of several tankers that departed the Persian Gulf over this month.The vessels were reportedly carrying crude oil from Saudi Arabia and the UAE, along with naphtha loaded from Kuwait in early March.The ongoing military conflict between the US and Iran, which began on February 28, has severely curtailed traffic through the strategically crucial Strait, which accounted for one-fifth of global LNG and crude oil flows.Before the conflict, traffic through the Strait ranged from 125 to 140, and has since dropped to just four over the past 24 hours, according to the Hormuz Strait Monitor.An estimated 20,000 seafarers, working on 100s of vessels, currently remain stuck in the Persian Gulf, as a result of this blockade, according to Reuters.The Indian and Chinese governments did not immediately respond to' request for a comment on this story.

Oil & Energy117d ago

3 Oil, LNG Tankers Exit Strait of Hormuz Under Dark Transits, Reuters Analysis Shows

Two oil supertankers and one liquefied natural gas tanker exited the Strait of Hormuz earlier this week, heading toward India and China with their transponders turned off, also known as dark transits, according to a Reuters report, citing ship tracking data from LSEG and Kpler.Even as traffic through the Strait remained restricted, the vessels were part of several tankers that departed the Persian Gulf over this month.The ongoing military conflict between the US and Iran, which began on February 28, has severely curtailed traffic through the strategically crucial Strait, which accounted for one-fifth of global LNG and crude oil flows.Before the conflict, traffic through the Strait ranged from 125 to 140, and has since dropped to just four over the past 24 hours, according to the Hormuz Strait Monitor.An estimated 20,000 seafarers, working on 100s of vessels, currently remain stuck in the Persian Gulf, as a result of this blockade, according to Reuters.

Oil & Energy117d ago

US Oil Update: Crude Rebounds as US, Iran Exchange Airstrikes

Oil prices rose on Thursday as airstrikes between US and Iran diminished hopes of a peace deal, upending the previous session's losses.Front-month West Texas Intermediate crude futures rose 3% to $91.37 per barrel, while Brent futures gained 2.7% to $96.81/bbl.According to a Reuters report, the Iranian Revolutionary Guard Corps stated the counterstrike was launched in retaliation for a pre-dawn US air raid that deployed aerial projectiles on the outskirts of Bandar Abbas airport.The exchange follows confirmation from Washington that US forces had carried out defensive, early-morning strikes near the Strait of Hormuz.The return to military hostilities erased Wednesday's market optimism, which had previously caused oil prices to plunge 5% on hopes of a diplomatic breakthrough.The mid-week selloff was originally set off by an Iranian state television broadcast claiming a draft interim peace agreement.While the broadcasted document indicated that maritime traffic through the vital shipping lane would return to normal within 30 days of signing, market analysts cautioned that finalizing the actual pact could take up to 60 days assuming both nations could reach an agreement at all.Any remaining market confidence evaporated when US President Donald Trump publicly stated he was unsatisfied with the progress of the three-month conflict's negotiations, warning that critical, unresolved disputes still stand in the way of a settlement."Traders have become increasingly cautious about holding long exposure to the oil market ahead of headlines showing progress in ending the conflict," ANZ said.The ongoing three-month blockade of the Strait of Hormuz continues to fundamentally distort global energy flows.Data from the Oxford Institute for Energy Studies highlighted that China's crude oil imports fell steeply to 9.3 million barrels per day in April, down from its five-year baseline average of roughly 11 mb/d.Despite the demand drop in Asia, underlying physical supplies remain exceptionally tight.The American Petroleum Institute revealed that US crude inventories fell by 2.8 million barrels for the week ended May 22, compounding a massive 9.1-million-barrel draw from the prior week.The oil market is now awaiting official crude storage data from the US Energy Information Administration to gauge further physical market tightening.

Oil & Energy117d ago

EMEA Oil Update: Crude Spikes as Middle East Tension Escalates

Crude futures rose on Thursday after Iran's Revolutionary Guards reportedly said that they launched a retaliatory strike on a US airbase.Front-month Murban crude futures surged 4.8% to $94.21 per barrel, while Brent futures rose 2.9% to $97.03/bbl.The IRGC stated that this attack was a direct response to an early-morning American air assault on the outskirts of Bandar Abbas airport, Reuters reported.This comes after US officials confirmed that American forces had executed pre-dawn, defensive strikes near the Strait of Hormuz.The return to active hostilities wiped out Wednesday's market optimism over a resolution. Oil prices had plummeted 5% on hopes of advances towards an agreed peace framework after Iranian state TV revealed details of a draft framework.The report said that the draft document contained a requirement for traffic through the vital Strait of Hormuz to be normalized within a month of agreement, but analysts said finalizing the deal itself could take about 60 days, if the sides even agree.US President Donald Trump stated that he remained unsatisfied with the negotiations aimed at ending the three-month conflict, adding that critical issues have yet to be resolved."Traders have become increasingly cautious about holding long exposure to the oil market ahead of headlines showing progress in ending the conflict," ANZ said.The ongoing disruption is severely altering global trade patterns, particularly for top buyers.Analysts from the Oxford Institute for Energy Studies noted that China has sharply reduced its crude oil imports to 9.3 million barrels per day in April down from its five-year average of roughly 11 mb/d.Meanwhile, underlying supply indicators suggest a tightening physical market.Data from the American Petroleum Institute revealed that US crude oil inventories fell by 2.8 million barrels for the week ended May 22, building on a massive 9.1-million-barrels draw from the prior week.Energy markets are now awaiting official confirmation from the US Energy Information Administration's upcoming petroleum inventory report.

Oil & Energy117d ago

ICE Energy Markets Hit Record 130.5 Million Open Interest Contracts

Intercontinental Exchange (ICE) said Wednesday it reached an all-time high open interest of 130.5 million contracts across its futures and options markets, led by double-digit growth in Henry Hub and global power derivatives.Fueled by structural shifts in global energy infrastructure, ICE's commodity markets hit a record open interest of 77 million contracts on May 22, while its broader global energy portfolio climbed 8% year over year to 72 million contracts.Total energy options led the surge, logging a record 31 million open contracts, ICE said.According to exchange data, global natural gas positions peaked at 48 million contracts, marking an 11% year-over-year increase, while global power markets reached an all-time OI high of 4 million contracts on May 25.The growth was driven by North American gas derivatives, where futures and options volumes jumped 11% year-over-year to a record 41.4 million open contracts, it noted.Notably, positions in the US Henry Hub benchmark increased 13% year-over-year, alongside an 8% increase across regional financial gas hubs.Market operators attribute the expanding liquid volumes to commercial participants actively hedging regional basis spreads, localized pipeline constraints, and the shifting maritime trade routes for global LNG cargoes.On the demand side, exchange officials highlighted that rapid data center expansion is introducing a complex layer of structural consumption to power grids.

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Oil & Energy117d ago

EMEA Natural Gas Update: Futures Rally After Fresh US-Iran Peace Deal Criticism

European natural gas futures rose on Thursday amid fresh criticism over US-Iran peace deal, and lack of clarity on peace deal to end hostilities in the region.The front-month Dutch TTF contract was up by 2.72% to 47.675 euros ($55.35) per megawatt hour, while the UK NBP front-month contract rose 3.06% to 116.500 British pence ($1.56) per therm.Both the US and Iran were involved in fresh clashes on Wednesday, with Iran's Islamic Revolutionary Guard Corps targeting a US airbase in retaliation against American attacks near the southern port city of Bandar Abbas, according to Iran's Tasnim News Agency.Meanwhile, during a cabinet meeting on Wednesday, US President Donald Trump signaled that he was in no hurry to make a deal with Iran."We can make a good deal right now, but maybe not a great deal, and if it's not a great deal, we're not making it," he said, while once again noting that Iran would not be allowed to have a nuclear weapon.The strategically crucial Strait of Hormuz remained effectively shut for the 13th week running, with just six vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.This comes at a time when European natural gas inventories remain depleted, at just 38.83% of capacity, compared to 46.60%, during the corresponding period a year ago, according to data from Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 52.8%, according to the Swiss Federal Office of Energy.All of this comes during a "a historic, record-shattering heatwave" across Europe, with temperatures rising 12 to 16 degrees Celsius above long-term climatological norms, according to Severe-Weather EU, leading to increased air-conditioning power demand and more natural gas burn.Meanwhile, Daniel Hynes, a senior commodity strategist at ANZ, warned that seaborne shipments to Europe were "running below seasonal norms," amid rising competition from Asian buyers in the spot markets. This stands to further complicate the supply situation for the region.

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Oil & Energy117d ago