A U.S. plan to help control global oil prices with a swap of millions of barrels of oil from the Strategic Petroleum Reserve depends on energy companies returning oil back to the facility with high premiums in the form of additional barrels, which some traders said could deter participation. The exchange is part of a …
US Oil Loan From Emergency Reserve Depends on Stiff Premiums Read More »
Summary US EIA lifts forecast for average 2026 crude price by 37% EIA’s average gasoline price estimate for 2026 is up 15% US pump price of $3.79/gallon is up from $2.92 a month ago (Reuters) – President Donald Trump and congressional Republicans are betting the oil-price shock sparked by the Iran crisis will be …
US Drivers Face Long-Term Pain at Pump, Analysts Say; Trump Bets They are Wrong Read More »
By Reuters Russia is struggling to fully benefit from the surge in global oil prices from the Middle East war as drone attacks on export infrastructure and bad weather curb its oil exports, according to Reuters estimates based on LSEG data and industry sources. Asian states including Thailand, Indonesia, Sri Lanka and others expressed interest in Russian oil …
BP locks out union workers at its Midwest refinery BP on Tuesday said it will lock out approximately 800 United Steelworkers members from its 440,000 barrel-per-day Whiting, Indiana, refinery starting at 12:00 a.m. on March 19, citing a breakdown in negotiations over a new labor agreement. The British oil major ended its 24-hour rolling contract …
BP Locks Out Union Workers at its Midwest Refinery Read More »
By Jamie McGeever (Reuters) – With much of the world’s focus this year fixed on U.S. President Donald Trump’s controversial foreign policy agenda, many may have missed China’s quiet – but significant – economic renaissance. The U.S. president was originally scheduled to meet China’s President Xi Jinping for a summit in Beijing on March 31-April …
China’s Economic Hand Quietly Strengthens as Trump Hogs Spotlight: McGeever Read More »
(Reuters) – Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months. “Already you’re seeing tankers …
Oil Tankers ‘Starting to Dribble Through’ Strait of Hormuz, Says White House Read More »
(Reuters) – Asian utilities are boosting coal-fired power generation to cut costs and safeguard energy supply, industry officials say, as the U.S.-Israeli war on Iran chokes liquefied natural gas (LNG) shipments and soaring prices threaten to suppress LNG demand. Asia spot LNG prices have doubled to three-year highs in the second major supply shock in …
Asia Pivots to Coal as Middle East Conflict Chokes LNG Supply Read More »
By Anthony Hughes Oil drilling rigs near Stanton, Texas. Photographer: Justin Hamel/Bloomberg Stock sales by US-listed oil and gas producers are making March the sector’s busiest month in more than six years as the war in Iran whips up volatility and stalls capital-raising activity from other corners of the market. With West Texas Intermediate crude …
Iran War Spurs a Surge in Stock Sales From US Shale Companies Read More »
By Paul Burkhardt, Julian Lee, Anthony Di Paola, and Elena Mazneva The Ras Tanura oil refinery and oil terminal in Saudi Arabia Photographer: Simon Dawson/Bloomberg Oil and gas markets have been rocked by disruption to supply out of the Persian Gulf. Prices of both commodities have jumped since the US and Israel began their strikes …
How the Iran War Is Disrupting Global Oil and Gas Supply Read More »
By Julian Hast Fort St. Vrain Generating Station in Platteville, Colorado. Photographer: Chet Strange/Bloomberg US natural gas futures rose along with oil, which continues to climb on concerns over a prolonged disruption to energy supplies through the Strait of Hormuz. Those worries, which do not fundamentally affect the short-term US gas market, outweighed a small …
US Natural Gas Rallies With Oil on Lingering Mideast Fears Read More »
