CDN and International News - Today in Oil and Gas

How Iran is Seeking to Cash in on Strait of Hormuz

Tehran suggests system of charging fees and limiting passage to ‘non-hostile’ ships could endure beyond the war By Alice Hancock in Brussels and Najmeh Bozorgmehr in Tehran Original: financialpost.com/financial-times/iran-cash-strait-of-hormuz Iran is working to establish a system of approved passage for ships through the Strait of Hormuz, a tightening of control over the crucial waterway that …

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Escalation in Middle East Possible in Coming Days, Polish PM Says

(Reuters) – There are reasons to believe that there could be an escalation in the conflict in the Middle East in the coming days, Polish Prime Minister Donald Tusk said on Friday. “I have reasons to believe, also based on information we’ve received from our allies, that stabilisation is unlikely in the coming days. On …

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LNG Supply Cut Further After Cyclone Hits Australian Plants

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By Keira Wright, Paul-Alain Hunt, and Ruth Liao Three Australian plants that provide about 8% of the world’s liquefied natural gas have had their output curbed by a cyclone, in a further blow to mainly Asian buyers reeling from the halt of shipments from Qatar. Karratha, the onshore processing facility that feeds Woodside Energy Group …

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Brace for US$200 Oil if Iran War Lasts Until June, Macquarie Warns

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Brent was last near US$110 a barrel on Friday, after touching a crisis-high of US$119.50 earlier this month By Rong Wei Neo Oil may hit a record US$200 a barrel if the Iran war drags on till June, with the Strait of Hormuz staying shut, Macquarie Group Ltd. said. A conflict that stretches through the …

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EU Ministers Seek United Strategy on Energy Price Crisis

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By Jan Strupczewski EU finance ministers aim to prevent market fragmentation with any energy price support EU Commission warns any response must be targeted, temporary and fiscally limited EU proposes support for vulnerable households to avoid inefficiencies BRUSSELS, March 27 (Reuters) – European Union finance ministers will seek to coordinate on Friday their response to …

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Asian Refiners Switch From Dubai to Brent to Price US Crude, Sources Say

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By Florence Tan and Yuka Obayashi SINGAPORE, March 27 (Reuters) – Asian refiners are beginning to switch to pricing U.S. crude oil purchases against global benchmark ICE Brent instead of Dubai after the Middle East ‌marker spiked to record levels this month, three refining and trade sources said on Friday. The move could reduce liquidity …

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With Hormuz Still Shut, Options Market Signals Rising Risk of $150 Oil

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By Amanda Cooper and Robert Harvey Options market shows bets on $150 oil by end-April rising Open interest in $150 calls nearly 10 times larger than last month Oil is trapped in Gulf following U.S.-Israel conflict with Iran Brent crude set all-time high of $147 in 2008 LONDON, March 26 (Reuters) – Traders are piling …

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TotalEnergies to Honour All LNG Contracts Despite Qatar Outages

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By Forrest Crellin and Shadia Nasralla PARIS, March 26 (Reuters) – TotalEnergies’ (TTEF.PA) CEO Patrick ‌Pouyanne said on Thursday that the company made a decision not to declare force majeure to any of its liquefied natural gas customers, and that it would respect all the LNG contracts in terms of ⁠price and volume. Qatar, the …

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Yemen’s Houthis Ready to Join Iran War if Needed, Raising New Shipping Risk

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By Mohammed Ghobari and Emma Farge Houthis have track record of disrupting international shipping Iran-aligned group ready should need arise to join war, leader says Bab al-Mandab is a key choke point (Reuters) – Yemen’s Iran-aligned Houthi movement, whose attacks on the Red Sea caused international shipping and trade chaos during the Gaza war, stands …

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Europe Scales Back Climate Goals to Ease Iran War Energy Shock: Bousso

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(Reuters) – The European Union may be forced to scale back its flagship climate policies and geopolitical aims as the Iran war drives up energy prices – with lasting consequences for the bloc’s energy strategy. The energy crunch sparked by the conflict, now in its fourth week, has rattled Europe, which is heavily dependent on …

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