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Top U.S. oil producers ExxonMobil and Chevron warn that global supplies of diesel and other refined products will likely remain tight and lead to persistently high prices in the second half of the year as the Iran war continues to cause major energy disruptions. Both companies reported large jumps in second-quarter refining profits on Friday …
Exxon, Chevron Warn of Continued High Fuel Prices From Iran War Read More »
Summary Brent up 24% in July, WTI rises 21% Two very large crude carriers exit Strait of Hormuz Twenty-nine commodity vessels transited Bab el-Mandeb strait on Thursday Reuters poll says Brent crude to average $85.22 per barrel in 2026 (Reuters) – Oil prices closed more than $1 per barrel higher on Friday, ending July with …
Oil Prices Settle More Than 1% Higher, Log Strongest Month Since March Read More »
By Ahmed Tolba, Nafisa Eltahir and Yasmine Ghania Revolutionary Guards say two ships hit, four turned back No confirmation available for the report Two large tankers and two commodities vessels transit Hormuz Iran denies involvement in strike on Egyptian port London’s marine insurance market widens ‘high risk’ Red Sea zone CAIRO/DUBAI, July 31 (Reuters) – …
Oil Price Rises After Iran Says it Stops Ships in Hormuz Read More »
(Reuters) – U.S. energy firms this week added rigs for a sixth time in seven weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, rose by one to 588 in the week to July 31. Baker Hughes …
US Energy Firms Add Rigs for Sixth Time in Seven Weeks, Says Baker Hughes Read More »
(Reuters) – U.S. crude oil output fell about 2% in May from a record in April, while exports hit a record high for the second-consecutive month, according to data published by the U.S. Energy Information Administration on Friday. Crude oil production in May averaged 13.71 million barrels per day, whereas exports rose to 5.73 million …
US Crude Oil Output Fell in May, While Exports Hit Record, EIA Says Read More »
By Nojoud Al Mallees The Canadian economy is on track to post a stronger-than-expected rebound in the second quarter, partly because of surging energy production. A preliminary estimate suggests real gross domestic product expanded at an annualized rate of 3.4% between April and June, according to Statistics Canada’s industry-based output data. The oil industry had …
Canada Economy Tracking 3.4% Growth as Energy Sector Booms Read More »
Fuel prices are rising but the Strategic Petroleum Reserve may not play a role in this phase of the Hormuz crisis. By Ari Natter and Lucia Kassai The cost of fuel is climbing again as the US-Iran war widens, but this time there’s little indication that Washington will tap its crude stockpiles to bring prices …
US Doesn’t Plan to Tap Oil Stockpiles Again as Iran War Escalates Read More »
By Jonathan Gilbert and Ignacio Olivera Doll US shale pioneer Harold Hamm is moving to expand his footprint in Argentina’s Vaca Muerta oil basin, home to the world’s fastest-growing shale boom, according to people familiar with the matter. Hamm’s Continental Resources Inc. is set to compete for shale blocks in an auction managed by Neuquen …
Oil Billionaire Hamm Seeks to Expand in Argentina’s Shale Patch Read More »
Canadian pipeline operator Enbridge said on Friday it was postponing the 250,000-barrel-per-day second phase of its Mainline crude pipeline network, partly due to Canadian oil producers not committing to significant output increases. The project would have increased exports of Canadian crude to U.S. refineries. But Enbridge CEO Greg Ebel said the company will focus first …
Canada’s Enbridge to Postpone Plans for Second Phase of Mainline Oil Pipeline Expansion Read More »
Summary Brent and WTI on track for monthly rises Two VLCCs exit Strait of Hormuz, Bab el-Mandeb sees 29 commodity vessels transit ADNOC buys tankers as Red Sea, Hormuz crisis reshape oil trade Ukraine’s military says it hit Russia’s Volgograd oil refinery July 31 (Reuters) – Oil prices were steady on Friday and on track …
Oil Steady as Traders Assess Shipping Flows; Monthly Gains in Sight Read More »
