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By Erwin Seba Brent and WTI register steepest weekly losses since April US-Iran ceasefire deal not finalised US crude, gasoline and distillate stockpiles fell last week -EIA HOUSTON, May 29 (Reuters) – Oil futures fell more than 2% on Friday, closing out their steepest weekly decline since early April as traders awaited word that the …
Oil Falls on Hopes for US-Iran Ceasefire Agreement Read More »
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for a sixth straight week, for the first time since May 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by four to 562 …
US Drillers Add Oil, Natural Gas Rigs for Sixth Straight Week, Baker Hughes Says Read More »
(Reuters) – U.S. shale producers have the lowest stock of drilled-but-uncompleted wells on record, limiting their ability to move quickly to boost crude output and replace rapidly depleted oil inventories after exports and refinery processing jumped to plug the shortfall in supply caused by the U.S.-Israeli war on Iran. Producers in the United States have …
Record-Low U.S. Shale Well Backlog Curbs Fast Output Gains Amid Export Surge Read More »
(Reuters) – A political understanding has been reached between Iran and the United States over the Iran war, but it has not yet been finalised, a senior Iranian source told Reuters on Friday. The source said U.S. Donald Trump’s claim that uranium would be unearthed by the U.S. was not true, adding that the possible …
Political Understanding Between Iran and US Not Yet Finalised, Iranian Source Says Read More »
(Reuters) – U.S. oil and gas major Chevron will not consider paying a toll to move ships through the Strait of Hormuz, CEO Mike Wirth told Bloomberg TV on Friday. Wirth also said several vessels that transit through the Strait of Hormuz have been attacked in recent days. Perhaps not every day, but there have …
Chevron Won’t Pay Toll to Move Ships Through Hormuz, CEO Tells Bloomberg TV Read More »
(Reuters) – U.S. crude production was largely steady in March at 13.7 million barrels per day, according to the Energy Information Administration on Friday. Crude production in Texas fell to 5.78 million bpd, marking a four-month low, while output in neighboring New Mexico was steady on the month at 2.31 million bpd. Texas and New …
US Crude Production Largely Steady on the Month in March, EIA Says Read More »
NEW YORK, May 28 (Reuters) – A U.S. District Court on Thursday denied the California Department of Parks and Recreation’s bid to stop oil producer Sable Offshore Corp (SOC.N) from moving oil on a long-disputed pipeline linked to the Santa Ynez offshore platform. The denial marks a setback for California’s efforts to stop the Santa …
District Court Denies California Parks Department Bid to Stop Sable Offshore Pipeline Read More »
Federal Reserve Bank of Kansas City President Jeffrey Schmid said on Friday that already-hot levels of inflation make it harder to assume the current energy shock will have only a temporary impact on pricing and can be ignored by the central bank. “My primary concern is inflation, which is too hot and has been …
Fed’s Schmid Warns Against Viewing Oil Shock as Transitory Read More »
The United States and Iran have reached an agreement to extend a ceasefire, allow shipping through the Strait of Hormuz and lift a U.S. blockade and some sanctions on Iran, sources told Reuters, but the deal has not been finalised. An agreement would represent a big step towards ending a war that has …
How Far Have the U.S. and Iran Got Towards Ending the Iran War? Read More »
Summary Brent projected to average $90.44 per barrel in 2026 WTI projected to average $84.63 per barrel in 2026 (Reuters) – Analysts have increased their 2026 oil price forecasts for the third time since the Iran war began at the end of February, as they cite a months-long timeline for energy flows to normalise to …
Analysts Hike Oil Forecasts Again as Energy Flows Face Slow Recovery Read More »
