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Oil Prices Climb for Fourth Day as Iran Threatens New Energy Chokepoints
Oil prices rose early on Wednesday for the fourth consecutive trading session as the collapsed U.S.-Iran ceasefire precipitated a new crisis in the Strait of Hormuz and Iran threatened to close “all other export corridor
Read full article →Brent Futures Flip to Backwardation as Middle East Supply Risks Return
The Brent Crude futures curve flipped into backwardation this week, signaling expectations of tight prompt supply for the first time in a month, as the market started pricing in the renewed hostilities in the Middle East
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Sunda Energy applies for offshore Taranaki Basin exploration permit
Sunda Energy submitted an application for a petroleum exploration permit (PEP) in the offshore region of the Taranaki Basin in New Zealand.
Read full article →U.S. Gasoline Prices Could Hit $4 Per Gallon Within Days
Following a few weeks of reprieve for drivers, the U.S. national average price of gasoline could top $4 per gallon within a week, as crude oil prices rallied by about 12% in the three days since Friday amid the all-but-c
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LNG Canada offers equity option to First Nations for phase two tank
LNG Canada gives equity option to MNT Investments LP that could allow a First Nations partnership to invest up to C$1bn ($711m).
Read full article →U.S. Backs Iraq-Syria Oil Pipeline to Bypass the Strait of Hormuz
The United States supports plans by Iraq and Syria to rebuild a damaged oil pipeline that would carry crude from Kirkuk to Syria’s Mediterranean coast and bypass the Strait of Hormuz. The U.S. backs the Iraqi and Syrian
Read full article →China’s Refinery Runs Crash to Pandemic Lows as Crude Imports Collapse
Chinese refiners further slashed crude processing in June, with volumes crumbling to the pandemic lows of 2020 amid Strait of Hormuz supply disruptions and weakening domestic fuel demand. China’s refinery throughput slum
Read full article →The Next Oil Rally May Depend On China, Not The Middle East
Chinese refiners largely stopped competing for Middle Eastern crude during the Iran conflict, leaving more Gulf cargoes available to Europe, India, and the rest of Asia just as traders prepared for a supply shock. The In
Read full article →Bangladesh's Nuclear Power Play Is a Test for Emerging Economies
Previously, we reported that India is betting big on solar energy to power its industrialization drive, abandoning earlier plans to rely on coal. Indeed, India is going off the beaten path by attempting to become the fir
Read full article →Canada Ties New West Coast Pipeline to Oil Sands Expansion
Canada’s biggest oil sands producers, the Alberta provincial government, and the federal government have reached a new milestone in advancing the planned new West Coast pipeline that would move another 1 million barrels
Read full article →US Crude Oil, Gasoline Inventories Still Falling
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 564,000 barrels in the week ending July 10. In the week prior, US crude oil inventories fell by 399,000 barrels. Al
Read full article →Could Geothermal Energy Rescue Germany's Fading Coal Towns?
Europe’s largest economy is walking a precarious tightrope toward carbon neutrality, trying to balance energy security with climate goals as this summer’s heat waves create mounting pressure on the continent’s energy gri
Read full article →Trump’s Hormuz Toll Could Upend Global Energy Trade
A proposed 20% charge on cargo passing through the Strait of Hormuz would violate the basic principles of international navigation, raise energy costs and undermine the stated purpose of restoring stability. It could als
Read full article →Trump Scraps Hormuz Toll Plan as U.S.-Iran Conflict Deepens
US President Donald Trump has walked back his plan to charge a 20 percent fee on cargo shipped through the Strait of Hormuz, replacing it with proposed trade and investment agreements with Persian Gulf states while maint
Read full article →Azerbaijan Accelerates Middle Corridor Push With Central Asia Trade Deals
Azerbaijan is working hard this summer to build bridges across the Caspian Sea, announcing a variety of projects to expand Middle Corridor trade with Central Asian states. In late June, Azerbaijan and Turkmenistan signed
Read full article →Dangote's Dollar Shift Reveals Nigeria's Bigger Oil Problem
Africa's biggest refinery has started pricing fuel in U.S. dollars because Nigeria can't supply enough Nigerian crude to keep it running. Dangote Petroleum Refinery, which can process 700,000 barrels of crude per day, sa
Read full article →New York Imposes First Ever Moratorium On U.S. Data Centers
New York Governor Kathy Hochul has signed the country’s first-ever executive order imposing a statewide moratorium on new large-scale data centers for up to one year. The order freezes the permitting process for new data
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Greenfire to acquire Canadian oil sands producer Connacher for $900m
Greenfire Resources has agreed to acquire Canada-based Connacher Oil and Gas in an all-cash transaction valued at approximately $900.4m.
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Conflict, energy security, and the energy transition: lessons from Asia
The recent conflict involving the US, Israel and Iran once again exposed the fragility of global energy markets.
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Chesapeake Utilities unveils $1.2bn Florida Energy Pathway plan
Chesapeake Utilities, along with its subsidiary, Peninsula Pipeline, has announced plans for the $1.2bn Florida Energy Pathway, an intrastate natural gas infrastructure project in south Florida, US.
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Halliburton to deliver drilling services at Suriname’s GranMorgu field
Halliburton has been awarded contracts to provide integrated drilling and completions services for the GranMorgu deepwater oil development located around 150km off Suriname’s coast.
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SLB OneSubsea wins EPC contract for Baleine phase three
SLB OneSubsea has secured an engineering, procurement, and construction (EPC) contract from Eni for Phase 3 of the Baleine project located offshore Côte d’Ivoire.
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Petronas, Shizuoka Gas sign seven-year LNG supply agreement
Petronas LNG has agreed to supply LNG to Shizuoka Gas under a new sale and purchase agreement that will run for seven years from financial year 2032 to 2038.
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Oil prices rise more than 3% amid new US-Iran military strikes near Hormuz
Oil prices climbed by more than 3% on 13 July, Monday, following renewed military exchanges between the US and Iran, prompting concerns over the security of global energy shipments through the Strait of Hormuz.
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ADNOC L&S orders four LNG carriers from Jiangnan for $900m
ADNOC Logistics and Services (L&S), a subsidiary of ADNOC, has signed a contract worth approximately $900m (Dh3.3bn) with Jiangnan Shipyard for the construction of four new liquefied natural gas (LNG) carriers.
Read full article →Weekly Fuel Security Briefing
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