The price of gas in Europe is rising as geopolitical tensions fuel concerns about supply disruption
Dutch and British wholesale prices for gas rose on Monday as markets prepared themselves for Iran's reaction to the U.S. strike on its nuclear sites. They also raised concerns about supply disruptions, higher insurance costs and possible supply disruptions if Tehran closes the Strait of Hormuz. LSEG data shows that the benchmark…
IEA: World oil demand will continue to grow this decade despite China's peak in 2027
The International Energy Agency (IEA) said that global oil demand will continue to grow until the end of the decade, despite a peak in China, the top importer, in 2027. This is because cheaper gasoline in the United States and a slower adoption rate for electric vehicles in this country support consumption. The IEA (which advises…
Vitol CEO predicts slight decline in US oil production this year due lower prices
He said that the lower oil prices will lead to a slight decrease in U.S. production of oil this year. "We're starting to see an impact on production and investment with slightly lower prices." Russell Hardy, speaking at the Energy Asia Conference, said that the U.S. shale oil industry is the most obvious example. He added that the lower investment and production are not a major concern…
OPEC trims supply for 2026, despite a strong second half of the world economy in 2025
OPEC stated on Monday that it expects the global economy to be resilient in the second part of this year despite trade conflict concerns. It also lowered its forecasts for the growth in oil production from producers outside the broader OPEC+ in 2026. The Organization of Petroleum Exporting Countries (OPEC) in a report released…
Commodity Report: Meeting Oil Demand a Challenge if Israel Hits Iran Oil
Oil market participants have switched to dreading a shortage in fuel from focusing on impending oversupply in just two days this week.After Israel attacked Iran and Tehran pledged to retaliate, oil prices jumped as much as 13% to their highest since January as investors price in an increased probability of a major disruption in…
US crude oil demand surges as traders prepare for OPEC+ pricing war
The Tank Tiger storage broker reported that the demand for crude oil in the United States has risen in recent weeks, to a level similar to the COVID-19 epidemic. This is as traders prepare to receive a surge in supply from the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the coming months. OPEC+ has agreed to increase oil production for a second month in a row, June.
US drillers have cut oil and natural gas rigs in the third week of a row, according to Baker Hughes
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the third consecutive week for the first since mid-April. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending May 16 to 576, the lowest level since January.
Aramco's executive claims that oil demand may increase if the tariff dispute is resolved
Aramco, the Saudi oil giant and a cash cow of the kingdom for many years, is expecting oil demand to be resilient this year. It also expects further upsides if the U.S.-China trade dispute is successfully resolved. Washington and Beijing agreed earlier Monday to temporarily reduce reciprocal tariffs, in a deal which exceeded expectations.
Aramco's executive claims that oil demand may increase if the tariff dispute is resolved
Aramco, the Saudi oil giant and a cash cow of the kingdom for many years, is expecting oil demand to be resilient this year. It also expects further upsides if the U.S.-China trade dispute is successfully resolved. Washington and Beijing agreed earlier Monday to temporarily reduce reciprocal tariffs, a deal which exceeded expectations.
Baker Hughes reports that the US oil and gas rig counts have fallen to their lowest level since January.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have reduced their number of operating oil and natural-gas rigs to its lowest level since January. The number of oil and gas rigs, a good indicator of future production, dropped by six in the week ending May 9 to 578. Baker Hughes reported that the total number of rigs is down 25 or 4% from this time last week.
MPOC expects palm oil demand to increase in China and India as prices become more competitive.
The Malaysian Palm Oil Council said that demand for palm oil from major global buyers China, and India will increase because the vegetable oil has become more affordable compared to its competitors. The MPOC stated that palm oil was now "reasonably-priced" at 3,900 Ringgit ($889) for a metric ton. It added that the prices would likely remain at this level due to a rebound in soybean oil.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since four weeks. The number of oil and gas rigs, a good indicator of future production, increased by two in the week ending April 17 to 585. Baker Hughes published the rig counts report one day earlier on Thursday, due to Good Friday.
US EIA warns that tariffs and trade uncertainties will lower oil demand
The U.S. Energy Information Administration's (EIA's) monthly short-term Energy Outlook report on Thursday said that recent developments in global trade policies are expected to reduce global oil and fuel consumption growth through 2026. As a result of the uncertainty created by a possible lower global growth rate and higher oil supplies, the U.S.
Oil below $60 puts US producers in a tough position regarding growth and capital returns
Analysts have warned that a drop in oil prices to below $60 per barrel as a result of an intensifying trade war could cause anxiety throughout the U.S. Oil Patch, forcing companies to take additional measures, including reducing share buybacks or capital expenditures. Brent crude and West Texas Intermediate futures (WTI) fell to their lowest levels since February 2021 as tariffs introduced by U.S.
Sources say Vitol will post a net profit of $8 to $8.5 billion in 2024.
Two industry sources said that Vitol was the world's largest energy trader in 2024. This is a significant drop from its record-breaking profits of 2022 and 203, but it still outperformed rivals by an enormous margin, despite lower volatility. The energy traders made record profits between 2022 and 2023, as the market recovered from the pandemic.
US EIA delays short-term outlook report amid oil market downturn
Energy Information Administration (EIA) in the United States announced on Monday that it will delay publication of its "Short-Term Energy Outlook Report" (STEO), amid a drop in oil prices nearing four-year lows due to growing fears of a worldwide recession. EIA announced in an email that the report scheduled for publication on Tuesday…
Stocks of tech and bank companies plummet as China's retaliation fuels fears of a wider trade war
U.S. tech giants, banks, and oil majors all fell on Friday, after China responded to Trump's new tariffs by imposing steep duties. This heightened fears of an economic recession around the world. China has imposed additional duties of 34 percent on U.S. products, which will take effect on April 10. China also announced a ban on the export of certain rare-earths, and added a number of U.S.
Russell: Renewables and gas are gaining ground on coal and oil
The latest review of the International Energy Agency shows that renewables and gas are the most popular energy sources. In its Global Energy Review published on Monday, the IEA described this growth rate as "faster-than-average". Electricity, the fastest growing sector, grew 4.3% by 2024 or almost twice the average annual growth rate of the last decade.
Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.
What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China…
Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.
What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China…
