Oil & Gas

Donald Trump's favourite word is "tariff". His continued use of the term last year sparked fear in the markets as his administration unilaterally implemented the most protectionist trade policies since 1930. The 'bark' was worse than the bite. Just over a month has passed since Trump declared "Liberation Day" and the average U.S. Tariff rate is lower in April 2025 than most feared. At just under 10% the daily effective rate of pre-substitution is still four times higher than it was at the end 2024. Tariffs are barely a factor on the financial markets. This is partly because investors are...

?U.S. The Energy Information Administration reported on Tuesday that crude oil production in April was the highest ever recorded at 13.93 million barrels per day. This is the highest level on record. Producers increased output to counter higher oil prices due to the Iran War. EIA data show that production rose by 216,000 barrels per day in April. Production in New Mexico reached a record of 2,37 million barrels per day. Texas' crude production increased by 36,000 bpd to 5.83 millions bpd. This is the highest level since November. The Permian Basin is located in Texas and New Mexico, where...

The oil prices were little altered on Tuesday, but they were heading for their largest monthly and 'quarterly' losses since the COVID-19 Pandemic early in '2020. Investors were looking at potential U.S. - Iran talks in Doha amid the strained -interim ceasefire of the four-month long war. Brent futures dropped 13 cents or 0.2% to $73.02 per barrel at 12:34 pm EDT (1634 GMT), whereas U.S. West Texas Intermediate crude (WTI) fell 89 cents or 1.3% to $69.86 per barrel. The two crude benchmarks are close to the levels they reached on February 27, just before the U.S. and Israel...

Donald Trump's favourite word is "tariff", and his continued use of the term last year caused fear in the markets, as the U.S. administration unilaterally implemented the most protectionist trade policies since 1930s. The bark was worse than the bite. Just over a month has passed since Trump declared "Liberation Day" and the average U.S. Tariff rate is lower in April 2025 than many had feared. The daily effective pre-substitution rate, at just over 10%, is four times higher than it was at the end of 2024. Tariffs are barely a?record in today's financial markets. This is partly because investors...

Donald Trump's favourite word is "tariff". His administration's unilateral protectionist trade policies of the 1930s were a cause for concern in the markets. The bark was worse than the bite. Just over a month has passed since Trump declared "Liberation Day," but the average U.S. Tariff rate is now lower than what many had feared for April 2025. At just under 10%, however, the daily effective rate before substitution is still four-times its level at the end 2024. It's also the highest, barring last year, since the early 1940s. Tariffs barely register on the financial markets of today. This is...

The world's central bank forum and watchdog have?warned investors against being swept up in this frenzy. The Basel-based Bank for International Settlements, in its annual report on the?state of world finance? on Sunday did not doubt the AI buildout's scale -- but was concerned about the "hangover" when spending peaks. As the U.S. and Israel war against?Iran continued to rumble in the background U.S. chipset stocks rallied by 75% in the second quarter of 2026, driven by another wave in capital expenditure forecasts coming from hyperscalers who are racing to build AI infrastructure. This has caused supply bottlenecks, chip shortages,...

Wang Di, China's embassy to Canada, said that the Lotus electric cars from Geely Holding Group will be arriving in Canada by next month as a result of an agreement signed between Chinese President Xi Jinping and Prime Minister Xi Carney. The vehicles will be the 'first' Chinese-owned, manufactured and sold vehicles under an agreement that allows for up to 49,000 Chinese electric cars to enter Canada at a reduced rate of tariffs each year. Carney is trying to diversify Canada’s trade away form the United States. Wang stated that "Geely EVs are coming to Canada next month, and there...

Wang Di, China's ambassador in Canada, said that Geely Holding Group Lotus electric vehicles would arrive in Canada within the next month as a result of an agreement reached between Prime Minister Mark Carney and Chinese president Xi Jinping. The vehicles will be the first Chinese owned and manufactured cars to be sold under an agreement that allows for up to 49,000 Chinese electric vehicles to enter Canada at a reduced rate every year, as Carney attempts to diversify Canada’s trade away the United States. Wang stated that "Geely EVs are coming to Canada next month, and there will be...

Wang Di, China's Ambassador to Canada, told? Wang Di, China's ambassador to Canada, told? The first Chinese-owned,?manufactured? vehicles will be sold under an agreement that allows for up to 49,000 Chinese electric vehicles to enter Canada at a reduced rate every year. Carney is trying to diversify Canada’s trade away the United States. Wang stated that "Geely EVs are coming to Canada next month, and there will be a ceremony in Montreal when the cars arrive." Lotus Cars didn't immediately respond to an inquiry for comment. The Global Affairs Department of Canada could not comment immediately on the expected arrival...

IMF Chief Economist?Pierre-Olivier Gourinchas stated on Friday that strategic petroleum releases prevented a more rapid rise in oil prices due to the Middle East war. However, the global economy is at risk if the fragile ceasefire agreement between the U.S. Gourinchas said in an interview that the reserves of the countries were now depleted. This meant they would have less maneuvering room if the conflict flared up again. Gourinchas has warned for years that geopolitical tensions can lead to an even more fragmented global economy. He did not give any details on a new forecast the IMF will release on...

The?U.S. The?U.S. The crack spread, which is calculated as the difference in price between U.S. ultra low sulfur diesel futures compared to U.S. crude benchmark West Texas Intermediate Futures, reached $62.84 a bar on Thursday. This was the highest level since June 3. The resilient diesel?refining economy reflects a cautious approach by traders who are wary about being caught out if tensions erupt again in the Middle East. The blockade of Strait of Hormuz has had a major impact on diesel markets, as it is critical for global supplies of fuel and Middle Eastern crude grades that are well-suited to...

The markets are awash with red flags that warn of another turbulent second half in 2026. Don't mistake turbulence for a sign of a correction. Late bull markets are often characterized by wild volatility, eye-watering price fluctuations and a wide range of asset classes and benchmark indices. This is when exuberance becomes irrational, to paraphrase late Federal Reserve chair?Alan Greenspan. These dynamics are playing out in varying degrees on many markets. Silver has fallen 55% since its January peak and Bitcoin's value has dropped by more than half since November. The tech market has been a volatile ride -- the...

?U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline retailers to lower their prices in honor of the?U.S. The United States celebrates its 250th birthday. President Donald?Trump reiterates his message that "we are watching." Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, particularly?during the 250th anniversary because we are watching." Bessent reiterated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big...

U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline'retailers' to lower prices in celebration of the U.S.'s 250th birthday, reinforcing 'Trump's message with a warning 'we're monitoring' Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, especially during the 250th anniversary of the?Oil Industry, because we are watching." Bessent repeated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big issues." "If Retailers...

Venezuela is receiving cash, emergency aid and rescuers after two powerful earthquakes that shook the area around Caracas left thousands of people missing. Details of foreign aid are listed below: UNITED NATIONS U.N. humanitarian?body reported that 25 international teams with 1,000 personnel total had been mobilized. Tom Fletcher, the chief of aid at the United Nations, said that a collective effort would be needed in order to support a government-led response. UNITED STATES The U.S. State Department announced that it is?mobilizing? $150 million in assistance. The U.S. State Department said it is mobilizing $150 million in aid. Washington will also...

Indian refining sources claim that several middlemen offered 'discounted Iranian crude oil' to Indian refiners as a way for 'Tehran' to speed up sales following Washington’s temporary waiver of sanctions. After the first round of talks in a new peace agreement, the United States lifted sanctions against Iran for 60-days, which opened a small window for a renewed energy trade. Sources said that the Iranian state oil producer, National Iranian Oil Co. (NIOC), has approached Indian refiners directly and through intermediaries, claiming to have allocated oil. "Apart form NIOC several traders contact us to sell?Iranian Oil. One of the refining...

Venezuela is receiving cash, emergency aid and rescuers after two powerful quakes shook areas around the capital Caracas. Thousands of people are still missing. Here is the list of foreign aid: UNITED NATIONS According to U.N.'s humanitarian affairs agency, 25 international?teams with a total of 1,000 personnel have been mobilized. Tom Fletcher, the chief of aid at the United Nations, said that a collective effort will be needed in order to support government-led efforts and assist communities. UNITED STATES The U.S. State Department announced it would mobilize $150 million of aid. The U.S. State Department said it is mobilizing $150...

Trade sources reported on Friday that 'QatarEnergy' has released a tender to sell crude oil for loading in July and August. This is believed to be its first tender since the onset of 'the Iran -war. Producer offers Marine Land, Marine Qatar, and al-Shaheen crude. According to a tender document seen by, buyers can load or transfer via ship-to -ship transfer between Fujairah & Sohar. The bid will close on 29 June. The offer is a further boost to the rising supply of Middle Eastern producers. Iraq's SOMO, the state-owned oil marketer in Iraq, issued a tender?Thursday for Basra Heavy...

Iraq's state-owned oil marketer SOMO?issued an offer on Thursday to?sell Basra Heavy oil and Basra medium oil in July?, according to trade sources. SOMO has not specified the 'volumes' in a?tender, they added, adding that the tender will end on Saturday. The company asks buyers to take oil from the Basra Oil Terminal in the Strait of Hormuz. They said that bidders are asked to provide prices based on Dated Brent Crude for Europe, Argus Sour Crude Index (ASCI), for the United States and a price average for Oman-Dubai in Asia. SOMO failed to respond immediately to a comment request...

SK Hynix, a South Korean company, said it planned to?raise up to $29.4billion through a U.S. -stock market listing. This would be one of the largest?listings globally. If completed at the top end, the deal would be the second-biggest share sale after a record $85.7 billion initial public offering by SpaceX earlier this month, surpassing Saudi Aramco's $25.6 billion IPO in 2019and Alibaba'ssimilar-sized offering in 2014. The planned listing reflects a strong global appetite for AI linked equities even as volatility rises across U.S. technology and semiconductor markets. This comes after Elon Musk's SpaceX and other record-breaking equity offerings in...

SK Hynix, a South Korean company, said it plans to raise as much as 45.45 trillion won ($29.43billion) through a U.S. IPO. The company is aiming to increase its 'investor base' and 'production capacity for artificial intelligence chips. The listing of American depositary receipts, if completed to the top, would be one of the largest ever in history. It is comparable in size with Saudi Aramco’s IPO scheduled for?2019. Investor and analyst reactions to the latest news: CLSA SENIOR ANALYST SANJEEV RANA "If (SK Hynix can) get a valuation multiple that is similar to Micron for example, the local shares...

Under the interim agreement to end the war with Iran, the U.S. began lifting some sanctions. However, it will be difficult for any comprehensive agreement to unravel the tangled webs of restrictions that restrict the country's trade and activities. It is for this reason that any attempt to lift the sanctions against Iran may take many years, and foreign investment could be slow to return. WHEN WILL THE SANCTIONS AGAINST IRAN BE RELEASED? Since decades, the U.S. has imposed sanctions, trade 'embargos' and asset freezings on Iran over its nuclear program, human rights record, and support of groups in the...

Two sources with knowledge of the issue have confirmed that Indian Oil Corp. has received "no bids" in the tenders for 'charter vessels' to lift crude oil and liquefied petrochemical?gas from ports within the Strait of Hormuz. Last week, India's largest refiner and fuel retailer floated three tenders for chartering a very-large gas carrier (VLGC), an extremely large crude carrier, and a Suezmax. Indian state refiners buy most of their oil and LPG from Middle Eastern producers free-onboard. A VLCC carries about 2 million barrels of oil. And a VLGC holds 45,000 metric tonnes of LPG, a mixture of propane...

Sources in the trade said that Abu Dhabi National Oil Company sold "at least 18,000,000 barrels" of crude oil from United Arab Emirates during its third spot tender this month. ADNOC has sold at least 48,000,000 barrels of crude oil in June, according to calculations. ADNOC is also offering more volumes in a 4th?tender due to close this week. Kpler data showed that the UAE exported 101.4 million barrels of oil in January, and 95.2 millions in February before the U.S. - Iran war blocked the Strait of Hormuz. Two trade sources reported that an Indian refiner bought 2 million...