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Oil & Gas

Oil & Gas

ROI-Global trade in rude health? McGeever: Yes, with a catch

Global trade doesn't cool in the shadow of tariffs, wars on trade, real wars, and energy shocks. It's heating. How durable is it when the price, and not volume, is what's stoking up the flames? Recent trade data, from the U.S., China and other major economies, shows that cross-border commerce has grown at a faster rate than economists expected. In many cases the price increases were the primary cause of increased activity and surprising export figures. This reflects the spike in inflation caused by the Iran War, particularly on the oil and energy markets. This was especially true in the...

Oil & Gas

ROI-Global trade in rude health? McGeever: Yes, with a catch

Global trade is not cooling in the shadow of tariffs and trade wars. It's heating. How durable is it when the price and not the volume is what's stoking up the flames? Recent trade data from the U.S., China and other major economies show that cross border commerce is growing at a faster rate than economists expected. In many cases the "increased activity" and the "surprisingly strong headline export numbers" were primarily driven by "higher prices". These reflect the spike in inflation caused by the Iran War, particularly on the oil and energy markets. This was especially true in the...

Oil & Gas

Reliance lifts Indian shares after Meta data centre deal

After a flat start, Indian?shares rose on Wednesday, led by Reliance Industries. This was after Meta Platforms announced its first AI-enabled?data centre partnering in India. As of 9:57 a.m. IST, the benchmark?Nifty 50 index rose 0.59% to 23,379.4 while the BSE Sensex increased 0.7% to 74436.6. Reliance rose 2.1% following a Meta announcement that the company would lease a datacenter the Mukesh Ambani?led?company, will build in India. 11 of the 16 largest sectors saw gains. The broader small and mid-caps were flat. The heavyweight financials and the private banks each gained 0.6%. As renewed Middle East hostilities, and expectations of...

Oil & Gas

Saudi Arabia cuts its July OSP for Asia sharply amid low demand

Saudi Arabia cut its official'selling prices' (OSPs), for crude oil sold to 'Asia, in July, for a second consecutive month. This was expected, since spot premiums fell on a sluggish demand despite the supply disruptions caused by U.S. - Israeli war against Iran. A document reviewed on Monday by?showed that the July OSP was set at $9.50 per barrel over the average Dubai and Oman quote, which is $6 lower than the OSP in June. The July OSPs of other Saudi grades for Asia fell by $6 per barrel compared to the previous month. The price reduction was in line...

Oil & Gas

Energy secretary: Companies will add 40 million barrels to US SPR when the Iran war ends.

After the war in Iran, companies that have borrowed oil from the U.S. Strategic Petroleum Reserve will receive an 'extra 40 mln barrels - of crude as premiums. Fuel prices have risen since the U.S. and Israel war against Iran began in early February. Wright, however, said that he was not concerned about low stock levels at?the SPR. Wright told Fox Business's "Varney & Company," "I am not concerned because we are not'selling' any barrels of crude oil. We're supplying oil 'to the market 'in the short-term when it is needed, and we trade those barrels." "For every barrel we...

Oil & Gas Refining

The US terrorist label could increase business costs for Brazil's gangs

As of Friday, the U.S. designated Brazil's largest criminal groups as "Foreign Terrorist Organizations" (FTOs). This is likely to increase risks and costs of doing business in Brazil where gangs are well-established. Comando Vermelho (CV), and Primeiro Comando da Capital, both of the 'biggest Brazilian crime gangs, began in prisons during the 1970s. Since then, they have grown to dominate drug trafficking in South America and their money laundering operations have spread into the far corners of Brazil’s mainstream economy. Investigators have recently discovered that both groups are deeply embedded in sectors like fuel distribution, real-estate and finance. They also...

Oil & Gas

California will decide in the near future whether to seek to block Paramount deal

In an interview, Bonta said that he would decide soon whether or not to sue Paramount to stop its $110 billion purchase of Warner Bros. He added that he believes corporate pledges to address antitrust issues are 'better' when they are backed by divestitures. Bonta's Office has been evaluating the deal to determine if it violates U.S. Antitrust Law. Movie?theater owners and Hollywood actors have all expressed concern that the deal would reduce competition in the film industry and lead to higher prices, lower wages and fewer choices for consumers and content purchasers. According to a source with knowledge of...

Oil & Gas

US House supports Russia sanctions and Ukraine aid in latest blow against Trump

The U.S. House of Representatives approved legislation Thursday that would provide 'aid to Ukraine' and impose new Russian sanctions. This is the latest indication that Republicans are willing defy their party leaders and push back against President Donald Trump. The House passed the Ukraine Support Act 226-195. It had been pending for months. A few Republicans signed a petition with Democrats to force a vote. On Thursday, Democrats and 18 Republicans joined forces with one independent who usually votes along side them to pass the bill. This was the latest indication of a rift in the nearly unanimous support that...

Environment

U.S. revokes endangered species listing for Permian Basin lizard, resolves Texas attorney general lawsuit

The Trump?administration has agreed to strip endangered species status from a lizard whose range overlaps?the biggest oil-producing area in?the United States. This is a settlement of a lawsuit?brought?by Texas attorney general Ken Paxton. The U.S. The U.S. Fish and Wildlife Service declared the dunes sagebrush-lizard endangered in May 2024 after concluding oil and gas development had rendered the loss of habitat "effectively permanently." The U.S. Justice Department said that the USFS now considers that it made an "important and fundamental" mistake by assuming incorrectly that habitat restoration was impossible and by ignoring experimental efforts which "showed potential", in a court...

Oil & Gas

How Trump's ceasefires have failed to end Middle East violence

Residents in Gaza, Lebanon's south, northern Israel, and Kuwait have all been under fire in the past week, despite ceasefires that were supposedly in place in these regions, arranged by the United States. Israeli airstrikes struck Gaza and Lebanon. Israeli forces are still "actively" deployed in both locations. Hezbollah launched rockets at northern Israel and Iranians attacked Kuwait's airport. The violence has continued. The continued violence prompted?U.S. The three?truces that his administration negotiated were intended to?stop the war. While the major combat has been greatly reduced, munitions still fall and people still die. Here's how the ceasefires and fighting are...

Oil & Gas

India and Venezuela have a 'perfect complementarity' in the energy trade amid Gulf Crisis

India and Venezuela tried to strengthen their ties on Thursday in the 'energy sector. New Delhi said that Caracas views it as a 'preferred partner in this sector, at a moment when global oil supplies are disrupted due to the Middle East Crisis. Venezuela's interim president Delcy Rodriguez, along with a large delegation of ministers, is in India and met with Indian Prime Minster Narendra Modi Thursday. Rudrendra Tandon (East), Secretary in the Indian Foreign Ministry, said at a press briefing that the discussions between the two parties focused on cooperation in both upstream- and?downstream-energy projects. Tandon stated, "We work...

Oil & Gas

First the Fed dot then the guidance, and finally a hike. Mike Dolan

Federal Reserve quarterly "dot-plot" rate forecasts could soon lose the last projected rate reduction, the so called easing dot. The plot itself may disappear altogether. Markets would then have to determine if Kevin Warsh was really the inflation-hawk he claimed to be. It might still be a surprise to some investors if he's right. Before his first policy meeting, the new Fed chairman is busy setting up his stall. He consults his staff and gets ready for his first policy session. The guidance he receives on policy direction is not going to be easy. The three-month-long war in Iran and...

Fossil Fuels

Fossil Fuels

Trump on Iran: We will be very aggressive with them

U.S. president Donald Trump announced on Wednesday the United States will?attack?Iran'very hard' if a peace deal cannot be reached. He also said that the United States had been taking oil from Iran. Trump told reporters in the White House that he would be "attacking them very hard" after Iran shot down an Apache helicopter on the Strait of Hormuz. The president has re-iterated the fact that Iran would be attacked on Wednesday. Trump revealed that?the United States is taking oil out of Iran. Trump revealed that the United States has been removing millions of barrels per night of oil from...

Fossil Fuels

The world markets are on a tightrope, balancing between AI stocks and oil price shocks

Investors said that the turmoil on the world markets over the past week showed the economic outlook was 'now on a razor edge. There are equal odds for an AI boom to lift growth, or for oil shocks resulting from the U.S. - Iran war to send stocks and bonds into a tailspin. Global equities reached an all-time high on June 3 and then suffered their worst day in October the next day. This week, they have spent a lot of time reversing direction constantly to match U.S. president Donald Trump's volatile remarks about Iran as well as rapidly changing...

Oil & Gas Refining

Meta partners with Ambani’s Reliance to build AI data centers in India

Facebook parent?Meta announced on Wednesday it had partnered with Mukesh Ambani, a billionaire from India. The two companies will build the first AI-enabled India data center. Reliance is building a datacenter with a 168 MW power capacity in Jamnagar, a city located in the western Indian state Gujarat. According to a statement, Meta will lease this facility with options for expansion. Meta said India’s large user base and rapidly growing digital economy make it a great place to invest. According to IMARC Group, India's data center market will nearly double by 2034 to $13.11 Billion, driven by digital transformation, cloud...

Crude Oil

Refined Products

Refined Products

Oil prices rise $2 after Iran announces the closure of Strait of Hormuz as a result of US strikes

Oil prices rose?more than?$2 a barrel on Thursday after Iran closed the Strait of Hormuz - a critical energy chokepoint - following the U.S.'s additional strikes against Iran. Brent futures rose by $2.30 or 2.47% to $95.40 per barrel. Meanwhile, U.S. West Texas Intermediate crude (WTI), which is a derivative of WTI, rose by $2.60 or 2.89% to $92.63. U.S. crude futures gained over $3 in the early part of the session. Iran's top Joint Military Command announced on Thursday that the Strait of Hormuz would be closed to all vessels, including commercial and oil tankers, with the warning that...

Refined Products

Trump: 'I love inflation' as prices increase amid Iran war

Donald Trump on a Wednesday appeared to be embracing data that showed a rise in inflation of more than 4%. He told reporters that he "loved the inflation" and reiterated his belief prices would fall once the Iran War ended. When asked about U.S. data that showed consumer inflation increased in May at the fastest rate in three years, and if it could hurt his fellow Republicans months before November's midterm elections, Trump replied: "I love inflation." Trump then explained that he approved a plan to secretly move oil tanks through the Strait of Hormuz due to concerns about higher...

Refined Products

FOREX Dollar eases as US inflation data keeps rate hike at bay

The dollar eased Wednesday, after data showed that U.S. consumer inflation reached its highest level in 3 years in May. Although the reading was in line economists' expectations. This lowered the odds of the Federal Reserve raising rates this year. In May, the U.S. consumer price index increased at the fastest pace in three years as the Middle East conflict pushed up the cost of gasoline and energy products. Bureau of Labor Statistics of the Labor Department announced on Wednesday that the Consumer Price Index had increased by 4.2% over the 12-month period ending in May. This is the biggest...

Refined Products

India rejects US claim of excess capacity in textiles and steel

Amitabh Kumra, a trade official in India, said that India did not have'surplus manufacturing capacity' in textiles and steel as claimed in the Section 301 investigation by the U.S. Trade Representative. Washington has cited structural surplus capacity in Indian industries, from solar panels and petrochemicals, to steel and textiles. It also cites its $42 billion goods trade deficit with the United States by 2025. Kumar, India's Additional Trade Secretary, said that its textile and Steel output should be evaluated in relation to the size of its population, its domestic demand, and its growth needs rather than its absolute production. "Overcapacity"...

Refined Products

Oil prices rise as tensions between the US and Iran flare up again, while stocks are tightened

After?the U.S. The military launched new attacks against Iran, and market data revealed another large drawdown in U.S. oil stocks. Brent futures climbed 66 cents or 0.7% to $92.11 a bar at 0406 GMT. U.S. West Texas intermediate crude crude crude climbed by 60 cents or 0.7% to $88.80. After President Donald Trump promised to act on the downing of an Apache attack helicopter by the U.S., this was a new escalation which threatened to unravel a fragile truce between Washington and Tehran. Priyanka?Nova, a senior analyst at Phillip 'Nova, stated that the latest attacks have shifted traders’ focus to...

Refined Products

As US launches new attacks against Iran and supply tightens, oil prices rise by almost 1%

The oil prices rose about 1% Wednesday after the U.S. military launched a new strike against Iran, and market data revealed another large drawdown in U.S. crude stock. After President Donald Trump promised on Tuesday that he would respond to the downing overnight of a U.S. Apache helicopter, there was a new escalation which threatens to unravel a fragile truce between Washington and Tehran. Brent futures rose 83c, or 0.9%, to $92.29 a barrel, while U.S. West Texas Intermediate crude (WTI), climbed 68c, or 0.8% to $88.97. Brent closed at its lowest level on Tuesday since April 17 while WTI...

Refined Products

Karen Braun: The role of China in US agriculture has changed.

Last month, the prospect of renewed Chinese demand for U.S. agricultural products sparked excitement on?grain market. However, enthusiasm has faded and no immediate purchases have been made. It was not surprising that the initial reaction was bullish. China has been a driving force in U.S. agricultural growth, helping to drive record soybean exports and grain prices, as well as emerging as a major purchaser of everything from beef to corn. The trade agreement last month, which included at least $17 billion of U.S. agricultural sales beyond existing soybean agreements, revived hopes that China could once again be a major driver...

Refined Products

Trump promises to end the Iran war quickly while campaigning in Wisconsin for Republicans

U.S. president Donald 'Trump' on Friday pledged to end the Iran War quickly and remove an alleged source of high prices while campaigning in rural central Wisconsin. He was doing so in a bid for Republicans to keep control of Congress in midterm elections. The visit to Chippewa Falls highlighted the Republican strategy to retain control of the U.S.?House of Representatives. He said that progress could be made in the negotiations with Iran, but a deal to end this conflict is still elusive. He encouraged Wisconsin voters to be energized in preparation for the election. Trump stated at a roundtable...

Refined Products

What is the secret to economic success? Stephen Jen: A good baseball team

What do the four most important tech economies in the world - the U.S.A., Taiwan Japan and South Korea have in common? They are baseball fans. It may not be a mere coincidence. This raises questions about the prospects for two other baseball-loving countries: Venezuela and Cuba. In the U.S., baseball was created in the mid-19th century. It is a combination of rounders and cricket. Baseball is popular among those who have had a long-term relationship with America, just as British sports are in Commonwealth countries. Baseball became popular in Japan, Taiwan and South Korea after World War II, when...

Refined Products

US oil exports soar, causing domestic crude stocks to plummet

Cushing, Oklahoma is a prairie town known as the "pipeline crossroads" of the world. Its 400 oil tanks are almost empty. Refiners from around the globe have emptied them to fill a huge shortfall in supplies caused by the Middle East war. Cushing is one of the largest oil storage hubs on earth. Since the start of the war, oil levels in the tanks have 'fallen rapidly.' Iran has effectively stopped tanker traffic on the Strait of Hormuz. In order to supply fuel to the world economy, refiners have snatched up any crude they can find to replace the 20...

Refined Products

Data shows that Iranian oil exports have fallen to their lowest level in six-years.

According to shipping data, and analysts, Iranian crude oil exports and condensate fell to their lowest levels?in six years?in?May. They were well below 300,000. barrels per day. This was mainly because of the U.S. Naval Blockade. The U.S. started enforcing its blockade in April, which choked Iranian exports. This is because the oil market has been facing a shortage of supply due to the Iranian closure of the Strait of Hormuz, cutting off exports from Saudi Arabia. Vortexa data indicates that Iran's exports in May averaged around 209,000 bpd, down sharply from the 1.34 million in April and almost 1.9...

Refined Products

After Ukrainian strikes, Russian-held Crimea tightens up fuel restrictions

Russian-controlled Crimea tightened rationing on?fuel supplies Thursday. It suspended all cash sales of gasoline, and issued a 'new coupon' to buy it. The peninsula is grappling with a shortage of fuel linked to Ukrainian drone attacks. In recent days, drivers in the Crimea region, which was annexed from Ukraine by Russia in 2014, faced long queues at gas stations after Kyiv's attacks restricted supplies from adjacent Russian-controlled territory in southeast Ukraine. Sergei Aksyonov - the Kremlin's appointed head of Crimea - announced the new measures, which tighten restrictions on petrol sales imposed a month ago. He said that the sale...