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Energy Markets

Oil & Gas

Environment

EIA: US natgas production to reach record highs in 2026 while demand declines

The U.S. Energy Information Administration?said Tuesday that U.S. Natural Gas?output would reach a record-high?in 2026 while demand would decline. EIA predicted dry gas production would rise from a 107.7 billion-cubic-foot record in 2025, to 110.6 bcfd by 2026, and 115.0 bcfd by 2027. The agency also projected that domestic gas consumption would fall from an all-time high of?91.9 billion cubic feet per day (bcfd) in 2025, to 91.2 in 2026 and then to?94.4 in 2027. May's projections were higher than EIA forecasts in April, which predicted 109.6 billion cubic feet per day for production and 90.6 for demand. The agency...

Oil & Gas

As ties with Syria warm, UAE trade with Syria grows rapidly

A UAE minister told a Damascus Investment Forum that trade between the United Arab Emirates (UAE) and Syria has more than doubled since '2025. It will continue to grow. This is a sign of rapidly warming relations between both countries. Thani Al Zeyoudi, UAE Minister of State in charge of?Foreign trade, told the first?Syrian Emirati Investment Forum the non-oil trading between the United Arab Emirates (UAE) and Syria will reach a record $1.45 billion by 2025. This is a 132% increase from the previous years. He said that the rise in bilateral trade is a positive sign. During the two-day...

Refined Products

Pentagon: US war on Iran has cost US $29 billion to date

A senior Pentagon official stated on Tuesday that the United States war in Iran has cost $29 billion so far, which is an increase of $4 million from an estimate given late last month. The Democrats have been able to gain a lot of ground in the public opinion polls, as they try to tie the war to cost of living issues. The Pentagon announced on April 29 that the war had already cost $25 billion. Jules Hurst who performs the duties of comptroller told lawmakers that the new costs included updated repair and replacing equipment?and operational expenses. Hurst stated...

Oil & Gas

IRGC officer: Iran now considers Strait of Hormuz a much larger zone

According to a'senior officer' in the Islamic Revolutionary Guard Corps Navy, Iran has expanded the definition of the Strait of Hormuz far beyond what it was before the Iran war. Fars, a news agency affiliated with the Iranian government, reported Tuesday that the strait was no longer viewed by the IRGC Navy as a small stretch of water around a few islands, but had been significantly enlarged and given a greater military significance. "In the past the Strait of Hormuz has been defined as a small area around islands like Hormuz or Hengam. But today, this view is changing," said...

Oil & Gas

Mike Dolan: Red lines of ROI-Warsh concern world finance

Kevin Warsh, the new Federal Reserve chairman, is on his way to the Federal Reserve to "clip the wings" of a bank that he believes has strayed into politics. Many countries are afraid that this will only give the 'U.S. Politicians have more freedom to use financial instruments as a weapon. Warsh, who was nominated by U.S. president Donald Trump in January to succeed Jerome Powell at the helm of the board, is expected to be confirmed by the Senate before Powell's?term ends on May 15th. His confirmation hearing delved into his views on?Fed independence? and a controversial preference to...

Oil & Gas

Prices of oil rise amid supply concerns as fragile US-Iran negotiations continue

Prices of oil rose by nearly 1% on Tuesday as the talks to end U.S. - Israel's?war on Iran? appeared fragile. Tehran's response?to a Washington proposal highlighted stark differences which have kept supply concerns alive. Brent crude futures rose 86 cents or 0.8% to $105.07 per barrel. U.S. West Texas Intermediate was up 99 cents or 1% at $99.06 as of 0411 GMT. Both benchmarks rose by nearly 2.8% Monday. U.S. president Donald Trump said on Monday that the ceasefire agreement with Iran is "on life support." He cited disagreements on several demands such as the cessation?of?hostilities across all fronts,...

Oil & Gas

Iran War raises stakes for US, China ahead of Trump-Xi discussions

The Iran War has further strained U.S. - Chinese ties and is expected to dominate the May 14-15 summit between U.S. president Donald Trump and Xi Jinping, his Chinese counterpart and host in Beijing. Here are some of the main issues that Washington?and Beijing will be dealing with as the U.S. - Israeli war against?Iran reshapes their broader relationship. IRAN CEASEFIRE CONFERENCES U.S. Treasury?Secretary Scott Bessent said the two presidents would discuss the Iran War, and asked China to "join in this international effort" to open up the Strait of Hormuz for international shipping. Analysts say that while Beijing did...

Oil & Gas Refining

Ambani’s Reliance Jio : Businesses and investors of IPO-bound company

Reliance Jio Platforms, owned by Indian billionaire Mukesh Ambani, is preparing to apply for regulatory approvals to list in Mumbai. This is expected to be the largest-ever stock offering in India. Jio Platforms is the second largest telecom company in the world by number of users, after China Mobile. TELECOM BUSINESS Reliance Jio Platforms is part of Ambani’s oil-to retail conglomerate,?Reliance Industries. Reliance Jio Infocomm is its most well-known business. It has more than 500,000,000 subscribers and is the largest telecom company in the country. In 2016, when Jio was launched, it offered free voice and data to rivals like...

Oil & Gas

Ambani's Jio Platforms IPO pivots to pure fundraising, no investor exits, sources say

Sources say that Mukesh ambani's company Reliance Jio has shifted to a pure fundraiser for its planned Mumbai listing, selling 2.5% of the shares and abandoning earlier plans which would have allowed shareholders to exit. Investors include Alphabet, Google, and Vista Equity Partners, as well as Indian billionaire Ambani’s Jio Platforms. Jio Platforms is the second largest?telecom company in terms of users, after China Mobile. One source said that investors were not interested in selling and wanted to remain invested for the long-term. The company 'had earlier held discussions with 'its foreign investors to each sell 8% their individual holdings...

Oil & Gas

Maryland lawmakers are waiting for answers about jet fuel spill at an air base

The U.S. Air Force has yet to answer Maryland's congressional delegation about the delay in notifying them of a fuel spill from Andrews Air Force Base. Maryland lawmakers say they have yet to receive a response from Defense Department following a letter they sent earlier this week asking for answers regarding a fuel spill into Piscataway Creek, Prince George's County. They were notified of the incident on March 23 - two months after it occurred. About 22,000 gallons were released into the environment contaminating soils, and Piscataway Creek. The delegation, with the exception of Republican Congressman Andy Harris said that...

Oil & Gas

Russia scales back its WW2 victory parade amid growing concerns over the war in Ukraine

The Russian Victory Day Parade will be the smallest in recent years due to the threat of an attack by Ukraine. Moscow's forces have been unable to win the war, which has been the deadliest European conflict for more than four years. The parade on Red Square, which takes place May 9, is Russia's most revered national holiday. It's an opportunity to commemorate the Soviet Union's triumph over Nazi Germany, and pay tribute to the 27,000,000 Soviet citizens who died, many of whom were Ukrainians. The parade, which was once used to display Russia's military might, including its intercontinental missiles...

Oil & Gas

Rubio: US Church ties can withstand Trump criticizing Pope Leo

Marco Rubio, Secretary of State on Friday, said that the United States could have a productive relationship with the Catholic Church despite tensions over President Donald Trump's repeated criticisms of Pope Leo. Rubio visited the Vatican Thursday and told reporters that the meeting had been "very positive" before departing Rome. Rubio, when asked about Trump's criticism of Leo for his comments about the Iran War and other issues, said that Trump acts to the benefit of the U.S. Rubio said that Trump acts in the best interest?of the U.S. and "will always speak clearly about how he feels about the?U.S....

Fossil Fuels

Oil & Gas Refining

Timothy Go, CEO of HF Sinclair, leaves the company after a leave of absence

U.S. refiner HF Sinclair announced on Tuesday that former 'CEO Timothy Go' departed the firm effective May 11, under a?? mutually agreed??? separation??? agreement after being on voluntary?? leave for almost three months. Go, the former chief executive of the company, was on leave from February 17 to March 1 as part of a review after Atanas Atanasov, the finance chief, raised concerns over Go's actions affecting the tone at the top regarding the 2025 disclosure process. Since then, Board Chair Franklin Myers has served as interim CEO and President. During the review, the board raised a number of concerns...

Oil Refineries

China's ethane imports from the US hit a record high as Iran war reduces rival feedstock supplies

According to traders, analysts, and shipping data, China increased U.S. Ethane imports in April, capitalising on the strong petrochemical margins, as other Middle East?feedstocks were disrupted by the Iran War. The U.S. and Israel war against Iran halted the majority of shipments of liquefied gas (LPG) from the Middle East via the Strait of Hormuz. This forced Chinese petrochemical manufacturers to look to the United States to get more supplies. This was despite the fact that trade tensions last year caused Beijing to temporarily impose a tariff of 125% on U.S. exports. Data from Sublime China Information and?Kpler showed that...

Fossil Fuels

Mapping the market: If a warning is confirmed, energy shares could be on their way down

The U.S. Energy shares had a good year, largely due to rising oil prices as a result of the Iran 'war. But the gains came with a great deal of volatility, and charts now flash a warning which could indicate a major drop. The S&P 500 Energy Index, which tracks the performance of energy stocks in S&P 500 is currently forming what technical analysts refer to as a head-and shoulders top. This pattern is often used to indicate a change from a bullish to a negative trend. This pattern has three peaks, with the highest peak in the middle. Two...

Crude Oil

Mineral Resources

Mining

EGA continues to invest in aluminium despite the Iran War

Emirates Global Aluminium is sticking to its investment plans, despite the Iran War. This was revealed by the chief marketing officer of the company on Tuesday. EGA, largest aluminium manufacturer in the Gulf, had to close its Al Taweelah Smelter in United Arab Emirates due to an Iranian attack on late March. It is also planning to build the first primary aluminium smelter built in the United States for almost 50 years, alongside Century Aluminum. Adel Abubakar, during a discussion panel at the CRU World Aluminium Conference on Tuesday, said: "I don't think that anything is really changing from an...

Mineral Resources

As markets evaluate tensions in the Middle East ahead of US inflation figures, gold prices fall

Gold prices fell on Tuesday as the markets weighed developments in the Middle East conflict and interest rate expectations before key U.S. Inflation data. Gold spot fell 0.6% to $4,705.99 an ounce at 0603 GMT after reaching a session high of three weeks earlier. U.S. Gold Futures for June Delivery fell 0.3% to $4.714.50. The hope for a peace agreement on?Iran has faded since U.S. president Donald Trump said that a ceasefire deal with Iran is "on life support".?Tehran rejected the U.S. proposal and refused to accept a list demands from the U.S. President Donald Trump called the proposal "garbage"....

Mineral Resources

Indian shares continue to fall and the rupee is at a record low, as optimism about a Mideast deal fades

The rupee and Indian shares both fell to a new record low Tuesday as crude oil prices rose. This was due to fragile negotiations over the end of the Iran 'war, which fueled concerns about global supply and economic fallout. As of 10:15 a.m. IST the Nifty 50?was down 0.69% to 23,652.4 while the BSE Sensex fell 0.82%, to 75,386.61. The benchmarks fell by 1.5% each on Monday. The mood was also affected after Prime Minister Narendra modi, over the weekend, urged fuel conservancy and restraint in gold purchases to help preserve foreign currency reserves. Jewellers, oil companies and travel...

Mining

TSX closes at a three-week high as commodity stocks gain.

Canada's main index of stocks closed in the black on Monday and reached its highest level in nearly three weeks, supported by gains in oil and metal stocks. Investors weighed the effects of the Middle East conflict. The S&P/TSX Composite Index of the Toronto Stock Exchange closed up 0.18% to 34,138.88. This was its highest closing since April 21. Energy stocks rose?1.7% and materials rose over 3% as oil and precious metal prices rose. The rapid rejection by President Donald Trump of Iran's response to the U.S. Peace proposal has fueled fears that the 10-week conflict will continue and keep...

Mining

Commodity stocks are rising as the TSX approaches its three-week high.

Canada's main stock index rose to near three-week highs ?on Monday as ?Barrick Mining jumped after stronger-than-expected ?results ?and other commodity-linked stocks climbed while investors weighed the impact of the Middle East conflict. At 10:47 am. The S&P/TSX Composite Index of the Toronto Stock Exchange was up 0.3% to 34,205.24, its highest level since April 21. As precious metals prices and oil prices increased, energy stocks, materials and gold gained. The President Donald Trump's rejection of Iran's response to the U.S. Peace Proposal fueled fears that the conflict, which has been going on for 10 weeks, would continue and paralyze...

Mineral Resources

Gold prices rise as markets digest US/Iran updates and await inflation data

Investors awaited the key U.S. Inflation data that is due later this week and assessed developments in 'U.S. diplomacy with Iran. As of 10:20 am EDT (1420 GMT), spot gold had risen 0.3% to $4,730.49 an ounce after having fallen over 1% in the previous session. U.S. Gold Futures increased 0.2% to $4.740.40. Jim Wyckoff of American 'Gold Exchange, a market analyst, said: "There are just some bargain hunters and positions?ahead?of the U.S. Inflation data this week." The U.S. Consumer Price Index is due to be released on Tuesday, and the Producer Price Index (PPI) will be released on Wednesday....

Mining

Gold falls as interest rates rise amid war uncertainty

Gold prices fell Monday as U.S. president Donald Trump's "swift" rejection of Iran's response to a peace proposal raised inflation fears and affected the outlook for interest rate rates. As of 8:45 am EDT (1245 GMT), spot gold was down by 0.5% to $4,692.49 an ounce. U.S. Gold Futures fell 0.6% to $4701.30. After the U.S. made an offer to reopen negotiations in the hope of reopening the talks, Iran released on Sunday a response focusing on ending the conflict on all fronts, particularly Lebanon. The document also demanded compensation for the war damages. In a few hours, Trump had...

Mineral Resources

Copper reaches 3-month high on supply concerns and technical break

On 'Monday', copper prices rose to their highest level in over three months as fears of supply shortages outweighed worries about lower demand because of the stalemate during the 'Iran War. In open-outcry official trading, benchmark three-month copper at the?London Metal Exchange rose 1.1% to $13,715 per metric ton. This is its highest since January 29. The stock was on course to post its sixth consecutive session of gains. This is the longest bullish streak since December. It has gained 10% this year but is still well below its peak of $14,527.50 in January. Ole Hansen is the head of...

Mining

Russell: The impact of the closure on Chinese EVs is not limited to oil, but also extends beyond it.

The ongoing closure of the Strait of Hormuz may not seem to have much in common with the Indian diet cola consumers, but both are at risk. The world economy will be affected by the second and third round effects of the closure. This is because the price of refined fuels like gasoline and diesel has already increased. Electric vehicles (EVs), which allow drivers to reduce their dependence on fossil fuels, are widely considered one of the biggest winners in the current conflict between Iran and the United States. But EVs have a direct connection to the Strait of Hormuz,...

Mining

CSL plunges to near-decade low after Trump rejects Iran

Australian shares dropped on Monday, as risk aversion grew after U.S. President Donald Trump rejected Iran’s response to an?outline of peace?. CSL also fell to a low not seen in over a decade, with the biotech company cutting its?outlook? and announcing $5 billion worth of?impairments. As of 0031 GMT, the?S&P/ASX 200 was down 1% to 8,661.4 points. The benchmark index closed Friday 1.5% lower. Investors' appetite for risk was drained by the escalating geopolitical uncertainties, as Middle East tensions revived demand for safe haven assets. This weighed on equity markets. On Sunday, President Trump rejected Iran's response on a U.S....

Mineral Resources

'We Are American': Acerinox is considering a NYSE listing of US arms

Acerinox's CEO on Friday left a 'door open' for a potential?New York IPO of its U.S. operations, which make up?the majority of the Spanish steelmaker’s earnings. Acerinox, in a Bloomberg News interview last year, floated the idea of listing its U.S. businesses locally after Haynes International is integrated. The acquisition was completed in late 2024. "We can't not consider it," CEO ?Bernardo Velazquez told . "While U.S. valuations and U.S. liquidities remain far higher than those in Spain I believe that we are obliged?to explore all?possibilities." Acerinox will maintain its majority stake in the U.S. company if it proceeds with...

Mining

LME WEEK - US copper imports likely to fall short of 2025 record, analysts claim

Analysts and traders say that the volume of refined copper imported into the United States this year is unlikely to exceed the record shipment in 2025 due to the already swollen stockpiles, as well as the spike in logistics fees, resulting from the Iran War. Copper prices on COMEX have again risen above the global benchmark of the London Metal Exchange, prompting renewed flows to the U.S. while the market awaits news if U.S. president Donald Trump will impose import tariffs. Last year, the U.S. bought massive amounts of copper on the COMEX stock market in anticipation of tariffs. The...