Oil Market’s Glut Narrative Just Blew Up
Less than a month ago, analysts were warning of a looming glut of crude oil as tanker traffic via the Strait of Hormuz began to recover amid a U.S.-Iran ceasefire.
Industry News
Uruguay’s Offshore Oil Province Could Be Bigger Than Vaca Muerta
International oil companies are lining up to explore deepwater acreage offshore Uruguay, betting that the South Atlantic margin could host a substantial new oil province mirroring recent finds off Namibia.
US Crude Oil Inventories Build As Hormuz Shipping Headache Drags On
US commercial crude oil inventories rose last week even as tensions around the Strait of Hormuz continued to unsettle global oil flows, according to figures from the American Petroleum Institute (API).
China to Resell First US LNG Cargo in a Year Instead of Importing It
Chinese buyers that received the first U.S. LNG cargo in over a year plan to resell it on another market to profit from higher prices elsewhere and avoid paying a 25% tariff, sources familiar with the plans told Bloomberg on…
Big Oil’s War-Related Profits Anger Governments
Oil and gas supermajors are on course to post markedly higher second-quarter earnings, and the windfall is drawing political fire on both sides of the Atlantic, according to a report by OilPrice.com.
LNG Supply Crisis Pushes Buyers Toward Coal and Oil
The resumption of the Iran conflict, including the effective closures of the Strait of Hormuz and now the Strait of Bab el-Mandeb has driven up natural gas prices, particularly in Europe and Asia.