Industry News

'While crude has grabbed headlines, the extreme price action is in refined products and particularly middle distillates', Sparta Commodities CEO Felipe Elink Schuurman said.

'By capitalizing on a strong market opportunity, this divestment allows us to monetize an asset that is not central to Shell's lubricants portfolio in the U.S. and reinvest in opportunities that generate higher returns'.

The market is spinning after the most epic price reversal in oil history, Phil Flynn, a senior market analyst at the PRICE Futures Group, told Rigzone on Tuesday.

Trump said the U.S. and Israel were making significant progress in their war on Iran and could end the conflict 'very soon,' curtailing an oil-price surge.

The increase in investor returns comes despite declines in net profit for the fourth quarter and full-year 2025 driven by lower crude oil prices, partly offset by higher crude sales volumes.

Oil swung wildly Monday as fears over the Strait of Hormuz collided with signals the US-Iran conflict may soon wind down.

Iran named the son of the late Ayatollah Ali Khamenei as its new supreme leader and President Donald Trump called $100 oil a 'small price to pay'.

Crude oil stocks, not including the SPR, stood at 439.3 million barrels on February 27, according to the EIA's latest weekly petroleum status report.

Saudi Arabia has started reducing oil production as the near-blockage of the critical Strait of Hormuz starts filling storage tanks, according to a person familiar with the matter.

The project will replace seven aging gas-run compressor stations with one electric compressor station to 'debottleneck upstream infrastructure and unlock future production growth' from the Central Fields.

The best estimate of contingent gas resources on Cyprus' side of the field, located on the maritime border with Israel, has increased about 4 percent to 3.67 Tcf, according to a commissioned assessment.

'The island has evolved into the backbone of Iran's export system', J.P. Morgan analysts stated.

Part of proceeds from the offering of senior notes, due 2036 with a 5.15 percent interest, will be used to refinance existing debt.

'These are just incredible moves', Aaron Hill, Chief Market Analyst at FP Markets, said.

The Spanish power and gas utility has expanded its Australian presence to five states.

Bahrain's main energy company, which operates the island nation's only oil refinery, declared force majeure on operations that have been impacted by the ongoing war in the Middle East.

The Ngaere-1 well in the Waihapa-Ngaere area of the Taranaki basin onshore New Zealand reached initial production, Monumental said, taking the results as encouragement to proceed with entry into additional wells in the area.

Brazil's state-controlled oil producer Petrobras surpassed profit expectations after robust oil production and record exports helped cushion the impact of weaker crude prices.

WTI jumped 12% Friday as disrupted shipping and supply fears pushed crude toward $100 a barrel.

Rigzone talks to Rebecca Babin, a senior equity trader for CIBC Private Wealth in New York.