Industry News

Why is oil up today?

Abu Dhabi National Oil Co is pushing on with liquefied natural gas exports from its Persian Gulf plant, even as renewed hostilities in the region force producers to curb visible traffic through the Strait of Hormuz.

Prime Minister Anthony Albanese Tuesday announced a study for a new refinery in Karratha in Western Australia, backed by A$4 million ($2.8 million) of government funds.

Crude futures posted their biggest three-day decline since 2020 as hopes for diplomacy with Iran reduced supply concerns.

North America added five rigs week on week, according to Baker Hughes' latest North America rotary rig count.

Trump has signaled support for the measure, which had been championed by the late Senator Lindsey Graham.

A bipartisan group of senators announced a deal Tuesday.

Over a dozen states and the District of Columbia protested a proposed 'rulemaking' by the Federal Energy Regulatory Commission to broaden the kinds of gas pipeline projects that qualify for review exemptions.

Baker Hughes saw 'robust demand across Power Systems and LNG, with particularly strong momentum in power generation'.

Oil prices dropped yesterday and today as the market rapidly stripped out its Iran war premium, Petros Pantzari, Chief Dealer at Monaxa, said.

The shipment of about 300,000 barrels will be delivered to a refinery in Incheon.

Tributes have poured in for Sir Ian Wood following news that the Aberdeen-based businessman has passed away.

Expected to start production 2028, the Cronos field is designed to produce up to 500 million cubic feet per day of gas, which will be processed into liquefied form in Egypt for export mainly to Europe.

Empty supertankers are heading to Egypt's Mediterranean port of Sidi Kerir to collect Saudi crude as observable traffic at the kingdom's key Red Sea export hub dwindles following threats from Houthi militants.

Oil prices plunged as the US paused strikes on Iran and supply concerns eased with resumed Kazakh exports.

Expand Energy Corp. agreed to buy gas marketer Twin Eagle Holdings NA LLC from private equity firm Five Point Infrastructure for $1.25 billion.

Halliburton announced a spate of contract awards in the Middle East this month.

The transaction represents an enterprise value of around $7 billion and an equity value of $3 billion.

The main terminal for exporting Kazakhstan's oil resumed loadings after drone attacks on vessels caused an output cut last week.

'Price action...is telling a more nuanced story', J.P. Morgan analysts said.