Latest news and analysis on oil, gas, and commodity markets
Brent crude gained roughly 14% in January, its best month since July 2023, as escalating US-Iran tensions and a live-fire drill in the Strait of Hormuz drove a geopolitical risk premium into prices.
Both oil supermajors topped Wall Street expectations on January 30, leaning on record production from the Permian Basin and Guyana to offset a roughly 20% drop in crude prices.
Eight key OPEC+ producers meet Saturday to assess whether their production freeze should extend into Q2, with oil prices at January highs above $65.
A severe winter storm knocked out roughly 15% of US crude production last weekend, hammering the Permian Basin hardest and briefly halting all Gulf Coast exports.
French and American oil majors extend Waha concessions to 2050 in deal targeting 850,000 barrels per day production capacity, with $376 billion in expected revenues.
Crude oil stocks rose 3.6 million barrels last week while the key Cushing hub added 1.5 million barrels, the largest gain in five months.
Brent crude jumps nearly 3% to $65.88 after President Trump says US warships are heading toward Iran, adding to supply fears from Kazakhstan outage.
India now drives 25% of world oil demand growth as its economy expands at 6.4% and vehicle sales surge, while China's consumption slows.
The administration has approved 64% more drilling permits than Biden, yet WTI sits below $60 as oversupply fears and weak economics keep producers on the sidelines.
European Union ban on oil products refined from Russian crude in third countries takes effect today, targeting refiners in India, Turkey, and China.
Henry Hub natural gas jumped to $5.03 per MMBtu on Tuesday, up nearly 30% from Monday, as frigid temperatures drive heating demand across the country.