Oil futures spent much of the spring moving sideways while something very different was happening in the physical market. Inventories were disappearing Strategic reserves were being spent. Tankers that had been at sea when the Iran war began were arriving and emptyi
U.S. gasoline inventories aren’t at record lows, but they are falling fast. The distinction is important The current level of inventories does not point to an immediate shortage. But the speed of the drawdown suggests the fuel market has been burning through its cus
OPEC+ hikes oil output targets by 188,000 barrels per day OPEC+ agreed to raise oil output targets by 188,000 barrels per day in July. The increase is the same size as June's hike, which was adjusted down from the 206,000-barrel-per-day increases in April and May.
The Middle East's largest remaining oil export corridor came under renewed pressure on Monday after Yemen's Houthis announced a complete ban on Israeli shipping in the Red Sea, risking a further widening of the shipping crisis beyond the Strait of Hormuz. The announcement
BNY's Bob Savage reports that Brent and WTI surged around 4–5% as Iran–Israel missile exchanges raised fears of supply disruption and higher global inflation. Savage notes EU natural gas also climbed, while OPEC+ members agreed a modest 188,000 b/d production increase from
Saudi Arabia reduces Arab Light crude prices for Asia to $9.50 per barrel over Oman/Dubai benchmarks, marking a second consecutive monthly cut. Saudi Aramco lowered its official selling prices for July-loading crude across Asia, Europe, and the U.S. by $6 per barrel. The m
Geopolitical risks in the Middle East drive WTI crude up over $4 to $92.52, reflecting supply concerns amid escalating conflicts. West Texas Intermediate crude oil prices climbed more than $4 to trade at $92.52, nearing a multi-month high, as tensions between Israel and Ir
Geopolitical risks in the Middle East drive WTI prices up $4 as Iran-backed groups threaten Israel and disrupt Red Sea shipping. West Texas Intermediate crude traded at $92.52, extending a $4 gain as Middle East tensions escalated. Iran-backed Houthi militias declared a ba
The group approves another production hike despite Middle East disruptions, adding to a 600,000-barrel daily increase since April. OPEC+ members agreed to raise collective crude output by 188,000 barrels per day in July, continuing a series of increases totaling nearly 600
The group maintains its adjusted monthly increase despite geopolitical tensions and the UAE's earlier exit from the pact. OPEC+ agreed to boost crude production by 188,000 barrels per day in July, matching June’s increase. The decision follows a downward adjustment from Ap
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