13 million barrels per day wiped off global supply The oil market has been guided by sentiment and hopes of an imminent peace deal. About 13 million barrels per day have been wiped off global supply due to the closed Strait of Hormuz. The oil futures market
API data shows a sharper-than-expected decline in crude inventories, extending an eight-week drawdown of 44 million barrels. US crude oil inventories fell by 9.119 million barrels in the week ended June 5, exceeding analysts’ forecast of a 3.4 million-barrel draw. The decl
Crude oil draw exceeds expectations A private inventory survey showed a significant decline in crude oil stocks. The draw was much greater than expected, with a decrease of 3.4 million barrels anticipated. The S&P 500 and Nasdaq experienced volatility, with
Iraq's crude export routes expire on July 27 Iraq has less than two months before it loses key oil export routes through Turkey. The agreement to move crude through two pipelines into Turkey expires on July 27. Prior to the effective closure of the Strait o
The Bureau of Land Management seeks public input on 114 parcels ahead of a December 2026 lease sale. The Bureau of Land Management has initiated a 30-day public comment period for a proposed oil and gas lease sale in Colorado, covering 126,744 acres. The sale, scheduled fo
Merlin-1X well yields high-quality light oil with minimal gas, bolstering Namibia’s emerging status as a major exploration frontier. QatarEnergy announced its tenth oil discovery offshore Namibia, with the Merlin-1X well in Petroleum Exploration License 39 (PEL 39) encount
WTI crude settles near key technical levels as geopolitical risks fail to lift prices, marking the lowest close since April 21. West Texas Intermediate crude futures fell $3.10 to settle at $88.20, erasing gains despite overnight geopolitical tensions after an Apache helic
Petroleum and capital goods exports hit all-time highs, reducing the deficit and signaling potential GDP growth upside. The US trade deficit shrank 1.2% to $55.9 billion in April, driven by record exports of petroleum products and capital goods. Exports rose 2.6% to $327.1
Global supertanker orders surge to 262 vessels, the highest ever, as shippers secure capacity through 2030 due to Middle East risks. The global orderbook for Very Large Crude Carriers has reached an all-time high of 262 vessels, surpassing the previous record of 254 set in
Diesel prices drop to $5.21/gallon The average weekly retail diesel price has fallen to $5.21/gallon. This is the lowest price since the start of hostilities against Iran in March, when prices were $4.859/g and $5.071/g. The decline in diesel prices comes a
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