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
ExxonMobil reports $15.60 billion in structural cost savings, targeting $20 billion by 2030 amid short-term oil price volatility. ExxonMobil has achieved $15.60 billion in structural cost savings since 2019, with a goal of reaching $20 billion by 2030. The company’s leaner
OPEC+ approved a modest output increase despite a Strait of Hormuz blockade shutting in 10-13 million barrels per day with no resolution in sight. OPEC+ agreed to raise its production quota by 188K barrels per day for July, scheduling another meeting for August output on J
Tanker traffic through Hormuz drops 90% due to opaque operations Tanker traffic through the Strait of Hormuz has decreased significantly, with a 90% to 95% decline compared to pre-war levels. This decline has resulted in limited visibility of oil and gas flows, mak
Kinder Morgan's fee-based model contrasts with EOG Resources' 44% net income drop and $7.94 billion debt surge. Kinder Morgan Inc (KMI) emerges as a stable alternative to EOG Resources (EOG) after EOG reported a 44% year-over-year decline in net income to $701 million for
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