Oil advanced after the US ramped up measures to hobble Iran’s crude exports, increasing pressure on Tehran amid a push for a new nuclear accord.
The United States last year added the most pipeline takeaway capacity from natural gas-producing regions since 2021. This year, more gas pipelines could be announced or revived, with the support of the Trump Administration, in what could be a shot in the arm for U.S. natural gas producers and a step toward reducing energy costs for consumers, especially in the Northeast.
Oil prices rallied on Wednesday after U.S. government data showed a draw in fuel inventories. Brent crude for May delivery gained 1.6% to trade at $71.98 per barrel at 12.30 pm ET while the comparable WTI contract climbed 1.8% to change hands at for U.S. government data showed that crude stocks rose by 1.7 million barrels last week to 437 million barrels, significantly higher than the Wall Street consensus of a 512,000-barrel build. However, distillate inventories, including diesel and heating oil, fell by 2.8 million barrels to 114.8 million barrels, exceeding expectations for a 300,000-barrel drop.
US offshore services provider Edison Chouest Offshore has acquired Norwegian ROV systems manufacturer Kystdesign, Chouest announced on Wednesday.
Odfjell Technology, an integrated supplier of well services technology and engineering solutions, has successfully deployed a 36” x 38” conductor pipe in Kuwait’s first offshore Jurassic well.
Baker Hughes announced Thursday a major, multi-year fully integrated completions systems contract with Petrobras. The award followed an open tender and will leverage Baker Hughes’ innovative completions technology portfolio and extensive experience in Brazil to optimize production across multiple deepwater fields.
The reductions pledged by countries including Kazakhstan, Iraq and Russia should — in theory — offset the group’s plans to revive halted output through to the end of next year, according to a statement on OPEC’s website.
On Tuesday, U.S. President Donald Trump threatened to double his planned tariffs on Canadian steel and aluminum from 25% to 50%. Trump said his latest move comes in response to a threat by the province of Ontario to put a 25-percent surcharge on electricity exports to some U.S. states.
The latest data on money managers’ positioning in the WTI and Brent crude and U.S. natural gas futures showed two contrasting trends—speculators are betting that oil prices would remain low or go even lower while increasing the bets that natural gas prices would continue marching higher.
Crude oil imports in Asia have been nothing to write about so far this year. But the tide is turning, and volumes are beginning to climb. The top contenders for the Asian supplier crown: Russia and Saudi Arabia.