The US and Iran agreed to a two-week ceasefire in exchange for Tehran reopening the Strait of Hormuz, a last-ditch deal that averted President Donald Trump’s threatened escalation of the war.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by a staggering 10.263 million barrels in the week ending March 27. In the week prior, US crude oil inventories rose by 2.3 million barrels. Analysts had expected a draw of 1.3 million barrels in the current reporting period.
The exemption covers all activities and requires mitigation measures to avoid or minimise environmental impacts, as detailed in prior opinions.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 6.556 million barrels in the week ending March 13—a surprise build of significant magnitude. In the week prior, US crude oil inventories shed 1.7 million barrels. Analysts had expected a draw of 600,000 barrels in the current reporting period.
Crude oil futures traded higher on Monday morning after the US attacked military assets on Kharg Island over the weekend.
The U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM) generated nearly $47 million in high bids during its latest Gulf offshore oil and gas lease sale, reflecting continued industry interest in exploration acreage on the U.S. Outer Continental Shelf.
U.S. Energy Secretary Chris Wright sought to counter market warnings about an extended Middle East war, saying global energy supplies are sufficient and the surge in oil prices reflects a “fear premium” that won’t last.
Oil swung as traders parsed competing headlines on the status of negotiations between the US and Iran.
The OFAC issued general licences to Chevron, bp, Eni, Shell and Repsol for operating oil and gas projects in Venezuela.
An expected increase in US natural gas production will be driven by mainly by Appalachia, Haynesville, and Permian regions.