Oil Prices Suffer Biggest Weekly Collapse in Two Months
Philippines Receives First Iranian Crude Cargo Since Hormuz Blockade Trump’s Beijing summit produced business… Tom majored in International Business at Amsterdam’s Higher School of Economics and later completed an Executive MBA in Energy Transition at the University of Groningen.… Brent crude is heading for its biggest weekly drop in two months as markets bet on a 60-day ceasefire extension and partial reopening of the Strait of Hormuz.
ICE Brent is set to post its largest weekly loss in two months, dropping by almost 10%, as media reports present a 60-day extension of the current ceasefire and a temporary Hormuz navigation deal as close to being a done deal.
Whether US President Trump and Iran’s Supreme Leader Khamenei agree to the deal or not, Brent at $92 per barrel suddenly feels much more comfortable for oil importers.
Japan’s Oil Imports Collapse on Iran War.Accordingto data from Japan’s Ministry of Economy, Trade and Industry (METI), the Asian country’s crude imports plummeted by 66% from a year ago to just 850,000 b/d, the smallest monthly volume since 1967, as flows from the Middle East have dissipated.
Mozambique Questions Total’s Cost Overruns.The government of Mozambique haschallengedFrench energy giant TotalEnergies (NYSE:TTE) with its $2 billion cost overrun estimate for the Mozambique LNG project, having commissioned a third-party audit that couldn’t confirm the cost of the 5-year hiatus.
BP’s Ousted Chair Fires Back.Albert Manifold, the short-lived chairman of British Petroleum (NYSE:BP) fired earlier this week,snappedback at the UK oil major by saying he was fired without warning or explanation and will challenge the decision, rejecting the ‘false bullying narrative’ put forward by BP.
US Tightens the Screws on Iran Oil Sales.Amidst speculation that the US-Iran ceasefire extension could be formalized over the upcoming days, the US Treasury Departmenttightenedsanctions on Iran’s oil trade, adding 8 tankers and 15 commercial entities based in Hong Kong and the UAE to its OFAC list.
Kazakhstan’s Key Oil Field Goes Down After Accident.Oil production at Kazakhstan’s largest oil field, the Chevron-operated Tengiz (NYSE:CVX) fellsharplyon May 26 due to an undisclosed accident, with media reports suggesting output at the field plunged from 950,000 b/d to just 60,000 b/d.
Scorching Heat Prompts Korea to Buy More LNG.South Korea’s bracing for two weeks of intenseheatwaves, prompting the country’s power utility firms to ratchet up purchases of LNG to avoid supply shortfalls with 6 LNG cargoes already diverting towards South Korean ports, mostly from China.
Russia Resumes Northern Sea Route Shipping.The Novatek-controlled Christophe de Margerie LNG carrierbecamethe first vessel to start transiting the Northern Sea Route via the Arctic Ocean this year, the earliest start since 2020, carrying liquefied gas from the sanctioned Arctic LNG 2 project to China.
Greek Shippers Go on a Spending Spree.Greek shipowners United Overseas and Navios Mariti.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment