Oil Markets Stop Believing Trump’s Peace Narrative
Trump Auction Opens Arctic Refuge Drilling Rights for First Time Ever 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.… Fresh strikes on Kuwait and Oman undermine hopes of a U.S.-Iran de-escalation, keeping oil markets on edge and traders skeptical of diplomatic progress.
This week’s strikes on Kuwait and the Friday morning attack on Oman have dented hopes for a de-escalation between US and Iran following the much-publicized Israel-Lebanon ceasefire.
Whilst Oman’s main port is reportedly up and running again, capping ICE Brent around the $95 per barrel mark, most global crude benchmarks will post weekly gains of 2-3%.
Against this background, announcements of the Trump administration are increasingly discounted as tactical price-signalling rather than meaningful diplomatic progress.
Drone Disrupts Key Middle Eastern Export Terminal.Oman's authoritiessuspendedoperations at the Middle Eastern country's main crude export terminal in Mina al Fahal after an explosion was reported next to its single-buoy mooring berths, disrupting the flows of the 900,000 b/d Oman benchmark.
India Shields Refiners from Surging Fuel Costs.The Indian government hasagreedto provide a one-time financial boost of $1 billion to domestic refiners and aviation retailers as compensation for keeping jet fuel prices at affordable prices for both domestic and international flights.
Russia Admits to Spring Upstream Pain.Russia's Deputy Prime Minister Alexander Novakacknowledgedthat the country's oil producers have been underperforming their 9.64 million b/d OPEC+ production target, blaming the lower crude output on 'unscheduled maintenance" across refineries.
Delfin Signs Off on 1stUS Floating LNG Terminal.Privately held US LNG developer Delfin Midstream hasannounceda final investment decision on the first-ever floating LNG terminal in the States, aiming to operate some 13.2 mtpa of export capacity about 45 miles off the coast of Cameron Parish.
Venezuela Pitches Long-Term India Alliance.Visiting India this week, Venezuela's interim president Delcy Rodriguez announced that Indian refiners areseekinga long-term crude supply agreement with the Latin American nation's state oil firm PDVSA, boosting imports to 300,000 b/d in April-May.
Iranian Crude Oil Loses Value on Slackening Demand.Iranian oil pricesdippedinto discounts for the first time in three months as Chinese teapots are lowering refinery run rates on negative margins, sending differentials of Iranian Light cargoes to -$1 per barrel below ICE Brent futures.
BP's New CEO Springs to Action.Simultaneously to the ouster of former BP chair Albert Manifold, the UK oil major BP (NYSE:BP) isreportedlyin advanced talks to sell its UK North Sea assets to Ithaca Energy (LON:TTH) in a deal worth $2.7 billion, the first major divestment deal under new CEO Meg O'Neill.
Refiners Sue EPA Over Biofuel Mandates.The AFPM trad.
| 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% |
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