Iran Talks Take the Heat Out of the Oil Rally
Dangote Targets 10 Million Investors in Africa’s Biggest IPO 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.… Oil prices ease as renewed Iran talks and recovering Saudi exports temper supply fears.
Europe’s LNG Buying Spree Comes With the Clock Ticking - Europe is finally ramping up imports of liquefied natural gas ahead of the winter heating season, following a disappointing summer when deliveries were 30% below 2025 levels.
- The 30-day moving average of Europe’s LNG importsstoodat 267,000 metric tonnes per day, catching up with last year’s trendline, thanks to a recovery in US LNG flows, accounting for 69% of the total.
- The arbitrage for US LNG into Europe is now finally workable, with landed LNG prices hovering around $24 per MMBtu – giving the same netback as Asia’s JKM considering the $1.5 per MMBtu freight difference.
- Europe’s LNG awakening is a race against time as the Old Continent’s inventory builds are expected to halt soon, with regionwide stockscurrently71% full – a notable downgrade compared to 82% a year ago.
- The continuous backwardation of gas futures in Europe has made winter storage commercially unviable, with the October TTF contract still €0.5 per MWh above December, traditionally the peak of European gas demand.
- UK oil majorBP(NYSE:BP) isreportedlyconsidering buying Devon Energy’s (NYSE:DVN) South Texas shale assets worth around $4.5 billion, seeking to boost its Eagle Ford portfolio by some 80,000 boe/d.
- Italian energy giantENI(BIT:ENI) wasawardeda 100% participating interest in the Sapukala offshore exploration block in Indonesia’s Kutei basin, doubling down on the country after the giant Geng North discovery (5 TCf) in 2023.
- A Kenyan court ordered construction to bepausedatDangote’s$16 billion oil refinery in Lamu, less than a week before its September 30 groundbreaking ceremony, after a group of petitioners filed a case opposing the project.
- The former campaign manager of new Colombian President Abelardo de la Espriella, Joaquin Gutierrez, has beenappointedthe new president of the country’s state oil major,Ecopetrol(NYSE:EC).
- Brazilian state oil firmPetrobras(NYSE:PBR)signeda memorandum of understanding for joint upstream activities with Mozambique, eyeing its second entry point into Africa’s deepwater offshore drilling after a strategic partnership sealed with Angola in 2025.Tuesday, September 29, 2026 The renewed prospect of US-Iran negotiations has cooled last week’s rally, bringing ICE Brent lower towards $104 per barrel, however, Donald Trump’s comments about ‘offering Iran nothing’ might seem to suggest that the Pakistan-mediated talks would once again lead nowhere.
The restart of Saudi Arabia’s East-West pipeline and first loadings from Yanbu provided some additional downward pressure on prices; however, the Houthi risk remains a genuine threat to recovering Saudi flows.
| 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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