Oil & Upstream
Crude oil, OPEC+, US shale and upstream energy market news and analysis for commodity traders.
Rosneft Posts 5.02 mmboe/d as OPEC+ Eases in Q4 — Urals/ESPO Realisations Stay Squeezed by Discount Regime
3 Jun
CNOOC Q1 output jumps 8.6% to 205mm BOE as capex accelerates 19% — bearish at the margin for Brent
3 Jun
Neste Q3 SAF Hits Record 251kt as Renewable Sales Margin Jumps to $480/t — But BTC Cliff and 4.3x Net Debt Frame the Risk
3 Jun
Phillips 66 consolidates WRB and winds down Los Angeles — West Coast crack support, mid-con barrels in-house
3 Jun
Marathon's Q1 refining cut: BANGL and Northwind reshape the cash engine toward midstream
3 Jun
Valero's California exit confirmed in the filing — West Coast gasoline cracks lose a structural seller
3 Jun
BP reaffirms $13-13.5bn 2026 capex as Q1 profit jumps to $3.8bn
BP
3 Jun
ConocoPhillips bought back $1.1bn of stock at a rising bid in Q1 — the buyback signal, not the barrels, is what trades
3 Jun
Equinor pumps record 2.31 mmboe/d as NCS roars, but the cash engine now hinges on TTF, not the wellhead
3 Jun
ExxonMobil's Q1 quarter halves to $1.00 EPS as downstream cracks collapse — Energy Products swings to a $1.26bn loss, refining margins the clear bearish tell
3 Jun
TotalEnergies' 116% reserve replacement and Rio Grande Train 4 FID flag supply growth into a soft tape — bearish for 2027 TTF length, supportive of US LNG offtake
3 Jun
BP 1Q26: Exceptional Oil Trading and Refining Recovery Drive $3.2bn — Gas Trading Lags
3 Jun
LNG Canada First Cargoes and 52% Cash Payout Define Shell's 2025 — Buyback Pace Is the Tell
3 Jun
Brent crashes 8% as US-Iran deal talk drains the war premium
Brent
3 Jun
NYMEX WTI Slides Below $100 as Hormuz Reopening Hopes Undercut a Four-Week Draw
WTI
3 Jun
The bearish signals buried under oil's shortage panic
Brent
2 Jun
WTI Slides Below $99 as Trump Touts "Rapid Pace" of Iran Talks
WTI
2 Jun
Texas Upstream Jobs Rose in April Even as Crude's War Premium Drained Away
Brent
2 Jun
Brent Slides to $93 as Middle East Diplomacy Cools the War Premium
Brent
2 Jun
ADNOC chief warns of four-month oil recovery lag as UAE charts life outside OPEC
OPEC
2 Jun
Trump Lebanon Ceasefire Claim Pulls Brent Below $94, Extending Two-Week Retreat
Brent
2 Jun
Oil traders are pricing a deal that may not exist
Brent
2 Jun
OPEC+ Decision and Gasoline Data Are the Only Two Things That Matter for Crude Right Now
OPEC+
2 Jun
Ukraine Hits Saratov Refinery Again as Deep-Strike Campaign Tests Russia's Oil Routing
Ukraine
2 Jun
What Brent's retreat from $111 is telling oil bulls they don't want to hear
Brent
2 Jun
China's Crude Intake Heads for Decade Low as Storage Buys Time and Russia Courts Beijing
China
1 Jun
EIA Forecasts Record 14 Million Bpd U.S. Output for 2027, a Level the Country Has Never Held
EIA
1 Jun
Oil Majors Paid Out $120bn Last Year. Gas Markets Barely Noticed.
Brent
1 Jun
China's Oil Reserves Face the Hormuz Test
Strait of Hormuz
1 Jun
Missile Bottlenecks and an Early September Deadline Are Shaping Crude's Risk Premium
Brent
1 Jun
NYMEX WTI Crude Clawed Back 4.6% in the Week to May 15 Before Iran Diplomacy Muddied the Outlook
WTI
1 Jun
Inventory builds and reserve releases are quietly undercutting oil's Hormuz premium
Strait of Hormuz
1 Jun
Iran Deal Speculation Sends Brent Into a Six-Percent Dive, Then Leaves Traders Guessing
Brent
1 Jun
Oil's Iran risk premium is fully priced. One phone call already proved it.
Iran
31 May
Ninety Days In: The Gulf War's Billion-Barrel Toll on Energy Markets
Brent
31 May
Oil Markets Price In a $100 Ceiling as Demand Destruction Does the Heavy Lifting
Brent
31 May
Oil Settles Near $100 Ceiling as Bonds Lose Their Portfolio Hedge Function
Brent
31 May
Exxon and Chevron Missed the Oil Rally Their Hedges Paid For
ExxonMobil
31 May
Suriname's Block 52 Eyes Commercial Oil Milestone as South America Draws Major Capital
Suriname
31 May
What the Iran deal rally isn't pricing: Gulf supply doesn't come back overnight
Iran
31 May