Oil & Upstream

Crude oil, OPEC+, US shale and upstream energy market news and analysis for commodity traders.

Brent at $85 as positioning, inventories and refinery strikes tell three different stories

UK Jackdaw Consultation Closes With Government Facing Unresolved Supply Decision

United Kingdom 10 Aug

Dubai crude holds at $79 as Hormuz flows stay far short of pre-conflict norms

Dubai Crude 10 Aug

Black Sea Crude Routes Shut as Drone Strikes Take Sheskharis and CPC Offline

Pentagon's B-2 Cost History Echoes in $58.5 Billion AI Budget Request

Serica Buys Pharos Energy to Add Egypt and Vietnam Barrels

Brazil Launches Fourth Pre-Salt Licensing Round With 13 Deepwater Blocks

US SPR Drops to Four-Decade Low as Commercial Inventory Draws Accelerate

US Strategic Petroleum Reserve 10 Aug

Petronas Offshore Colombia Gas Find Arrives With Depletion Clock Ticking

Petronas 10 Aug

Macquarie Sees Deep U.S. Product Draws as Crude Stocks Set to Build

United States 10 Aug

NYMEX Heating Oil Rises as Supply Chokepoints Tighten Distillate Outlook

Jones Act Waiver Floated as Oil Giants Post Record Profits and Iran Holds Hormuz Closed

Strait of Hormuz 10 Aug

Oil Buffers Near Empty as SPR Hits Lowest Since 1983

US Strategic Petroleum Reserve 10 Aug

Venezuelan Crude Exports Exceed 1 Million Barrels Daily for Third Straight Month as U.S. Shipments Hit Seven-Year High

Venezuela 9 Aug

Urals Discount Narrows Sharply as Ukrainian Strikes Cripple Russian Refining

Qiteng Robot tightens grip on Shengtong as China's oilfield automation spend climbs

Hormuz Blockade Forces a Rerouting Race as Diplomatic Hopes Pull Brent to $82

BP Second-Quarter Profit of $5.7bn Beats Forecasts as North Sea Disposal Begins

Murphy Oil profit jumps sixfold as crude rally offsets lower US volumes

United States 9 Aug

Oil Bears Hold Bets as Collapsed Ceasefire Leaves Global Production 9.4 Million Barrels Short

Russian Refinery Runs Hit 24-Year Low as Urals Export Surplus Builds

Wright Turns SPR Loans Into a Premium Refill as Venezuelan Exports Hit Post-Crisis High

US Strategic Petroleum Reserve 9 Aug

WTI Bears Face a 7-Million Barrel Draw and Near-Record Refinery Runs

US Crude Inventory Build and a Depleted SPR Complicate the Iran-Deal Bear Case

US Strategic Petroleum Reserve 9 Aug

NYMEX ULSD Holds at $3.88 as Crude Supply Signals Pull in Opposite Directions

WTI holds near $77 as OPEC+ restraint and inventory draw offset Venezuelan supply growth

Iraq and Turkey Strike Kirkuk-Ceyhan Pipeline Deal Targeting 750,000 bpd

Crude bears need Gulf storage, insurance, and diplomacy to all cooperate at once

ICE Brent October Settles at $83.55 as Hormuz Shipping Hazard Persists

OPEC+ Approves Fifth Consecutive Output Hike for September as Hormuz Blockade Caps Real Delivery

Strait of Hormuz 8 Aug

Saudi Aramco Prepares Separate Asia Price for Mediterranean-Loaded Crude

Saudi Aramco 8 Aug

Indian Refiners Pay Up for Hormuz Alternatives While Brent Prices Suggest the Crisis Has Faded

BP Banks $5.7bn War Dividend as North Sea Sale Sharpens UK Supertax Fight

Urals Spot Holds Near $76 as Middle East Supply Equation Stays Unsettled

WTI's swift geopolitical rebounds undercut the bear case heading into August

DNO Presses Genel Takeover After Board Rebuffs £202 Million Offer

Brent supply signal and China import floor test crude's bearish case

US upstream M&A slows in second quarter as Haynesville buyers shift to Anadarko and Eagle Ford

United States 8 Aug

Saudi Arabia Weighs $5 Barrel Surcharge for Asian Crude as Red Sea Freight Costs Surge

Opinion: India's Import Cut Runs Into Its Own Operatorship Push

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