Oil & Upstream

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

Americas Oil Output Surge Cushions but Does Not Replace Middle East Losses

US Oil Liquids Output Climbs as Hormuz Recovery Leaves Global Supply Still Far Below Pre-War Levels

Strait of Hormuz 6 Aug

US SPR at Four-Decade Low Limits Government Response to Hormuz Closure

Strait of Hormuz 6 Aug

Iran War Drains Oil Buffers as ICE Brent Falls to $79 on Hormuz Recovery

Buda Limestone Nears Exhaustion as Eagle Ford Shifts to Gas-Led Growth

China's Record Oil and Gas Output Drives Crude Imports to Nine-Year Low

India's ONGC Videsh Deepens Venezuela Exposure as San Cristobal Stake Set to Grow

Macquarie Forecasts 4.8 Million Barrel U.S. Product Draw Ahead of EIA Weekly Report

A 7-Million-Barrel EIA Draw and Stalling Hormuz Flows Test WTI Bears

Trump's Hormuz fee flip-flop leaves India refiners exposed as crude spikes

Strait of Hormuz 5 Aug

Macquarie Calls Crude Build as German Demand Slide Pressures ULSD

BP's $37bn Cash Position Underpins North Sea Sale on Its Own Terms

Colombia Gas Discovery Arrives as El Niño Threatens Widening Supply Gap

US Pledges 172 Million SPR Barrels as IEA Orders 400 Million Barrel Emergency Reserve Draw

Iran Forces Hormuz Tanker U-Turn as Brent Rally from $92 Fades

Goldman's $80 Brent Fair Value Sits Atop a Tightening Physical Market and an Unsettled Hormuz Framework

Saudi Arabia Cuts Asia Crude Prices as China Trade Nears $400 Billion

Saudi Arabia 5 Aug

ORLEN Opens Gdansk Marine Terminal as Diesel Margins Remain Well Above Pre-March Levels

Brent's retreat to $80 runs ahead of a Hormuz physical market that has not recovered

Chevron Plans Venezuelan Output Growth as Power Grid Failures Threaten Orinoco Expansion

BP's $10.9B Operating Cash Quarter Signals Refining Margin Windfall, but 2.2mmboe/d Production Miss Sets Up Bearish Q3 Crude

Aramco's $33.4 Billion Q2 Profit Beats Estimates but Free Cash Flow Falls Short of Dividend

Saudi Aramco 5 Aug

Woodside Revenue Hits $4.19bn in Q2 as Realized Prices Surge and Gippsland Operatorship Begins

CTAs cut Brent longs by half in one session, but Dubai crude moved the other way

OEUK Ties £50bn North Sea Investment to Tax Reform and Stalled Rosebank and Jackdaw Licences

United Kingdom 5 Aug

WTI Drops Nearly 6% as API Reports Surprise Crude Build and Iran Deal Signals Return

Uranium ETF Rallies 3.94% as ASX Producers Position for Long-Dated Demand Growth

Shell, Exxon and Chevron Steer War Earnings Into Debt as BMI Flags Elevated Q3 Disruption

Chevron Shuts Gulf Output as Bertha Threatens Nearly 2 Million Barrels of Production

Refining Margins Hold Firm Even as Crude Slips on Iran De-escalation

HPCL Buys Nigerian Crude Through Glencore to Replace Hormuz-Disrupted Gulf Supply

Strait of Hormuz 4 Aug

Dubai Crude at $77 With Bearish Bias, Tight U.S. Stocks Limiting the Downside

Dubai Crude 4 Aug

BMI Raises 2026 Brent Forecast to $86 as Q3 Extreme Volatility Warning Takes Hold

BP Posts $5.7bn Profit Beat as North Sea Exit and Archaea Sale Signal Portfolio Overhaul

Diamondback Energy Beats Q2 Estimates as Iran Supply Shock Powers Permian Profits

Oil Traders Are Pricing a Hormuz Reopening Before One Has Been Agreed

Strait of Hormuz 4 Aug

CENTCOM Seeks New Ways to Punish Iran as Tanker Traffic Stays Thin and Crude Slides

Pakistan's OGDC Partners with Canadian Firm to Lift Heavy Crude Output

Venezuela Lifts China Oil Shipments to Seven-Year High in July

Venezuela 4 Aug

BP Lifts Dividend 4% as Price Rally Powers Profit to $5.73 Billion in O'Neill's Debut Quarter

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