Oil & Upstream

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

Diesel Crack Spreads Hit Record Above $100 a Barrel as War-Driven Refinery Losses Deepen

United States 1 Sep

Saudi crude output surged in July as Brent held above $91 on a blockade that hasn't materialized

Chevron, ONGC and Eni Near Final Venezuela Deals as India Bets $200 Million on San Cristobal Revival

India's 6 Million Barrel Demand Forecast Opens Asian Export Window for US Refiners

US Nears Venezuela Oil Deal as Rystad Forecasts Slow, Heavy-Crude-Dominated Recovery

United States 31 Aug

Saudi crude flows to Europe drop as Bab el-Mandeb stays shut

Bab el-Mandeb 31 Aug

Japan Buys Argentine Medanito for First Time as Iran War Rewires Asian Crude Flows

Chevron's Rising Venezuela Volumes Compete With Canadian Barrels for US Refinery Slots

BP board fires chairman Manifold over conduct concerns, deepening leadership turmoil

BP Brings Egypt's Fayoum-4 Online Two Years Early as Energean Circles West Nile Delta

Indian Refiners Pull Back Russian Crude Purchases to May Levels as Port Attacks Curb Supply

JPMorgan Puts 81% Odds on Super El Niño as Fed Eyes September Rate Move

Henry Hub 31 Aug

Oil Traders Price In a Hormuz Truce That Physical Flows Don't Yet Confirm

Strait of Hormuz 31 Aug

Midstream Makes Its Strongest Investment Case Yet on U.S. Production Growth and Rising Payouts

United States 31 Aug

Oilfield services' earnings slump contradicts the crude supply surge Goldman's $80 Brent forecast requires

ICE Brent's diminishing strike response signals markets are pricing Hormuz fatigue, not fresh disruption

Chevron Scales Surfactant Program to 600 Wells as Shale Chemistry Spreads Beyond Permian

WTI's Inventory Whiplash Challenges the Prevailing Bearish Case

U.S. Distillate Stocks Deepen Their Deficit as Crude Barely Moves

United States 31 Aug

WTI's Hormuz Selloff Ran Ahead of Any Deal

ICE Brent's 22% Rebound From June Lows Sits Uneasily With a Market Still Positioned for Q2

Oil Traders Cut Brent Exposure a Second Week as Hormuz Standoff Drags On

Bond Markets Pin Europe's Iran-War Inflation Risk on Gas, Not Crude

UAE Reports 80% June Output Surge to OPEC as Gulf Supply Split Deepens

Saudi Crude Rerouting Hits Second Chokepoint as Houthi Blockade Threat Mounts

Saudi Arabia 30 Aug

Iran War Sends European Diesel Up 70% While Crude Gains a Fraction of That

Uranium ETF Drops 5.9% Even as Nations Race to Lock In Reactor Fuel

Oil Loses Its Hormuz Premium as Surprise Inventory Build Accelerates the Retreat

Strait of Hormuz 30 Aug

CNOOC Commits to H2 Output Push After Record Interim Production

IEA and OPEC Demand Cuts Pull Brent Back Below $89 After August Rally

Venezuela Eyes OPEC Exit After U.S. Deal Targets 303-Billion-Barrel Reserve Base

Kazakhstan's Refineries Turn Down Russian Fuel Exports as Moscow Faces H2 Processing Shortfall

Fed Rate Hikes Can Compress Oil Demand but Cannot Restore Hormuz Supply

Strait of Hormuz 29 Aug

EIA Projects Permian Gas at 29.2 Bcf/d in 2026, Driven by Crude Oil Extraction

Equinor, Aker BP and Vår Energi Form Alliance to Extend Norwegian Shelf Output

Fed Officials Warn Energy Shock May Force Rethink of Look-Through Inflation Doctrine

Qatar and Kuwait Lift Combined Oil Exports to 70% of Pre-War Levels Through Hormuz

Strait of Hormuz 29 Aug

Uranium ETF Sheds 5.9% as Nuclear Revival Confronts Enrichment Bottleneck

Hormuz Oil Disruption Keeps Brent Near $88 as Bond Hedging Calculus Shifts

Goldman Sachs Says Gulf Oil Exports Recover to Two-Thirds of Pre-War Volumes

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