Oil & Upstream

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

Brent Rebounds 12% From Ceasefire Lows as Iran's Supply Restoration Lags Market Expectations

Bloomberg Intelligence Says Memory Chip Prices Face Downturn as AI Supply Expands

United States 26 Aug

Equinor Tieback Starts Production Early and Under Budget on the Norwegian Shelf

Brent's post-war slide is pricing in a supply recovery that hasn't fully arrived

Iran Sanctions Spared China's Banks, and Crude Futures Priced the Gap Immediately

BP board fires Manifold after governance probe; shares slide 5.7%

Net Power Buys 123 MW of Equipment to Push Project Permian Toward 200 MW

Freight and Insurance Costs on Hormuz Routes Are Amplifying India's Crude Import Shock Beyond What Brent Signals

Sinopec H1 filing puts Brent average at $78.38 as spot trades ten dollars above the contract baseline

Uranium ETF Rebounds 4% as Physical Prices Diverge From Battered Reactor Stocks

Japan Sees September Crude Imports at 80% of 2025 Monthly Average, Minister Says

Oklo's Dewitte Bets Recycled Fuel Stockpile Beats Saudi Crude in Value

Saudi Arabia 25 Aug

Dangote Refinery Drives Nigeria's Petroleum Product Exports to 350,000 b/d, EIA Data Show

Sinopec Chief Says China Oil Demand Peaked in 2025 as Persian Gulf Tanker Backlog Clears

Norwegian Crude Output Slides to 1.776 Million Bpd in July as Spring Gains Unwind

SEB Strips 6.1 Million Barrels From U.S. Crude Build as SPR Releases Distort Weekly Count

US Strategic Petroleum Reserve 25 Aug

NASA's Mars reactor plan ties lunar base race to a $20bn test of nuclear's credibility

United States 25 Aug

Global X Uranium ETF Extends Decline as NuScale Posts $75,000 in Quarterly Revenue

Henry Hub Holds at $2.75 as Permian Growth and Pipeline Constraints Cap Near-Term Upside

Henry Hub 24 Aug

Dangote Refinery Cuts Fuel Prices as Nigeria's Crude Output Extends Four-Month Run

Uranium ETF slips 1.7% as nuclear equity rally cools; HALEU supply chain becomes the differentiator

U.S. Crude Builds and Weakening Demand Forecasts Undercut the Iran Sanctions Rally

United States 24 Aug

Sinopec Locks In Russian ESPO Cargoes as Brent Retreats from July Peak

Sinopec Revenue Falls 7.6% in H1 2026 as Diesel Demand Lags Gasoline Globally

Hormuz Bypass Capacity Covers Less Than 60% of Normal Flow as Brent Retreats Below $94

Eagle Nuclear Advances Aurora Drilling While Clean Nuclear Energy's South Dakota Permit Stalls

United States 24 Aug

Brent and WTI Hold Narrow Range as Hormuz Flow Data and Demand Disagreement Stall Direction

Sinopec H1 2026: Throughput Down 5.6% Against $92.6 Brent — China Fuel Demand Destruction Is Real

Pemex and Petrobras Plan Joint Drilling of Jurassic Formations in Mexican Gulf Waters

Turkish Straits Throughput Climbs to 4.1 Million Barrels a Day Even as Novorossiysk Terminal Goes Dark

Turkish Straits 24 Aug

ExxonMobil Warns of 40% Tengiz Decline and Ties $80 Billion Kashagan Expansion to Legal Resolution

ExxonMobil 23 Aug

Venezuela's Export Ceiling Traps Tankers as Port Failures Undercut Output Recovery

Venezuela 23 Aug

Saudi Aramco Routes 1.1 Million Barrels a Day Through Egypt as Houthi Strikes Continue

Saudi Aramco 23 Aug

ExxonMobil Warns Tengiz Output Will Slump 40% by 2035

ExxonMobil 23 Aug

Hormuz Transit Volume Fell to 4.9 Million Bpd in Q2 as Alternative Routes Fill Up

Strait of Hormuz 23 Aug

Brent's bearish consensus rests on a Hormuz deal that Iran and the US have both declined to confirm

Russia's Black Sea Export Hub Has Sat Idle for More Than a Month, Cutting 650,000 Barrels a Day

Iraq Targets 10 Million bpd While China Accelerates Basrah Purchases

India Faces 25% US Tariff From August 27 Over Russian Crude Purchases as Kashmir Tensions Persist

Canadian Oil Sands Maintenance to Squeeze US Refiner Supply in September

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