Bank of America: Sell Oil Above $100
Bank of America is warning investors not to chase oil prices higher if crude climbs above $100 per barrel, arguing that prices at those levels tend to trigger government and…
China’s Sinopec to Slash Refinery Rates amid Crude Supply Shock
The top Asian refiner, China’s state-controlled Sinopec, plans to slash this month its refinery processing rates by 11-13% as crude supply is choked by the Middle East war, Reuters reported…
Hormuz Crisis Forces Massive Saudi Oil Shut-In
Saudi Arabia has slashed oil output by roughly 20% as the war with Iran continues to choke off exports from the Persian Gulf, in what could become one of the…
U.S. strike near Iran’s Kharg Island heightens risk of oil supply disruption
(Bloomberg) – A U.S. strike near Iran’s Kharg Island, the country’s main crude export hub, has heightened concerns about potential disruptions to global oil supply as conflict in the Middle…
Trump orders restart of California’s Santa Ynez offshore oil unit
(WO) – The Trump administration has ordered the restart of offshore oil production at California’s Santa Ynez Unit and the associated Santa Ynez Pipeline System, directing operator Sable Offshore Corp.…
U.S. clarifies 172 MMbbl SPR release will be oil exchange
(Bloomberg) – The U.S. Energy Department reiterated Sunday that a planned 172-million-barrel release of oil from the country’s Strategic Petroleum Reserve would be structured as an exchange. The agency…
Kazakhstan’s Tengiz Oilfield Supply Uninterrupted Despite New Incident
The operator of Tengiz, the biggest oilfield in Kazakhstan, on Friday said it is investigating an incident from Wednesday, which has not interrupted supply. The field, operated by a Chevron-led…
Middle East Conflict Halts 15% of TotalEnergies Oil and Gas Production
The war in the Middle East has effectively shut in 15% of TotalEnergies’ global oil and gas output, while the now-offline barrels account for about 10% of the supermajor’s upstream…
