The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 6.072 million barrels in the week ending June 26. In the week prior, US crude oil inventories fell by 765,000 barrels. Although commercial crude oil inventories excluding the SPR have been falling rapidly for more than two months, shedding 59.4 million barrels over the last eleven weeks, US crude inventories are only down 8 million barrels so far this year, according to API data, kept in check by draws from the SPR. For the week ending June…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 6.072 million barrels in the week ending June 26. In the week prior, US crude oil inventories fell by 765,000 barrels. Although commercial crude oil inventories excluding the SPR have been falling rapidly for more than two months, shedding 59.4 million barrels over the last eleven weeks, US crude inventories are only down 8 million barrels so far this year, according to API data, kept in check by draws from the SPR. For the week ending June…

China will continue spending heavily on both coal and alternative energy, such as wind and solar, over the next five years, Beijing’s latest five-year plan revealed this month. The apparent paradox sees the world’s largest emitter by far continue to generate a solid portion of its energy from coal while also boosting the largest alternative energy capacity in the world. The thing is, it is not actually a paradox. Ever since the signing of the Paris Agreement in 2015, a host of countries have been working hard to reduce their reliance…

Nigeria has announced the discovery of a world-class, polymetallic deposit in Kaduna State, with government experts saying it’s one of the country's most important critical minerals discoveries in recent years. Located around the pegmatite region of Gidan Waya in the Jema'a Local Government Area, the deposit contains nickel, copper, gold, platinum group metals and rare earth elements. The discovery was made by Steron Mining, with the Nigerian Geological Survey Agency (NGSA) confirming the find. Kaduna State is renowned for the exceptional…

The world's most important oil benchmark is about to experience an identity crisis. For the first time since records began, no Brent crude cargoes are scheduled to load in August, according to Reuters calculations based on loading programs and LSEG data. In other words, the benchmark that gives Brent crude its name is slowly disappearing. That's not because Brent is losing relevance. Quite the opposite. Brent still underpins pricing for more than 60% of internationally traded crude. The problem is that the original Brent field has simply been producing…

The disruptions to Russia's energy sector due to its war with Ukraine are having a ripple effect in Central Asia, with fuel prices rising across the region and governments scrambling to find alternative sources to meet demand. Officials have sought to reassure consumers that supplies will be sufficient and that prices will eventually come down once global disruptions stabilize. Daniyar Amangeldiev, the first deputy prime minister of Kyrgyzstan, told reporters that rising fuel prices are unavoidable given the global geopolitical turmoil. "There…

According to monthly data released Tuesday by the U.S. Energy Information Administration (EIA), U.S. crude oil production climbed to a record 13.934 million barrels per day (bpd) in April—the highest monthly production rate ever recorded. The new record surpassed March's 13.718 million bpd by 216,000 bpd, as producers responded to the oil price spike triggered by the Iran war and the closure of the Strait of Hormuz. While oil prices have since retreated as exports from the Persian Gulf gradually resume, April's data captures the industry's…

The next frontier for wave energy may be far from any ocean. Beaver Island, situated in the middle of Lake Michigan, seeks to be the next major testing ground for hydrokinetic energy from the waves that lap up against its shore. Proponents of the pilot program say that the cutting-edge clean energy tech will provide more reliable energy to the remote island while also advancing the nascent energy form for applications in other global contexts. Earlier this month, researchers from the University of Michigan set up prototype devices along the island’s…

Brent tops $73 as renewed U.S.-Iran strikes keep Hormuz on edge, leaving oil markets vulnerable to sharp summer price swings. Hormuz Plays Red Light, Green Light as Transits Slow Down This Week - Reaching 59 transits, June 24 has marked the highest number of Hormuz crossings since US-Iran MoU was signed, with traffic slowing down following last week’s attack on a cargo ship and weekend strikes on Iranian territory. - This week’s daily transit rates hover around 20-25 ships per day, however nowadays most of Hormuz movement is inbound…

An ESG reporting platform backed by the government-owned British Business Bank has been put up for sale after appointing administrators, City AM can reveal, in the latest sign blue-chip companies are paring back their sustainability commitments. World Wide Generation, which operates the platform, known as G17 Eco, has opened the bidding to interested parties and those expressing interest following a listing on an insolvency marketplace. The London-based company, which was once valued at more than £90m in an equity funding round and counts…

Thailand’s state-owned oil and gas firm PTT is in early-stage talks with developers of U.S. LNG export projects to invest in facilities and secure long-term supply, anonymous sources with knowledge of the matter told Bloomberg on Tuesday. Thailand looks to secure long-term supply to avoid costly spot LNG purchases during crises such as the current disruption in the Middle East. PTT is talking to several developers, including Australia’s Woodside Energy, which is building the Louisiana LNG export plant in the United States, according…

Thailand’s state-owned oil and gas firm PTT is in early-stage talks with developers of U.S. LNG export projects to invest in facilities and secure long-term supply, anonymous sources with knowledge of the matter told Bloomberg on Tuesday. Thailand looks to secure long-term supply to avoid costly spot LNG purchases during crises such as the current disruption in the Middle East. PTT is talking to several developers, including Australia’s Woodside Energy, which is building the Louisiana LNG export plant in the United States, according…

Thailand’s state-owned oil and gas firm PTT is in early-stage talks with developers of U.S. LNG export projects to invest in facilities and secure long-term supply, anonymous sources with knowledge of the matter told Bloomberg on Tuesday. Thailand looks to secure long-term supply to avoid costly spot LNG purchases during crises such as the current disruption in the Middle East. PTT is talking to several developers, including Australia’s Woodside Energy, which is building the Louisiana LNG export plant in the United States, according…

Surging gas demand in South and Southeast Asia will push global LNG demand up by 65% by 2050 from 2025 levels, although growth this year has been stalled by the Strait of Hormuz crisis, Shell, the world’s biggest LNG trader, said in its annual LNG Outlook 2026 published on Tuesday. Last year, 422 million tons of LNG were traded globally. Expectations early this year, including by Shell, were that trade will jump in 2026. However, the Middle East conflict that shut in a fifth of the world’s monthly LNG supply pushed up spot LNG prices…

As traffic through the Strait of Hormuz tentatively reopens following the U.S.-Iran deal to make a deal, oil prices on Tuesday were on track to post a 20% monthly decline and a 30% quarterly plunge in the biggest slump in a quarter since the pandemic-driven crash in prices. In the first quarter of 2020, Brent Crude prices plummeted by 65.5% as the world entered into lockdowns and road transport and industrial fuel demand crashed. The next steepest decline since then was registered in the quarter ending on Tuesday, with quarterly Brent prices slumping…

Despite a slight recovery from May, Asia’s crude oil imports remain at multi-month lows in June amid constrained Middle Eastern flows and high prices for alternative supply. Asia’s crude oil imports in the three months before the Iran war started on February 28 averaged as much as 26.79 million barrels per day (bpd), according to estimates by Reuters columnist Clyde Russell. In contrast, the expected crude imports in June are at just 20.71 million bpd, per Kpler data cited by Russell. These would be higher than the imports of 20.39…

Despite a slight recovery from May, Asia’s crude oil imports remain at multi-month lows in June amid constrained Middle Eastern flows and high prices for alternative supply. Asia’s crude oil imports in the three months before the Iran war started on February 28 averaged as much as 26.79 million barrels per day (bpd), according to estimates by Reuters columnist Clyde Russell. In contrast, the expected crude imports in June are at just 20.71 million bpd, per Kpler data cited by Russell. These would be higher than the imports of 20.39…

Despite a slight recovery from May, Asia’s crude oil imports remain at multi-month lows in June amid constrained Middle Eastern flows and high prices for alternative supply. Asia’s crude oil imports in the three months before the Iran war started on February 28 averaged as much as 26.79 million barrels per day (bpd), according to estimates by Reuters columnist Clyde Russell. In contrast, the expected crude imports in June are at just 20.71 million bpd, per Kpler data cited by Russell. These would be higher than the imports of 20.39…

The White House issued a stark warning in July 2025: Without $1.4 trillion in new infrastructure investment, electricity prices could surge as much as 58% by 2030. That’s driven mostly by the insatiable power demand from the rise of AI data centers and cryptocurrencies like Bitcoin. According to Axios, new reports show that power demand is set to grow up to 10x between now and 2030. The grid we’ve relied on for decades simply can't keep pace, and that’s threatening to put a major strain on both the AI and Bitcoin booms that have…

The war in the Middle East has cost the world over a billion barrels in cumulative supply losses. Yet luckily, China had built a reserve of about the same size before the closure of Hormuz, so it stopped buying so much oil, arresting the inevitable price jump. Now, everyone wants to build an oil reserve—or needs to replenish the ones they already have. Back in March, soon after the U.S. and Israeli attacks on Iran began, prompting the latter to retaliate by closing the Strait of Hormuz, the International Energy Agency said it would release…