President Trump’s return to the Oval Office saw US authorities sanction Iranian traders, middlemen and infrastructure with fervent intensity, triggering a string of new legislative measures targeting Tehran’s oil revenues. The clampdown intensified amidst the Israel-Iran crisis, with the White House extending its sanctioning spree first on Chinese refiners (mostly smaller ‘teapots’ in Shandong province) and then also on China’s port operators and midstream companies allegedly dealing with Iranian oil. With more than…

Critical minerals startup General Matter announced ambitious plans this week to construct a $1.5 billion uranium enrichment facility at the Paducah Gaseous Diffusion Plant in McCracken County, Kentucky, as the Trump administration seeks to reduce reliance on rare earths from China. The groundbreaking project would be the first U.S.-owned, privately developed uranium enrichment facility and marks the largest economic development initiative in Western Kentucky's history. General Matter will develop the 100-acre uranium enrichment facility on the…

US officials keep expressing enthusiasm for expanding trade in critical minerals with Central Asian states. But while Washington talks, China is taking substantive action to expand its hold over Central Asia’s abundant resources.  During her recent Senate confirmation hearing, Julie Stufft, the Trump administration’s nominee to be US envoy to Kazakhstan, reaffirmed US interest in developing Central Asia’s critical minerals sector.   “Almost half of the minerals recognized by the [US Geological Survey] as critical…

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count in the US fell by 1 rig, landing at 539, according to Baker Hughes, down 49 from this same time last year. The previous rig count, at 538, is the lowest point since December 2021. The number of oil rigs, however, rose by 1 to 411, although year over year this represents a 74-rig decline. The number of gas rigs fell by 1 this week, coming in at 123 for a gain of 26 active gas…

A surprise bidder has entered the high-stakes auction for PDV Holding—the U.S.-based parent of Citgo Petroleum—throwing a wrench into a $7.38 billion deal already recommended by a court-appointed officer. The unsolicited offer, confirmed in a court filing Thursday by special master Robert Pincus, comes as the judge weighs whether to approve the existing winning bid from a consortium led by Gold Reserve Ltd. and Dalinar Energy. The rival offer’s backer, known only as “Bidder B,” remains unnamed, but has reportedly been…

A surprise bidder has entered the high-stakes auction for PDV Holding—the U.S.-based parent of Citgo Petroleum—throwing a wrench into a $7.38 billion deal already recommended by a court-appointed officer. The unsolicited offer, confirmed in a court filing Thursday by special master Robert Pincus, comes as the judge weighs whether to approve the existing winning bid from a consortium led by Gold Reserve Ltd. and Dalinar Energy. The rival offer’s backer, known only as “Bidder B,” remains unnamed, but has reportedly been…

The leaders of Armenia and Azerbaijan are expected to sign a US-brokered peace deal that could end decades of conflict when their leaders are hosted by US President Donald Trump in the White House on August 8. Armenian Prime Minister Nikol Pashinian and Azerbaijani President Ilham Aliyev will also sign agreements with the United States to "pursue Economic opportunities together, so we can fully unlock the potential of the South Caucasus Region," Trump said on Truth Social on August 7. "Many Leaders have tried to end the War, with no success, until…

NASA is accelerating plans to set up a nuclear reactor to the Moon by the end of the decade, to power bases there and help America be the first nation to have an energy base powered by 24/7 nuclear power on the Moon and win the “second space race” with Russia and China.   Back in 2020, NASA was planning to build a base and a nuclear power plant on the Moon by 2026 and invited proposals from companies ready to take on the challenge.  The timeline has long lapsed, but NASA isn’t giving up, all the more so that Russia…

The anticipated Trump-Putin meeting has become the dominant storyline in commodity markets this week, as traders and analysts weigh the chances of a sweeping geopolitical deal. August 8, 2025The Trump-Putin meeting has become the main commodity market news of this week, with analysts speculating about the likelihood of a comprehensive deal and the impacts this could have on oil markets. ICE Brent has been gradually sliding closer to $65 per barrel as lower sanction risks on Russia could further erode the market’s in-built risk premium, however…

This past week, energy markets behaved in what many people view as an unusual manner. As crude oil futures exhibited one of the largest weekly declines in a while, natural gas held steady and even rallied around the middle of the week. To add even more confusion, those moves happened as the major stock market indices strengthened again to challenge their all-time highs. So, what is going on? Why is crude underperforming so badly relative to natural gas and stocks? First, let’s look at the crude/natty relationship As I write on Friday, crude…

Numbers Report – August 08, 2025 In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers. Let’s take a look. India Mulls Its Options as Refiners Slow Down Russian Purchases US President Donald Trump is set to impose an additional 25% tariff on India, bringing the total rate to 50%, after US-India trade talks did not lead to any agreement…

Argentina’s plans to become a major energy exporter are going through a unique area in Patagonia, home to an endangered whale species and many orcas and sea lions and a UNESCO heritage site.  As Argentina’s Vaca Muerta shale play is ramping up oil and gas production, international majors and local companies are planning to expand the energy infrastructure in the region to Argentina’s Atlantic coast to enable exports of crude oil and liquefied natural gas (LNG).   But the Vaca Muerta Sur pipeline, proposed by a partnership…

Argentina’s plans to become a major energy exporter are going through a unique area in Patagonia, home to an endangered whale species and many orcas and sea lions and a UNESCO heritage site.  As Argentina’s Vaca Muerta shale play is ramping up oil and gas production, international majors and local companies are planning to expand the energy infrastructure in the region to Argentina’s Atlantic coast to enable exports of crude oil and liquefied natural gas (LNG).   But the Vaca Muerta Sur pipeline, proposed by a partnership…

Major international oil and gas companies have scaled back or quit operations in Colombia’s offshore exploration and production areas, as the country’s leftist president has imposed stricter rules and exploration drilling failed to live up to expectations.   Since leftist President Gustavo Petro took office in 2022, the barriers to oil industry investors have increased with tighter regulations for conventional oil and gas exploration and a ban on fracking.  Colombia stopped awarding new oil exploration contracts while…

Light crude oil futures posted steep losses this week, with prices sliding over 5% to settle near $63.85. The sharp selloff was fueled by a wave of bearish fundamental developments—including an OPEC+ supply boost, escalating trade disputes, softer U.S. crude exports, and uncertainty surrounding Russian energy sanctions. Each factor contributed to a deteriorating sentiment across the energy complex, driving futures to their lowest levels in nearly two months. The weekly slide was compounded by a steady flow of bearish news rather than a single…

Politics, Geopolitics & Conflict Netanyahu’s push for full military control of Gaza is meeting sharp resistance from within Israel’s own security establishment. IDF Chief of Staff Lt.?Gen. Eyal Zamir has openly warned that a full occupation would endanger hostages, exhaust military resources, and spark a sustained insurgency. Though not a political actor, Zamir’s public opposition carries institutional weight and could constrain Netanyahu’s options, especially if public confidence in the war strategy falters. Past IDF…

Gulf involvement in the Horn of Africa and the Red Sea corridor has entered a significant new phase, and one that is set to be more permanent and less accountable. This week’s activity, including a new Emirati delegation to Somaliland and renewed Saudi engagement around the Red Sea Council, confirms that Abu Dhabi and Riyadh are deepening their competing models of influence across this strategic zone. The shift isn’t new, but the scale and pace are clearly accelerating. The concern now is structural. Gulf-backed deals are locking in…

In a major U-turn in energy policy, Mexico has unveiled a 10-year plan to reverse a years-long decline in oil and gas production by tapping more unconventional resources through fracking.  Petroleos Mexicanos, or Pemex, the world’s most indebted energy firm, has seen declines in its output in recent years as old shallow-water conventional fields mature.   Now the government and its state-controlled energy giant want to revitalize production via fracking, Reuters reports, citing the revitalization plan.  In the late 2010s,…

Continued weaker demand for hybrid vehicles slowed the growth in China’s new energy vehicles to 12% in July from nearly 20% in June, according to official Chinese data published on Friday. Overall Chinese car sales also saw slowing growth last month, as the government is trying to tackle the overcapacity in the vehicle manufacturing sector, which has led to price wars and losses for many automakers. Total car sales in China grew by just 6.9% in July, compared to an 18.6% annual rise in June, per data from the China Passenger Car Association…

Fortescue has secured a Chinese yuan-denominated loan of about $2 billion (14.2 billion yuan) as Australia’s energy and metals group is betting on increased collaboration with China in green energy after halting clean energy projects in the U.S. and Australia.    Fortescue’s loan in Chinese yuan with participation from Chinese, Australian, and international lenders, is the first yuan-denominated Syndicated Term Loan of its kind by an Australian corporate, the group said on Friday, adding it is “a landmark transaction…