Israel launched missile strikes against Iran in the early morning hours, a U.S. official told ABC News today. The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media.
Spot LNG prices in Asia jumped to the highest level since the beginning of January amid concerns that the conflict in the Middle East could further escalate. After lingering at around multi-month lows for nearly the entire winter heating season in the northern hemisphere, spot LNG prices for delivery into north Asia have jumped in.
May this Eid bring joy and love to your heart and create all the opportunities of success for you! Eid al-Fitr Mubarak.
Aramco has served notices of temporary suspension to two oilfield service contractors, Zawya has reported, citing the companies. According to one of them, Borr Drilling Limited, the suspension will begin this month and last for a year, the report said. Borr Drilling operates the Arabia I rig in Saudi Arabia and said it would look to move.
Oil prices retreated at the start of the week on signs that there is a possibility of a ceasefire between Hamas and Israel. Benchmarks began the week shedding some $1 per barrel, which pushed Brent crude below $90 and West Texas Intermediate below $86, after Israel moved some troops out of Gaza during the weekend. “It appears the catalyst.
Propane spot trading activity surged at Hattiesburg, Mississippi, this week as market participants prepared for maintenance on a segment of Enterprise Products Partners’ 1,300-mile natural gas liquids (NGL) Dixie pipeline. Distributors sold 215,000 bl of Hattiesburg spot propane this week, nearly triple the 74,500 bl sold in the previous week and nearly quadruple the same.
Saudi oil giant Aramco, the world’s top crude oil exporter, hiked on Friday the prices of most of its crude grades for May, as Middle Eastern benchmarks are strengthening in a market that looks increasingly tight. For a second consecutive month, Saudi Arabia raised the price of Arab Light, its flagship grade selling in Asia,.
The UK has pledged to reach “net zero” – where no additional planet-warming greenhouse gases are added to the atmosphere – by 2050. To achieve this, much more of our energy needs to come from renewable and low-carbon sources, and much less from fossil fuels – but the government has been criticised for the lack.
Crude oil inventories in the United States rose this week by 9.337 million barrels for the week ending March 22, according to The American Petroleum Institute (API). The API reported a 1.519-million-barrel drop in crude inventories in the week prior. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic.
Russia’s government has ordered oil companies to lower their output in the second quarter so that the country can meet its OPEC+ production target of 9 million barrels per day (bpd) by the end of June. Previously, Russian Deputy Prime Minister Alexander Novak announced that Russia would cut oil output and exports by an extra 471,000 barrels per day.
