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Restarting Gulf Wells Could Outlast Hormuz Crisis
world2 days ago

Restarting Gulf Wells Could Outlast Hormuz Crisis

An energy expert warns that reopening the Strait of Hormuz won’t end the Persian Gulf oil crunch. About 5.5–8 million barrels per day of Gulf production are shut in, and restarting those wells is a complex, long process with some output potentially never returning. Even with a political settlement, tanker movement may resume but upstream constraints and refinery needs could keep diesel and jet-fuel shortages for months, delaying a full market recovery. IEA and EIA projections suggest a gradual return to pre-war levels by 2027, but the path is uneven and the energy system could be permanently altered, challenging U.S. energy security despite record domestic production.

via Fox News|
#eia#hormuz-strait#iea
California's solar surge outpaces natural gas in 2026
energy2 months ago

California's solar surge outpaces natural gas in 2026

U.S. EIA data show CAISO utility-scale solar generated more electricity than natural gas on 82% of days from January to May 2026, with solar output up 21% vs 2024 and gas down 60%. Solar capacity reached about 25 GW and battery storage 16 GW, while natural gas capacity stayed around 29 GW. Despite a 7% rise in electricity demand, total CAISO net generation fell 19% as imports from hydropower and the new SunZia wind project in New Mexico offset domestic generation, and several capacity retirements occurred, including a 300 MW battery facility after a 2025 fire.

via Electrek|
#battery-storage#caiso#california
US Crude Inventories Slide as Refiners Ramp Up Runs, Prices Edge Higher
energy2 months ago

US Crude Inventories Slide as Refiners Ramp Up Runs, Prices Edge Higher

U.S. commercial crude stocks fell 7.2 million barrels to 426.5 million for the week ending June 5, about 5% below the five-year average, per the EIA (API had shown a 9.1 million-barrel draw earlier). Crude prices were higher mid-morning, with Brent around $92.82 and WTI near $89.81. Gasoline inventories rose 200,000 barrels while distillates fell 200,000 as refinery runs increased and gasoline production rose to 9.7 million barrels per day. Total products supplied, a proxy for demand, averaged 20.6 million bpd over the last four weeks, with year-over-year gains in gasoline (8.8 mbpd) and distillates (3.7 mbpd). Distillate stocks remain about 13% below the five-year average.

via Crude Oil Prices Today | OilPrice.com|
#crude-oil-inventories#eia#energy
EIA Signals Big Draw as U.S. Crude Stocks Drop 8 Million Barrels
energy2 months ago

EIA Signals Big Draw as U.S. Crude Stocks Drop 8 Million Barrels

The EIA reported an 8.0-million-barrel decline in U.S. crude inventories for the week ending May 29, lowering stockpiles to 433.7 million and 3% below the five-year average. API had flagged a 6.75-million-barrel draw the day before. In early trading, Brent rose to about $98.24/b and WTI to $95.99/b. Gasoline stocks rose 3.4 million barrels and distillates 1.5 million, while overall demand (Total Products Supplied) averaged 20.4 million bpd over the past four weeks, up 3% year over year.

via Crude Oil Prices Today | OilPrice.com|
#crudeoil#eia#energy
US Crude and Gasoline Inventories Sink as SPR Draws Down
energy2 months ago

US Crude and Gasoline Inventories Sink as SPR Draws Down

API data show US crude inventories dropped 2.8 million barrels in the week ending May 22 (after a 9.1 million-barrel decline the prior week), with the SPR at 365.1 million barrels—the lowest level since April 2024. U.S. production slipped to about 13.702 million bpd; Brent and WTI were trading lower (around $95.46 and $89.66, respectively). Gasoline inventories fell by about 3.2 million barrels, distillates rose 1.1 million, and Cushing storage fell roughly 2.875 million barrels. Overall, inventories remain below five-year averages for gasoline and distillates amid an ongoing supply imbalance.

via Crude Oil Prices Today | OilPrice.com|
#api#crude#eia
business3 months ago

Gas prices jump to four-year high as Memorial Day travel kicks off

As Memorial Day travel kicks off, AAA reports the national average for regular gas at about $4.56 a gallon, the highest in four years, up 3 cents from last week and roughly $1.38 higher than a year ago, driven by rising demand and tighter supply amid the ongoing Strait of Hormuz disruption; WTI crude settled near $98.26 a barrel as inventories fell and the EIA notes demand rose while supply dropped; EV charging costs remain at about 41 cents per kWh, and regional price gaps persist, with California the most expensive market and Mississippi the cheapest.

via AAA Gas Prices|
#business#eia#energy-market
Hormuz Crisis Recharts Oil Outlook as EIA Hikes Forecast
world5 months ago

Hormuz Crisis Recharts Oil Outlook as EIA Hikes Forecast

The U.S. EIA sharply revised its oil-price outlook in its latest STEO amid the Strait of Hormuz disruptions, with Brent trading near $94 per barrel and the forecast raising averages to $79 for Brent in 2026 and $64 in 2027 (up from a month earlier). The agency also sees U.S. crude output rising to about 13.6 mbpd in 2026 and 13.8 mbpd in 2027, contingent on the conflict being temporary and tanker traffic gradually resuming; if disruptions persist, prices and supply balances could move much more than currently forecast.

via Crude Oil Prices Today | OilPrice.com|
#brent-crude#eia#geopolitics
Oil Edges Higher as U.S. Crude Stock Decline Outpaces Seasonal Demand
energy6 months ago

Oil Edges Higher as U.S. Crude Stock Decline Outpaces Seasonal Demand

U.S. crude inventories fell 2.3 million barrels to 423.8 million for the week ending Jan. 24 per the EIA, about 3% below the five-year average, with API reporting a smaller draw a day earlier. Prices rose with Brent near $68.11/bbl and WTI around $63 as winter disruptions and geopolitical risk premiums supported markets. Gasoline stocks increased slightly, distillates rose modestly, and total products supplied (a demand proxy) climbed to 20.3 million b/d over four weeks, though year-over-year demand remained essentially flat-to-down.

via Crude Oil Prices Today | OilPrice.com|
#crude-oil#eia#energy
Oil Dips as Iran Tensions Ease; Natural Gas Rises After EIA Draw
forecasts7 months ago

Oil Dips as Iran Tensions Ease; Natural Gas Rises After EIA Draw

Natural gas rebounds after the EIA report showing a -71 Bcf draw, with prices testing the $3.10 area and eyeing resistance around $3.25–$3.30; WTI crude slips below $60 as Iran supply-disruption fears ease following Trump’s comments, with a path toward $55.50–$56.00 if it continues lower; Brent crude also eases toward $64 as Iran risk fades, with a downside target near $62.54 if losses extend.

via FXEmpire|
#brent-oil#eia#forecasts
Oil slides as Trump eases Iran risk and supply fears
business7 months ago

Oil slides as Trump eases Iran risk and supply fears

Oil prices fell more than 4% after President Trump said Iran killings were ending, easing fears of immediate conflict and supply disruption. The U.S. withdrew some forces in the Middle East, while the EIA reported a larger-than-expected rise in crude and gasoline stocks. Venezuela also moved to reverse output cuts, and demand forecasts suggested a near balance between supply and demand in the near term.

via Reuters|
#business#eia#energy-markets
Oil Prices Rebound Amid Rising Inventories and OPEC+ Decisions
energy2 years ago

Oil Prices Rebound Amid Rising Inventories and OPEC+ Decisions

Crude oil prices fell as the U.S. Energy Information Administration reported an unexpected inventory build of 1.2 million barrels for the week ending May 31, along with increases in gasoline and middle distillate inventories. This follows similar reports from the American Petroleum Institute and comes amid concerns over potential reversals of OPEC+ production cuts, leading to a market selloff and oil prices hitting a four-month low.

via OilPrice.com|
#crude-oil#eia#energy
"US Maintains Unprecedented Lead in Global Oil Production for Sixth Consecutive Year"
energy2 years ago

"US Maintains Unprecedented Lead in Global Oil Production for Sixth Consecutive Year"

The US led global oil production for the sixth consecutive year in 2023, surpassing its own record with an average of 12.9 million barrels per day. Alongside Russia and Saudi Arabia, the three countries accounted for 40% of global oil production. The EIA report highlighted the US's dominance in oil production, driven by advancements in hydraulic fracturing and horizontal drilling techniques, particularly in the Permian Basin. Russia, which led global production in 2017, has faced production growth challenges due to sanctions and voluntary cuts.

via Fox Business|
#eia#energy#oil-production
"U.S. Crude Stocks Rise, Oil Prices Dip"
energy-markets2 years ago

"U.S. Crude Stocks Rise, Oil Prices Dip"

The U.S. Energy Information Administration reported a 4.2 million barrel increase in crude oil inventories, while gasoline and middle distillates saw draws. This news caused oil prices to drop, despite earlier reports of OPEC+ extending production cuts. The American Petroleum Institute also reported an unexpected 8.43 million barrel build in oil inventories, further impacting prices. Brent crude was trading at $84.15 per barrel, and West Texas Intermediate at $79.31 per barrel.

via OilPrice.com|
#crude-oil#eia#energy-markets