US refinery utilization rate is highest in 25 months; natural gas drilling rigs at a two year high

oil prices fell for a second ​straight week, as a US trade deal with Europe remained elusive and the US approved Chevron's plan to restart oil production in Venezuela​, adding to supply… after falling 1.6% to $67.34 a barrel last week on concerns about the economic impact of Trump’s tariff's, after he put off further sanctions on Russian oil for 50 days​, easing supply concerns, the contract price for the benchmark US light sweet crude for August delivery moved cautiously lower on global markets on Monday, as European Union (EU) sanctions targeting Russian energy exports came into force, amid uncertainty surrounding international trade negotiations ahead of the impending August 1​st U.S. tariff deadline, then traded sideways during the US session as the market weighed the latest EU sanctions on Russia’s oil industry against the U.S. tariff policies, and settled 14 cents lower at $67.20 a barrel as traders judged that the latest European sanctions on Russian oil would have minimal impact on supplies, while U.S. tariffs stoked demand concerns…US oil prices for August fell on Asian markets on their last day of trading on Tuesday, as concerns about a brewing trade war between the US and the European Union heightened fears of weaker fuel demand due to slowing economic activity, and continued to fall during US trading as the prospect of increasing OPEC production and tariff softened demand kept buyers at bay, and expired 99 cents lower at $66.21 a barrel, as the US tariff deadline loomed without sign of progress, while the more actively traded contract for the benchmark US oil for September delivery settled down 64 cents at $65.31 a barrel….with markets now ​quoting the contract price for US oil for September delivery, oil prices edged higher during Asian trading hours on Wednesday, buoyed by growing optimism that a new U.S.-Japan trade pact ​would reinvigorate global economic momentum and spur energy demand, but were down for a fourth session in a row Wednesday morning in New York, even though the American Petroleum Institute reported a drop in US oil inventories and Trump reached a trade deal with Japan that imposed a 15% tariff on imports from Tokyo, and settled 6 cents lower at $65.25 a barrel, as traders assessed trade developments between the European Union and the U.S. after Trump reached a tariff deal with Japan….oil prices rose in Asia again on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories, then traded higher and posted a high of $66.39 by mid-day in New York amid the news that the EU and the U.S. were moving towards a trade deal, and settled 78 cents higher at $66.03 a barrel as U.S. crude ​inventory draws and expected cuts to Russian gasoline exports ​m​ore than offset the news that oil major Chevron would gain U.S. approval to renew production in Venezuela…oil prices rose in Asian trading on Friday, as trade talk optimism supported the outlook for both the global economy and oil demand, outweighing the potential for more oil supply from Venezuela​,​ then were mixed in early US trade, with modest gains in refined products and with underlying support from progress in U.S.-EU trade talks and expectations that Russia will tighten gasoline exports, but eased in afternoon trading and settled 87 cents lower at a three-week low of $65.16 a barrel, as traders worried about negative economic news from the U.S. and China and signs of growing supply….oil price quotes thus finished 3.2% lower for the week, while the price of ​the benchmark oil contract for September, which had finished the prior week at $66.05 a barrel, ended 1.3% lower…

meanwhile, natural gas prices finished lower for the fourth time in five weeks on record production, stagnant demand from LNG plants, and less hot forecasts….after rising 7.6% to a three week high of $3.565 per mmBTU last week on increased LNG demand and ​on forecasts for the hottest weather of the summer, the price of the benchmark natural gas contract for August delivery opened 13.5 cents lower on Monday, as overnight weather models culled cooling demand from their forecasts, then continued to retreat to settle 24.0 cents or 6.7% lower at $3.325 per mmBTU on record output, forecasts for less hot weather over the next two weeks, stagnant gas flows to LNG export plants, and ample amounts of gas in storage….natural gas prices started Tuesday​ another 10.6 cents lower, as steady production and ample storage continued to apply bearish pressure, and then traded within a tight band near $3.245 into the afternoon before settling 7.3 cents lower at $3.252 per mmBTU amid less imposing heat in the forecast, choppy LNG feed gas demand​, and robust supply…natural gas prices opened 8.2 cents lower on Wednesday, trending lower once again as steady production and supply levels outweighed elevated July cooling demand, and slid to a three-month intraday low of $3.066 by 2:15​ PM, before settling 17.5 cents lower at $3.077 per mmBTU on near-record output, stagnant gas flows to LNG export plants, and ample amounts of gas in storage….natural gas prices opened 5.0 cents higher Thursday morning, recovering modestly overnight following the steep losses of the prior thee sessions, then jumped to an intraday high of $3.166 as news of ​a bullish injection ​into storage hit the wire, before fading the rest of the session and settling just 1.7 cents higher at $3.094, as gas markets were unmoved by a bullish inventory surprise and sweltering near-term weather….natural gas futures inched higher early Friday as traders weighed near-term heat waves and a bullish storage print against forecasts for a mild start to August and robust production estimates, then traded in a narrow band between gains and losses through early afternoon trading before settling 1.6 cents higher at $3.110 per MMBTU, closing out a week of heavy losses driven by ample supplies and a rapidly shrinking window of peak summer heat, which left natural gas prices 12.8% lower for the week…

The EIA’s natural gas storage report for the week ending July 18th indicated that the amount of working natural gas held in underground storage rose by 23 cubic feet to 3,075 billion cubic feet by the end of the week, which left our natural gas supplies 153 billion cubic feet, or 4.7% below the 3,208 billion cubic feet of gas that were in storage on July 18th of last year, but 171 billion cubic feet, or 5.9% more than the five-year average of 2,904 billion cubic feet of natural gas that had typically been in working storage as of the 18th of July over the most recent five years….the 23 billion cubic foot injection into US natural gas storage for the cited week was smaller than the 33 billion cubic foot addition to storage that was forecast in a Reuter’s poll of analysts ahead of the report, but was a bit more than the 20 billion cubic foot that were added to natural gas storage during the corresponding week of 2024, while less than the average 30 billion cubic foot addition to natural gas storage that has been typical for the same early July week over the past five years…

The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending July 18th indicated that after a decrease in our oil imports and an increase in our oil exports, we needed to pull oil out of our stored crude supplies for the eleventh time in twenty-four weeks, and for the 24th time in fifty-four weeks, in spite of an increase in our oil supplies that the EIA could not account for….Our imports of crude oil fell by an average of 403,000 barrels per day to average 5,976,000 barrels per day, after rising by an average of 366,000 barrels per day over the prior week, while our exports of crude oil rose by an average of 337,000 barrels per day to average 3,855,000 barrels per day, which, when used to offset our imports, meant that the net of our trade of oil worked out to a net import average of 2,121,000 barrels of oil per day during the week ending July 18th, an average of 740,000 fewer barrels per day than the net of our imports minus our exports during the prior week. At the same time, transfers to our oil supplies from Alaskan gas liquids, from natural gasoline, from condensate, and from unfinished oils averaged 482,000 barrels per day, while during the same week, production of crude from US wells was 102,000 barrels per day lower at 13,273,000 barrels per day. Hence, our daily supply of oil from the net of our international trade in oil, from transfers, and from domestic well production appears to have averaged a total of 15,876,000 barrels per day during the July 18th reporting week…

Meanwhile, US oil refineries reported they were processing an average of 16,936,000 barrels of crude per day during the week ending July 18th, an average of 87,000 more barrels per day than the amount of oil that our refineries reported they were processing during the prior week, while over the same period the EIA’s surveys indicated that a net average of 481,000 barrels of oil per day were being pulled out of the supplies of oil stored in the US… So, based on that reported & estimated data, the crude oil figures provided by the EIA appear to indicate that our total working supply of oil from storage, from net imports, from transfers, and from oilfield production during the week ending July 18th averaged a rounded 579,000 fewer​ barrels per day than what what our oil refineries reported they used during the week. To account for that difference between the apparent supply of oil and the apparent disposition of it, the EIA just plugged a [ +579,000] barrel per day figure onto line 16 of the weekly U.S. Petroleum Balance Sheet, in order to make the reported data for the supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil”, thus indicating there must have been an error or omission of that magnitude in the week’s oil supply & demand figures that we have just transcribed…. Moreover, since 600,000 barrels per day of demand for oil could not be accounted for in the prior week’s EIA data, that means there was a 1,179,000 barrel per day difference between this week’s oil balance sheet error and the EIA’s crude oil balance sheet error from a week ago, and hence the changes to supply and demand from that week to this one that are indicated by this week’s report are off by that much, meaning the week over week changes that we have just cited are complete nonsense…However, since most oil traders react to these weekly EIA reports as if they were gospel, and since these weekly figures therefore often drive oil pricing and hence decisions to drill or complete oil wells, we’ll continue to report this data just as it’s published, and just as it’s watched & believed to be reasonably reliable by most everyone in the industry…(for more on how this weekly oil data is gathered, and the possible reasons for that “unaccounted for” oil supply, see this EIA explainer….also see this old twitter thread from an EIA administrator addressing these ongoing weekly errors, and what they had once hoped to do about it)

This week’s rounded 481,000 barrel per day average decrease in our overall crude oil inventories came as an average of 453,000 barrels per day were being pulled out of our commercially available stocks of crude oil, while 29​,000 barrels per day were being pulled out of our Strategic Petroleum Reserve, just the second withdrawal from the SPR since September 2023, following nearly continuous SPR withdrawals over the 39 months prior to that August… Further details from the weekly Petroleum Status Report (pdf) indicate​d that the 4 week average of our oil imports rose to 6,322,000 barrels per day last week, which was 7.1% less than the 6,804,000 barrel per day average that we were importing over the same four-week period last year. This week’s crude oil production was reported to be 102,000 barrels per day lower at 13,375,000 barrels per day even as the EIA’s estimate of the output from wells in the lower 48 states was 4,000 barrels per day higher at 12,970,000 barrels per day, because Alaska’s oil production was 106,000 barrels per day lower at 303,000 barrels per day.….US crude oil production had reached a pre-pandemic high of 13,100,000 barrels per day during the week ending March 13th 2020, so this week’s reported oil production figure was still 1.3% higher than that of our pre-pandemic production peak, and was also up 36.8% from the pandemic low of 9,700,000 barrels per day that US oil production had fallen to during the third week of February of 2021.

US oil refineries were operating at 95.5% of their capacity while processing those 16,936,000 barrels of crude per day during the week ending July 18th, up from their 93.9% utilization rate of a week earlier, and the highest refinery utilization rate since June 2nd, 2023…. the 16,936,000 barrels of oil per day that were refined this week were 3.2% more than the 16,407,000 barrels of crude that were being processed daily during the week ending July 19th of 2024, but were 0.6% less than the 17,034,000 barrels that were being refined during the prepandemic week ending July 19th, 2019, when our refinery utilization rate was at 93.1%, which is within the normal range for this time of year…

With the increase in the amount of oil being refined this week, gasoline output from our refineries was also higher, increasing by 282,000 barrels per day to 9,366,000 barrels per day during the week ending July 18th, after our refineries’ gasoline output had decreased by 815,000 barrels per day during the prior week.. This week’s gasoline production was still 8.3% less than the 10,213,000 barrels of gasoline that were being produced daily over the week ending July 19th of last year, and 7.2% less than the gasoline production of 10,089,000 barrels per day during the prepandemic week ending July 19th, 2019….at the same time, our refineries’ production of distillate fuels (diesel fuel and heat oil) increased by 95,000 barrels per day to 5,079,000 barrels per day, after our distillates output had decreased by 109,000 barrels per day during the prior week. After that production increase, our distillates output was 2.9% more than the 4,937,000 barrels of distillates that were being produced daily during the week ending July 19th of 2024, but 2.7% less than the 5,219,000 barrels of distillates that were being produced daily during the pre-pandemic week ending July 19th, 2019…

Even with this week’s increase in our gasoline production, our supplies of gasoline in storage at the end of the week fell for the fourteenth time in twenty-one weeks, decreasing by 1,738,000 barrels to 231,129,000 barrels during the week ending July 18th, after our gasoline inventories had increased by 3,399,000 barrels during the prior week. Our gasoline supplies decreased this week because the amount of gasoline supplied to US users rose by 478,000 barrels per day to 8,967,000 barrels per day, while our exports of gasoline fell by 157,000 barrels per day to 720,000 barrels per day, and while our imports of gasoline fell by 18,000 barrels per day to 606,000 barrels per day, ….Even after sixteen gasoline inventory withdrawals over the past twenty-four weeks, our gasoline supplies were 1.6% above last July 19th’s gasoline inventories of 227,422,000 barrels, and were slightly above the five year average of our gasoline supplies for this time of the year…

With the increase in this week’s distillates production, our supplies of distillate fuels rose for the 12th time in 29 weeks, increasing by 2,931,000 barrels to 109,901,000 barrels during the week ending July 18th, after our distillates supplies had increased by 4,173,000 during the prior week.. Our distillates supplies increased by less this week even though the amount of distillates supplied to US markets, an indicator of domestic demand, fell by 80,000 to 3,343,000 barrels per day, because our exports of distillates rose by 320,000 barrels per to 1,431,000 barrels per day, while our imports of distillates fell by 31,000 barrels per day to 115,000 barrels per day...After 46 withdrawals from inventories over the past 77 weeks, our distillates supplies at the end of the week were 12.3% below the 125,313,000 barrels of distillates that we had in storage on July 19th of 2024, and are still about 19% below the five year average of our distillates inventories for this time of the year…

Finally, after the decrease in our oil imports and the increase in our oil exports, our commercial supplies of crude oil in storage fell for the 11th time in twenty-six weeks, and for the 22nd time over the past year, decreasing by 3.169,000 barrels over the week, from 422,162,000 barrels on July 11th to 418,993,000 barrels on July 18th, after our commercial crude supplies had decreased by 3,859,000 barrels over the prior week… After those decreases, our commercial crude oil inventories were 9% below the recent five-year average of commercial oil supplies for this time of year, while they were 23.8% above the average of our available crude oil stocks as of the third weekend of July over the 5 years at the beginning of the past decade, with the big difference between those comparisons arising because it wasn’t until early 2015 that our oil inventories had first topped 400 million barrels. After our commercial crude oil inventories had jumped to record highs during the Covid lockdowns in the Spring of 2020, then jumped again after February 2021’s winter storm Uri froze off US Gulf Coast refining, but then fell sharply due to increased exports to Europe following the onset of the Ukraine war, only to jump again following the Christmas 2022 refinery freeze-offs, our commercial crude supplies have somewhat leveled off since, and as of this July 18th were 4.0% below the 436,485,000 barrels of oil left in commercial storage on July 19th of 2024, and 8.3% less than the 456,820,000 barrels of oil that we had in storage on July 21st of 2023, and were 1.8 % less than the 426,609,000 barrels of oil we had left in commercial storage on July 22nd of 2022…

This Week’s Rig Count

The US rig count decreased by two during the week ending July 25th, the twelfth decrease in thirteen weeks, as seven rigs targeting oil were removed, while five rigs targeting natural gas were added...that left us with the most natural gas rigs in the field since August 2023, while the the 415 oil directed rigs that remained was the lowest US oil rig count since September 2021…for a quick snapshot of this week's rig count, we are again including below a screenshot of the rig count summary pdf from Baker Hughes...in the table below, the first column shows the active rig count as of July 25th, the second column shows the change in the number of working rigs between last week’s count (July 18th) and this week’s (July 25th) count, the third column shows last week’s July 18th active rig count, the 4th column shows the change between the number of rigs running on Friday and the number running on the Friday before the same weekend of a year ago, and the 5th column shows the number of rigs that were drilling at the end of that reporting period a year ago, which in this week’s case was the 26th of July, 2024…

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$250K awarded to study gas pipeline through Valley - (WKBN) – Local leaders and lawmakers are looking into what it would take to develop a natural gas pipeline across Ashtabula, Trumbull, Mahoning and Columbiana counties.Eastgate Regional Council of Governments was awarded a $250,000 state grant to conduct a study to explore the idea and how to fund it.A consultant would be hired to study the economic and technical feasibility of the pipeline along State Route 11, which connects the region’s deepwater ports on Lake Erie in Ashtabula and Conneaut and the Ohio River in Wellsville.The study would also look at how best to connect abundant and low-cost Ohio Appalachian natural gas to address major service gaps in Ashtabula and Trumbull counties. The pipeline could also be used to supply natural gas-fired power plants and the export of liquified natural gas. Anyone interested in the project is urged to contact Eastgate Executive Director James Kinnick at jkinnick@eastgatecog.org or (234) 254-1500 or Lake to River Vice President of Economic Development Sarah Boyarko at sarah@laketoriverohio.org or (330) 866-8973.

OH Spending $250K to Study Utica to Lake Erie Pipe for LNG Exports Marcellus Drilling News - Here's a fascinating development. Years ago, MDN heard the rumor of the potential to export LNG from a deepwater port along the shore of Lake Erie. The state of Ohio has just allocated $250,000 to study a pipeline in the "Lake to River" region of the state, which stretches from Columbiana County north through Mahoning, Trumbull, and Ashtabula counties. The pipeline coul d, potentially, flow Utica (and Marcellus) molecules from eastern Ohio (and possibly western PA) northward not only for potential liquefaction and export via a port in Ashtabula, but to feed new power plants in the region and even deliver low-cost natural gas to utility companies.

Marietta residents find brine waste in gas wells - — Bob Lane drives through the steep hills of Athens County, pointing to access roads where his gas wells are. These conventional wells and others nearby have been producing gas for him and other property owners for decades. But today, these wells are no longer producing gas. Instead, they contain fracking wastewater. Fracking wastewater, known as brine waste, is a byproduct of unconventional oil and gas drilling. It is stored in Class II injection wells as a way to isolate the fluid from getting into the environment, reports the U.S. Environmental Protection Agency. Brine contains heavy metals and radioactive substances that can damage the environment and public health if it leaks into water or onto land, according to the EPA. Incidentally, brine waste has migrated out of these wells into conventional gas wells around Marietta, Ohio. Lane and Bob Wilson, owner of Wilson Energy LLC., have been fighting for six years to get the wastewater out of their wells, filing a lawsuit against injection well companies in 2019. But since then, little has been done, and now more landowners in Washington and Athens counties are finding that distinct brine stench wafting up from their gas wells. As of 2024, there were 17 injection wells in Washington County, according to ODNR. Washington County is tied for second-most injection wells per county in Ohio after Trumbull County, with 19, said Karina Cheung, spokesperson for the Ohio Department of Natural Resources — the regulatory body responsible for these wells. In 2023, 5.9 million barrels of brine were injected into wells in Washington County.Ohio accepts brine waste from a number of states, including Pennsylvania and West Virginia. As of 2025, Ohio has 232 active injection wells — more than its two neighboring states combined. Ohio accepted 11,212,266 barrels of brine waste from other states in 2024, and, in total, 32,936,244 barrels of this wastewater were injected into injection wells in the state last year, according to Cheung. She notes these numbers could be higher, as companies are still sending in their 2024 reports. Lane believes injection wells are leaking because the state is accepting and injecting too much brine waste. He also questions why other states do not want this brine waste: “If it has no effect on drinking water or anything else, why in the world are they hauling it over 100 miles from up in Pennsylvania, clear down here to Washington County? Why don’t they drill disposal (injection) wells up there and put it in the ground up there?” Lane, owner of Bob Lane’s Welding Inc., grew up on a beef farm and orchard in Marietta, Ohio. He invested in his first gas well with a friend in 1978. In the mid ’80s, he bought 72 more wells out of a bankruptcy court in Columbus. Wilson has worked in the oil and gas industry since he was 15 years old. “That’s all I’ve ever done,” he said. He has worked in all sectors of the oil and gas industry, from drilling wells and laying pipelines to wellhead production and now owning them. Wilson and Lane reached out to ODNR about the problem, but according to Wilson, the agency didn’t believe it could be brine waste. Lane then reached out to then-Ohio state Rep. Jay Edwards, who visited the well sites and put pressure on the ODNR to investigate the issue.Later that year, an ODNR inspector took samples from 15 of Lane and Wilson’s wells. The results, released in June 2020, found that brine waste had migrated from the nearby Redbird #4 injection well into 28 gas production wells. According to the report, the Ohio Shale Formation, where the Redbird #4 injection well is located, has a low permeability, meaning that with a high enough amount of pressure, this fluid can escape its intended storage space. Wilson and Lane filed a lawsuit in 2019 against several injection well companies, including Tallgrass Energy Company and Deeprock Disposal Solutions, and named Deeprock’s former CEO Brian Chavez, now an Ohio state senator and chair of the state’s energy committee. But, six years later, Lane and Wilson have yet to see their day in court. The lawsuit has been appealed twice, most recently by Tallgrass in the Ohio Supreme Court, said Lane. Meanwhile, Wilson and Lane are continuing to see their wells flooded. Wilson lost another well to brine waste just a month ago, and another is on the way, he said. Today, Wilson, who owns 170 gas wells in Washington County, Ohio, has had 45 of these wells flooded. Lane, who owns 65 wells, has had eight flooded with brine water. But now, Lane and Wilson aren’t the only ones seeing brine waste in their wells. Gas well owners Jack Chamberlain and Joe Wigal recently reported their wells in Marietta, Ohio, to have what they suspect is brine waste from nearby injection wells, reports the Buckeye Environmental Network.

In Ohio, oil and gas industry is steering new carbon capture bill - An Ohio bill that would establish rules for underground carbon dioxide storage is being shaped behind the scenes by oil and gas companies that stand to benefit from the legislation. House Bill 170 would pave the way for companies to pump waste carbon dioxide from industrial plants and hydrogen production deep underground as a way to lower their emissions. Companies would lease subsurface property rights long-term and eventually transfer liability for the stored waste to the state.Oil and gas industry groups have been busy for months vetting bill sponsors, drafting legislation, writing talking points for lawmakers, meeting with regulators, and coordinating with other industry stakeholders.Industry lobbyists often play an active role in pushing for legislation that will favor them. But public records shared with Canary Media by Fieldnotes, a watchdog group that investigates the oil and gas industry, show that the American Petroleum Institute and the Ohio Oil and Gas Association have played an outsize role in shaping the bill.Supporters say carbon capture and sequestration, or CCS, is necessary to lower greenhouse gas emissions that drive human-caused climate change, especially for hard-to-electrify industries. As lawmakers and regulators craft rules for the technology, the stakes are high, with potentially large risks and rewards for industry and the public. Carbon capture is “the new Wild West…where there is a lot of money to be made,” said Jennifer Stewart, the American Petroleum Institute’s director of climate and environmental, social, and governance policy, at a hearing on last year’s carbon capture bill in the Ohio Senate. She suggested that tax credits could offset the costs of reducing greenhouse gas pollution and that companies could also sell carbon offset credits to other businesses. Despite HB 170 and Senate Bill 136 having terms nearly identical to those of the 2024 substitute bill, Schaffer’s aide gave both petroleum groups a chance for advance review before the bills were introduced this year. House Rep. Bob Peterson (R-Sabina) is now a cosponsor with Robb Blasdel. Replacing Landis as a cosponsor of SB 136 is freshman Sen. Brian Chavez (R-Marietta), who has worked and owned companies in the oil and gas industry. He has not answered Canary Media’s questions about whether the bill might benefit any of his businesses. After hearings in the Ohio House this spring, Robb Blasdel’s office asked for revised bill language, which the American Petroleum Institute’s representative supplied on June 2. Less than 90 minutes later, her office invited petroleum industry people and others to an “interested party” meeting on June 5. Among them were staff and lobbyists for carbon capture companies and other bill supporters, along with representatives for the Ohio Farm Bureau Federation and the Nature Conservancy, which had identified themselves as interested parties(versus saying they were for or against the bill).No opponents were invited, despite numerous concerns raised by the Buckeye Environmental Network, the Freshwater Accountability Project, and others, including whether provisions in the bill would infringe on property rights, lower home values, and cause health and safety problems, among other issues. A new substitute bill was introduced during the June 18 meeting of the House Natural Resources Committee, which Robb Blasdel chairs. More hearings are planned for the fall. The American Petroleum Institute “regularly engages with policy makers on both sides of the aisle to educate on the critical role of American energy and to share our industry’s priorities,” said Christina Polesovsky, the organization’s associate director for Ohio, in response to Canary Media’s questions about critics who see the group as having outsize influence. She added that the group has provided on-the-record testimony through the committee process. While the extent of industry’s involvement in the carbon capture bills wasn’t clear before the most recent batches of the public records were released to Fieldnotes this spring, it’s not necessarily surprising. “This is the system that we’re in,” said Stephanie Howse-Jones, a Cleveland City Council member who served for seven years as a Democratic representative in the Ohio House. Lobbyists often provide draft bills and talking points. Lawmakers often use those talking points when speaking about legislation, but they don’t always read the full text of their bills, she noted.Howse-Jones said Ohioans need to understand specifically how bills will impact them and their communities. Getting that information may be more challenging after Ohio’s latest budget bill changed the state’s public records law to shield lawmakers’ notes and some internal communications from disclosure until the next legislative session. But more transparency isn’t enough, she said. “Ohioans must demand more of their state legislature,” Howse-Jones said. Until campaign finance reform takes place, “most of us won’t be able to compete with the dollars. But we do have organizing-people power.” That goes beyond voting and includes taking an active role in organizing and communicating constituent concerns, she said.

Ascent Resources Issues 2024 ESG Sustainability Report - Marcellus Drilling News - Ascent Resources, founded as American Energy Partners by Aubrey McClendon, a gas industry legend, is a privately held company that focuses 100% on the Ohio Utica Shale. Ascent, headquartered in Oklahoma City, OK, is Ohio’s largest natural gas producer and the 8th largest natural gas producer in the U.S. Yesterday, Ascent published its 2024 Sustainability Report, chronicling the company's environmental, health and safety; social; and governance (ESG) efforts and accomplishments in 2024.

Talen Acquires Gas-Fired Plants in PJM for $3.5B | Hart Energy -Talen Energy Corp. agreed to acquire two combined-cycle gas turbine (CCGT) plants in the PJM power market for approximately $3.5 billion net, according to a July 17 press release. Talen is purchasing Caithness Energy’s Moxie Freedom Energy Center in Pennsylvania and Caithness’ and BlackRock’s Guernsey Power Station in Ohio. The purchase price comes out to $3.8 billion gross. Moxie is a 1,045-megawatt (MW) CCGT located 3 miles from Talen’s Susquehanna nuclear power plant. Guernsey is a 1,836-MW CCGT near Columbus, according to Talen’s investor relations presentation. Talen will pay $1.46 billion in cash for Moxie and $2.33 billion in cash for Guernsey, according to a regulatory filing with the Securities and Exchange Commission. The plants have an average heat rate of 6,550 Btu/kilowatt hour, which is expected to increase Talen’s annual generation by 50% to approximately 60 terawatt-hours (TWh) from about 40 TWh, the company said. Moxie and Guernsey also have access to gas pipeline infrastructure from the Marcellus and Utica shale formations, the release stated. “This acquisition enhances Talen’s fleet by selectively adding modern, highly efficient baseload H-class CCGTs in Talen’s key markets, where we are an innovator in data center contracting,” said Mac McFarland, Talen president and CEO. As part of the deal, Houston-based Talen is also acquiring the equity interests in Guernsey from funds managed by Global Infrastructure Partners, a part of BlackRock. “The transaction is immediately and highly accretive, maintains our balance sheet discipline, and adds more than the equivalent of another Susquehanna nuclear plant to our platform, further enabling large load service,” McFarland said. The company said it plans to issue approximately $3.8 billion in new debt to fund the acquisitions and refinance debt. The Moxie and Guernsey transactions are expected to close in the fourth quarter. Each deal is subject to satisfaction of customary closing conditions and regulatory approvals from the Federal Energy Regulatory Commission.

Trump and the energy industry are eager to power AI with fossil fuels --AI IS “NOT my thing,” President Donald Trump admitted during a speech in Pittsburgh on Tuesday. However, the president said during his remarks at the Energy and Innovation Summit, his advisers had told him just how important energy was to the future of AI. “You need double the electric of what we have right now, and maybe even more than that,” Trump said, recalling a conversation with “David”—most likely White House AI czar David Sacks, a panelist at the summit. “I said, what, are you kidding? That's double the electric that we have. Take everything we have and double it.” At the high-profile summit on Tuesday — where, in addition to Sacks, panelists and attendees included Anthropic CEO Dario Amodei, Google president and chief investment officer Ruth Porat and ExxonMobil CEO Darren Woods — companies announced $92 billion in investments across various energy and AI-related ventures. These are just the latest in recent breakneck rollouts in investment around AI and energy infrastructure. A day before the Pittsburgh meeting, Mark Zuckerberg shared on Threads that Meta would be building “titan clusters” of data centers to supercharge its AI efforts. The one closest to coming online, dubbed Prometheus, is located in Ohio and will be powered by onsite gas generation, SemiAnalysis reported last week.For an administration committed to advancing the future of fossil fuels, the location of the event was significant. Pennsylvania sits on the Marcellus and Utica shale formations, which supercharged Pennsylvania’s fracking boom in the late 2000s and early 2010s. The state is still the country’s second-most prolific natural gas producer. Pennsylvania-based natural gas had a big role at the summit: The CEO of Pittsburgh-based natural gas company EQT, Toby Rice — who dubs himself the “people’s champion of natural gas” — moderated one of the panels and sat onstage with the president during his speech.All this new demand from AI is welcome news for the natural gas industry in the US, the world’s top producer and exporter of liquefied natural gas. Global gas markets have been facing a mounting supply glut for years. Following a warm winter last year, Morgan Stanley predicted gas supply could reach “multi-decade highs” over the next few years. A jolt of new demand — like the demand represented by massive data centers — could revitalize the industry and help drive prices back up. Natural gas from Pennsylvania and the Appalachian region, in particular, has faced market challenges both from ultra-cheap natural gas from the Permian Basin in Texas and New Mexico as well as a lack of infrastructure to carry supply out of the region. These economic headwinds are “why the industry is doing their best to sort of create this drumbeat or this narrative around the need for AI data centers,” says Clark Williams-Derry, an energy finance analyst at the Institute for Energy Economics and Financial Analysis. It appears to be working. Pipeline companies are already pitchingnew projects to truck gas from the northeast — responding, they say, to data center demand. The industry is finding a willing partner in the Trump administration. Since taking office, Trump has used AI as a lever to open up opportunities for fossil fuels, including a well-publicized effort to resuscitate coal in the name of more computing power. The summit, which was organized by Republican senator (and former hedge fund CEO) Dave McCormick, clearly reflected the administration’s priorities in this regard: No representatives from any wind or solar companies were present on any of the public panels. Tech companies, which have expressed an interest in using any and all cheap power available for AI and have quietly pushed back against some of the administration’s anti-renewables positions, aren’t necessarily on the same page as the Trump administration. Among the announcements made at the summit was a $3 billion investment in hydropower from Google.This demand isn’t necessarily driven by a big concern for the climate — many tech giants have walked back their climate commitments in recent years as their focus on AI has sharpened — but rather pure economics. Financial analyst Lazard said last month that installing utility-scale solar panels and batteries is still cheaper than building out natural gas plants, even without tax incentives. Gas infrastructure is also facing a global shortage that makes the timescales for setting up power generation vastly different.“The waiting list for a new turbine is five years,” “If you want a new solar plant, you call China, you say, ‘I want more solar.’”

Range Looks to Capture 5-Bcf/d Appalachia AI Power Market Growth -Range Resources seeks to expand its gas supply agreements with power generation partners in Appalachia.With a Marcellus and Utica inventory measured in decades, Range is poised to capture a share of the anticipated 4 Bcf/d to 5 Bcf/d of additional regional power demand expected by the end of the decade, CEO Dennis Degner said.Appalachia power demand is growing from technology hyperscalers, data centers and other industrial users. Big Tech is securing power purchase agreements for renewable sources like nuclear and hydropower wherever possible, but natural gas is expected to supply much of the baseload power needed to keep AI data centers running reliably.“We hear from the end users how important it is to address the 99.999% of reliability,” Degner said July 23 during Range’s second-quarter earnings call. The nascent gas-to-AI story is beginning to take shape in the hills of Appalachia. Just as Range gained an early lead in the Marcellus play after its discovery over two decades ago, it’s now ahead of the curve on this new trend.In April, Range, Liberty Energy and Imperial Land Corp. announced an alliance to develop a natural gas power generation facility in Washington County, Pennsylvania.Range expects that an end user offtaker for the gas-fired power will come to the table for a deal “here in the near term,” Degner said.Just last week, Trump-backed investors rallied in Pittsburgh to unveil $90 billion of commitments for energy and infrastructure investments in Pennsylvania shale country. Fellow Appalachia producer EQT Corp. announced two deals to supply around 1.5 Bcf/d of its Marcellus gas to two data center projects in Pennsylvania. EQT produced about 6.34 Bcfe/d from Appalachia in the first quarter.

PA Oil & Gas Weekly Compliance Dashboard - July 12 to 18 - Uncontrolled Shale Gas Wastewater Release For 34 Hours; Abandoned Conventional Wells Top 300; 107 New Brownfield Sites [PaEN] --From July 12 to 18, DEP’s Oil and Gas Compliance Database shows oil and gas inspectors filed 527 inspection entries and entries from past inspections just posted. Follow these links to spreadsheets showing the violations and inspections occurring between July 12 to 18-- Click Here for violations issued. Click Here for inspection entries. At 6:30 p.m on July 13, 2025, Repsol Oil & Gas USA LLC reported a well control incident at the 7H shale gas well on the Broadleaf Holdings pad in Columbia, Springfield and Troy Townships, Bradford County caused the “uncontrolled release” of wastewater up the well casing to the pad surface. Read more here. Efforts to control the pressure and prevent fluids from escaping all three well annuli failed for more than 34 hours until a second temporary plug was put in the well. The Courier Times reported on July 16, 2025, Upper Makefield Township residents and Sen. Steve Santarsiero (D-Bucks) said the Department of Environmental Protection is not doing enough to make Energy Transfer/Sunoco define the extent of a petroleum products pipeline leak and clean it up.DEP officials agreed the pipeline company was not doing enough fast enough. "They need to do better,” said David Brown, DEP Environmental Cleanup Manager. "The rate of work has been unsatisfying." Read more here. July 14, 2025 inspection of six conventional wells in Cranberry Township, Venango County found them all abandoned and not plugged and were not set up for production. The wells include Myers V1, V2, V3, V4, V5, V6 and V7. The well owner said in an email dated March 25, 2024 he would plug the wells by March 2025, but did not. The inspection was prompted by an application for inactive well status. Violations issued for abandonment. Response requested by August 1. DEP inspection report - Myers V1. Howard Drilling, Inc. holds 617 permits, including 5 abandoned wells, but not these.July 7, 2025 inspection of the Melat 1 conventional well in Cranberry Township, Venango County found the well abandoned and not plugged. The owner failed to submit production, waste generation and well integrity reports. This well was never inspected before. Violations issued. Response requested by August 1. DEP inspection report. Melat holds 18 permits. July 3, 2025 inspection of the Penn Park Dev & Crest 1 conventional well in Kiskiminetas Township, Armstrong County found the well abandoned and not plugged. Owner signed a Consent Order & Agreement with the owner May 21, 2024 to plug the well and the owner failed to comply. Original violations issued June 9, 2025. New violation issued for failure to comply with order. No requests made of well owner. DEP inspection report. Baron Crest holds 72 permits. Baron was issued violations July 1 for failing to comply with the same order for not plugging an abandoned will in Venango County. Read more here. June 26, 2025 inspection of the Calvin & Evelyn Miller 1 conventional well in East Huntingdon Township, Westmoreland County found it abandoned and not plugged. Original violations issued June 4, 2024. Response requested by July 14. DEP inspection report. MTN V holds 1,011 permits.July 15, 2025 inspection of the 127 Veterans RD 1 conventional well in Brady Township, Clarion County found some work had been done to bring the well back into production. The owner was told on July 2 by DEP the well needs to be producing or plugged by the end of July or violations for abandonment would be issued. Violations were issued for failure to submit production, waste generation and well integrity reports. Response requested by August 8. DEP inspection report. Kapp holds 10 permits.Abandoned Conventional Wells: So far in 2025, DEP issued or continued 304 violations to 71 conventional oil and gas well owners for abandoning and not plugging their wells- [3D Resources LLC ; Amer Natural Resources LLC; WB Anderson; Apex Energy (PA), LLC; Apollo Resources LLC; ARG Resources Inc.; Baird Oil Co.; Baron Crest Energy Co.; Bialy Gas Production LLC; Chris E. Burke; David H. Melat Co; Edward E. & Frederick J. Craig; Crude A Co - Randy L. Larkin; Dannic Energy Corp.; Paul H. Deeter; Delong Oil Inc.; Developed Resources, Inc.; Randy A. Dietterich; Diversified Production LLC; East Resources Inc.; Eastern Natural Resources LLC; Equitrans LP; EQT Production Co.; Exotic Oil & Gas LLC; Ex-Treme Oil And Gas LLC; Harry L. King; Howard Drilling Inc.; Iron Pennsylvania Land LLC; Keystone Crude LLC; Kiski Valley Gas Co.; Leechburg Gas Co.; Manufacturers Light & Heat Co; Mid East Oil Co.; MTN Energy; MTN V Oil & Gas Inc.; Charles E. Myers; Myers Gas; Niche Energy LLC; Ohio Kentucky Oil Corp. ; Oil & Gas MGMT Co. LLC; Old MTN Gas Co. Inc.; OneXXX Prod & Exploration Corp.; Ows Acquisition Co. LLC; PA Mineral SVCS LLC; PBS Coals Inc; Raymond J. Patten; Pencan Explorations Inc.; Penta Oil Corp.; Robert F. Phipps; Pillar Energy PA, LLC; Pin Oak Energy Partners, LLC; Prosperity Oil Co. Inc.; Red Lion Gas Coop Assn; Reel Resources, Inc; Raymond Sawyer; Fred C. Scheel; SK Opr Inc.; Larry A. Shaffer Jr.; FM Sloan Inc.; Andrew F. Suchko; S R Star O&G LLC ; Stockman LLC; Stonehaven Energy MGT Co. LLC; Andrew F. Suchko; Thomas Thurma Jean; Timberline Energy, Inc.; Valley Green Golf & Country Club, Inc.; Vessels Coal Gas Inc.; Washington Energy Co LLC; Ronald Wise; Mary A. Woodring; Woodward Inc.]. Abandoned Shale Gas Wells: So far in 2025, DEP issued or continued 58 violations to 22 shale gas drilling companies for abandoning and not plugging their wells-- [Anegada Energy LLC; Apex Energy (PA) LLC; Big Dog Energy LLC; Big Dog Energy LLC; Blackhill Energy LLC; Diversified Prod LLC; Diversified Production LLC; Diversified Production LLC; EQT ARO LLC;EQT Chap LLC; EQT Chap LLC; EQT Production Co.; EQT Production Co.; Frontier Natural Resources; Hilcorp Energy Co.; LPR Energy LLC; LPR Energy LLC; Rice Drilling B LLC [EQT];Rice Drilling B LLC [EQT]; Roulette Oil & Gas LLC; STL Resources LLC; Taft Operating LLC].

Repsol Continues Cleanup at Bradford Pad, No Stream Impacts -Marcellus Drilling News -Overview of the current material recovery around the 7H wellhead, material is being piled for removal offsite (PA DEP) Earlier this week, MDN brought you the news about an “uncontrolled release” of production fluid at a Repsol well in northeastern Pennsylvania (see Uncontrolled Release of Wastewater at Repsol Pad in Bradford County). The fluid escaped secondary containment and specially-constructed gravel berms set up and poured over into the surrounding environment at Repsol’s 7H gas well on the Broadleaf Holdings pad in Troy Township, Bradford County. The uncontrolled release went on for 34 hours until a second plug was installed to stop the flow. Earlier this week, the Pennsylvania Department of Environmental Protection (DEP) did a follow-up inspection. Fortunately, there have been no significant impacts on nearby streams.

Pa. AG Files Criminal Charges Against Equitrans for 2022 Accident - Marcellus Drilling News -Pennsylvania’s Republican Attorney General, Dave Sunday, has turned out to be a MAJOR disappointment. Yesterday, Sunday’s office filed 14 criminal counts against Equitrans Midstream (now owned and part of EQT Corporation) for an accident that happened in 2022. In November 2022, one of the ten natural gas storage wells at the Equitrans Rager Mountain Gas Storage Area in Jackson Township, Cambria County, began to leak. Equitrans is the owner/operator of Rager Mountain. The well leaked roughly 100 million cubic feet per day (MMcf/d) of gas into the atmosphere (see Equitrans Gas Storage Well in Cambria County, PA is Leaking). Read More

Mizuho Securities Says Marcellus “Worth About $20,000 an Acre” -Marcellus Drilling News -We spotted a fascinating Hart Energy article that summarizes information from a recently released Mizuho Securities study. Mizuho researcher Nitin Kumar says that we are roughly halfway through the shale revolution. He posits that approximately 290,000 horizontal wells have been landed in shale rock in the Lower 48 and that under current economic conditions and with current technology, another 270,000 locations remain. It will take another 25 years to drill them, says Kumar. Which is interesting, although we take some issue with those findings. However, embedded in the statistics is something that caught our attention: the value of undeveloped acreage in various shale plays, including the Marcellus.

Judge backs New York ban on gas hookups - A federal appliance efficiency statute does not prevent New York from amending state law to bar new gas hookups in certain buildings, a court ruled Wednesday.Judge Glenn Suddaby of the U.S. District Court for the Northern District of New York found the Energy Policy and Conservation Act (EPCA) does not preempt the state from changing its building and energy codes to block new gas infrastructure.The decision is giving renewed hope to clean energy advocates pushing to expand building electrification and reduce reliance on gas. The ruling is the second this year to back New York officials’ efforts to prevent new gas infrastructure. It contrasts with a 2023 appellate court decision on the other side of the country — often cited by the gas industry — which found the Berkeley, California, ban on new gas hookups violated EPCA.

17 New Shale Well Permits Issued for PA-OH-WV Jul 14 – 20 - Marcellus Drilling News -For the week of July 14 – 20, the number of permits issued to drill new wells in the Marcellus/Utica decreased from the previous week. There were 17 new permits issued across the three M-U states last week, four fewer than the 21 issued two weeks ago. The Keystone State (PA) issued just four new permits. All were single permits. Range Resources received its permit for a well in Allegheny County. EQT got a permit for a well in Greene County. Infinity Natural Resources’ (INR) permit was in Indiana County. And Expand Energy’s permit was in Wyoming County. ALLEGHENY COUNTY | ANTERO RESOURCES | ASCENT RESOURCES | ENCINO ENERGY | EOG RESOURCES | EQT CORP | EXPAND ENERGY | GREENE COUNTY (PA) | GUERNSEY COUNTY | GULFPORT ENERGY | HARRISON COUNTY | INDIANA COUNTY | INR/INFINITY NATURAL RESOURCES | MARION COUNTY | MONROE COUNTY | NOBLE COUNTY | RANGE RESOURCES CORP | WETZEL COUNTY | WYOMING COUNTY (PA)

Judge Approves $167.5 Million Settlement in EQT/Rice Merger Case -Marcellus Drilling News - In June, EQT Corp. agreed to pay $167.5 million to investors who claimed the company overstated the benefits of its $6.7 billion merger with Rice Energy (see EQT Agrees to Pay $167.5M to Settle Class Action re Rice Merger). It is, according to the plaintiffs, the largest-ever stockholder suit deal lodged in Western Pennsylvania federal court. The proposed settlement comes after six years of ongoing litigation. The new news is that U.S. District Judge Robert J. Colville, the judge in the case, granted his preliminary blessing of the deal earlier this week.

An estimated 800 gallons of gasoline spill after possible equipment malfunction at Wawa in Wildwood, NJ - 6abc Philadelphia-- There was a massive fuel spill at a Wawa in Wildwood on Sunday. The spill happened around 4:40 p.m. at the Wildwood Rio Grande Avenue location due to a possible equipment malfunction on a third-party fuel delivery tanker that was making a delivery at the store. Firefighters were able to determine that an estimated 800 gallons of gasoline had spilled from the tanker. Officials said the issue was quickly identified, and measures were taken to minimize the environmental impacts. Oil, dry and sand were used to dike off storm drains in the area to prevent any additional product from entering the stormwater drainage system. The Cape May County Health Dept. Haz-Mat (CBRNE), Wildwood Public Works and Sewer Departments and New Jersey Department of Environmental Protection (NJDEP) were all notified and dispatched to the scene. In addition, the United States Coast Guard was notified due to an unknown amount of gasoline entering nearby storm drains, which drain to the intercoastal waterways on the city's west side. The transport company involved, S. Coraluzzo Petroleum Transporters, based in Hammonton, NJ, implemented their emergency plans and notified Lewis Environmental for clean-up of the incident. The location was closed during the response efforts but has since reopened. Officials said they are working closely with local authorities to assess the situation and ensure that any and all steps to protect the environment are taken. The incident investigation is being handled by the City of Wildwood Police Department and the New Jersey Department of Environmental Protection (NJDEP).

Oil spill in Long Island's Mill River forces around-the-clock environmental cleanup - Oil has stopped flowing into Long Island's Mill River, but not before an estimated 1,000 gallons of greasy fluid leaked into the waterway that leads to the Atlantic Ocean. It was all hands on deck as PSEG Long Island contractors kept working to contain the spill Thursday in East Rockaway after an underground electrical transmission cable surrounded by a cooling oil started leaking Monday. Hundreds of gallons of oil leak into Long Island river With state oversight, PSEG Long Island contractors removed hundreds of gallons of oily water and set up containment booms in the East Rockaway Channel after fluid leaked into the Mill River. "Literally, it looks just like a rainbow on the water and you can see the oil," Joey Leggio, an Oceanside boat captain, said. "A lot of people used to go swimming here. Now, how are you going to go swimming in this water now?" Dominic Decrescenzo, of East Rockaway, said. PSEG Long Island said the source of the dielectric fluid leak was discovered Wednesday night. The fluid is similar to mineral oil, which is nonhazardous, the utility said. The flow of fluid was stopped and crews started repairing the cable, the utility said. Environmental crews also took time to wash off greasy swans and ducks. Though the fluid was deemed nonhazardous, at least two ducks died and good Samaritans have been finding other injured birds. "Any sort of foreign substance on a bird's feathers is extremely hazardous to them. It negates their ability to control their own temperature, it stops them from being buoyant. So that they can sink down into the ocean and actually drown," John Di Leonardo, with Humane Long Island, said. "It's a shame. It's really sad, these poor birds," Leggio said. Several Long Island rescues, including the Wildlife Center of Long Island and Sweetbriar Nature Center, have stepped up to help rehabilitate the birds. PSEG Long Island also said it understands residents' concerns about the cleanup and that it was working to address the issues, while emphasizing the fluid is not hazardous.

EQT Ordering Equipment to Expand MVP from 2.0 to 2.5 Bcf/d - Marcellus Drilling News --Embedded in yesterday’s EQT Corporation update for the second quarter was the news that EQT’s plan to expand capacity along the existing 303-mile Mountain Valley Pipeline (MVP) from Wetzel County, WV, to Pittsylvania County, VA, is getting a “jumpstart” this year. One year ago, EQT announced a plan to expand capacity along MVP, from 2.0 billion cubic feet per day (Bcf/d) to 2.5 Bcf/d (see EQT’s Game Plan Changed – Keep MVP & Expand Extra 0.5 Bcf/d). During yesterday’s quarterly conference call, EQT CEO Toby Rice stated that the open season is nearly concluded and the company is preordering equipment for the expansion.

PHMSA Cuts Pipeline Safety Enforcement Actions - The number of pipeline safety enforcement cases worked by the federal government has dropped off sharply since President Donald Trump’s administration took power in January. According to the Pipeline and Hazardous Materials Safety Administration (PHMSA), the agency initiated 46 enforcement cases in the first six months of 2025. If the rate of filings continues, 2025 would see the lowest number of enforcement cases initiated by the agency in a year, according to records going back to 2002. The agency attributes the drop to an ongoing change in PHMSA policy, according to a report Bloomberg published on June 10. PHMSA issued two revisions to its enforcement policies in June, and cut back on initiating new cases until the policies were in effect, according to the Bloomberg report. The agency monitors midstream infrastructure and opens enforcement files to investigate potential non-compliance with federal regulations or to cite hazardous situations. According to its website, it closed 80 outstanding cases in the first half of this year.

Upstream M&A Deals Slow in 2Q, Two of Top 3 Deals Located in M-U -Marcellus Drilling News - According to Enverus Intelligence Research, the upstream M&A (mergers and acquisitions) sector “hit the brakes” during the second quarter, falling 21% quarter-over-quarter to $13.5 billion. There were two Marcellus/Utica deals in the top five. Actually, our two deals were in the top three. The announcement by EOG Resources cutting a deal to buy Encino Energy in the Ohio Utica for $5.6 billion was the #1 highest value M&A deal in upstream O&G during 2Q (see HUGE Utica News: EOG Resources Buys Encino Energy for $5.6 Billion). The #3 highest value deal was EQT’s purchase of Olympus Energy for $1.8 billion (see EQT Buying Olympus Energy for $1.8 Billion; 90K Acres, 0.5 Bcf/d).

Baker Hughes Sees Bright Outlook for Natural Gas as LNG, Data Center Boom Fuels Growth -Baker Hughes Co. expects growing natural gas and LNG demand across the world to lift its industrial and energy technology (IET) business in the years ahead and offset weakness in the oilfield services (OFS) sector that’s expected to continue. Chart showing LNG projects and their capacities listed with the timeline for completion in the United The company booked $7 billion of orders during the second quarter, including $3.5 billion in its IET segment alone that resulted in another record equipment backlog. “Looking beyond this year, we see continued momentum for power solutions, sustained growth in new energy and a robust pipeline of LNG and gas infrastructure opportunities,” CEO Lorenzo Simonelli said during a call to discuss second quarter earnings.

Santos Expects Barossa Natural Gas Production, Supply to Darwin LNG in Coming Months -Santos Ltd. management anticipates first gas from its Darwin LNG extension project within the next several months, marking the potential for more cargoes for the Asian market. Aerial photograph of Darwin LNG facility in Australia showing liquefaction tanks and associated infrastructure. A floating production storage and offloading (FPSO) unit arrived at the Barossa gas field in June and began final commissioning work to bring volumes from the offshore production area to the Darwin facility. CEO Kevin Gallagher said the Barossa project is on track to begin production during the third quarter, contributing to the company’s plans to boost overall volumes 30% by 2027.

Golden Pass LNG Reports Sustained Feed Gas Flows — Golden Pass LNG received its first significant draw of feed gas earlier in the week, according to pipeline flow data, indicating that commissioning activities could begin to ramp up. The Golden Pass facility southeast of Houston received 4,067 Dekatherms (Dth) Wednesday, according to Wood Mackenzie pipeline data. Additional nominations were reported, but were revised down to zero by Friday. The receipt of gas followed FERC’s recent approval for the introduction of hazardous materials for the terminal's fuel system and ground flares. The Federal Energy Regulatory Commission also authorized commissioning of an interconnect facility to the Natural Gas Pipeline Co. of America LLC system.

Golden Pass LNG Gains Crucial FERC Approval, Setting Stage for Feed Gas Ramp-Up — A look at the global natural gas and LNG markets by the numbers

• 790 MMcf/d: Golden Pass LNG could soon begin generating feed gas demand after being granted key federal approvals for commissioning. FERC approved the introduction of hazardous materials for the terminal's fuel system and ground flares, as well as for an interconnect facility to the Natural Gas Pipeline Co. system. Golden Pass LNG is designed with a nameplate capacity of 18 million tons/year (Mt/y) at peak output. Once operational, Train 1 could add up to 790 MMcf/d in feed gas demand at full output, according to NGI calculations.
• 4.2 Mt/y: The Federal Energy Regulatory Commission (FERC) is evaluating the Gulfstream LNG project for final construction approval after a 14-month prefiling process. Developer Gulfstream LNG Development LLC is seeking to build a 4.2 Mt/y export facility in Plaquemines Parish, LA. Gulfstream is the first greenfield LNG export project to complete the pre-filing process in five years. It is also a part of a backlog of 290 Mt/y of LNG projects that have been proposed in the United States, according to NGI’s LNG Project Tracker.
• 5 diversions: Multiple U.S. LNG cargoes have been diverted from France in recent days to more profitable markets, mostly in Asia, as lower spot market prices bring buyers into the market. Five vessels carrying Gulf Coast gas volumes have diverted from French import terminals, including four in the last week. An influx of LNG cargoes to the major European import hub has dropped local prices to $11.141/MMBtu, making it the lowest-earning destination in Northwest Europe at the moment. Meanwhile, Russian LNG imports in France are set to surpass U.S. volumes in July, according to Kpler data.
• $2.126/MMBtu: Average natural gas prices in Europe fell sharply in the spring compared to the volatile winter, but the range of prices at regional hubs rose to near-record levels in the second quarter, according to the European Union’s (EU) Agency for the Cooperation of Energy Regulators (ACER). Day-ahead gas prices in the EU averaged $12.69 during the quarter, but the range of prices between EU virtual trading hubs rose to $2.126, the highest range since early 2023. Countries without direct access to LNG terminals, like Austria, the Czech Republic and Hungary saw the greatest premiums over the Title Transfer Facility, according to ACER.
• 10.8%: Commissioning of Cheniere Energy Inc.’s Corpus Christi LNG Stage 3 expansion pushed the Texas port’s natural gas exports to a new record during the first six months of the year. The Port of Corpus Christi reported LNG exports reached 8.5 Mt at the end of June, a 10.8% rise from the same period last year. Two of the seven midscale trains of the Stage 3 project have achieved LNG production. The remaining trains are expected to come online by early 2026, adding up to 10 Mt/y in capacity.

Want a trade deal? Buy some American LNG. - U.S. gas exports are getting a boost from their role as a key bargaining chip in the Trump administration’s trade negotiations. Fresh off wins for the fossil fuel sector in the Republican megalaw, the Trump administration is now pushing hard in the talks for countries to buy U.S. fossil fuels, most notably natural gas that’s liquefied for easy export over long distances. New gas purchase commitments from foreign trade partners are helping to avert a wave of U.S. tariffs set to take effect Aug. 1. Commerce Secretary Howard Lutnick said in recent days that the final sprint on trade talks will be “for the record books,” adding that countries will be hit with tariffs in August if deals aren’t reached. “LNG is playing a significant role in the bilateral trade talks,” Mark Menezes, president of the U.S. Energy Association trade group and a former Department of Energy official in Trump’s first term, said in an interview. “It’s certainly a way to address the trade imbalance and also the potential tariffs.” As of last week, 14 binding deals and seven tentative ones have been signed this year for U.S. LNG, said Talon Custer, an energy equity analyst at Bloomberg Intelligence. This week, President Donald Trump announced new trade deals with Japan and Indonesia, and deals with Malaysia and the European Union appear close. While Trump is touting the deals as major breakthroughs for U.S. industry, they are not the traditional, all-encompassing free trade agreements that typically take months or years to negotiate and enact into law with congressional approval. Still, on Tuesday, Trump said the United States had reached a trade agreement with Japan that will include a “major expansion of U.S. energy exports.”He said the United States and Japan are likely forming a “joint venture” in Alaska around LNG, telling Interior Secretary Doug Burgum to “set that up.” Trump has been talking about the potential venture for months.The White House also announced a deal with Indonesia that advances trade in crude oil, gasoline and liquid petroleum gas, a product category that includes propane. A White House spokesperson did not respond for comment on more details of the pact, but the American Petroleum Institute celebrated it. It’s too soon to tell if the deal will reverse long-standing U.S. trade imbalances. The U.S. trade deficit in May was roughly $72 billion, down from deficit spikes earlier in the year but up from April 2024. But the trade deals and new business ventures are central to the Trump administration’s all-out push to boost fossil fuels — and cut federal support for renewables. The Republican budget law directs more oil and gas lease sales on public lands and slashes royalty payments. It also gives oil and gas producers new tax perks — and delays for a decade a fee on methane emissions. Those wins for the oil and gas sector passed alongside massive cuts to wind and solar tax credits and grants. The U.S. is flush with natural gas and is adding infrastructure to ship more. The Department of Energy says the U.S. is on track to triple LNG export capacity by 2030. The White House says it’s prioritizing LNG. “President Trump is leveraging every tool of government to boost natural gas production and LNG exports,” Harrison Fields, a White House spokesperson, told POLITICO’s E&E News. “This stands as a major priority and success for President Trump, as we’ve already witnessed significant demand and interest from our trading partners for more American LNG.”

‘Stakes Are High’ for U.S. Manufacturers Warning of LNG-Fueled Natural Gas Price Shock -- Spooked by the rapid expansion of U.S. LNG exports, manufacturers are warning that rising natural gas prices could cripple operations that depend on the fuel, potentially undermining the very industries the Trump administration aims to support. NGI's natural gas forward curve prices at locations relevant to LNG exports. “We are for an LNG policy that puts America first, not an America last policy, which is what we have now,” Industrial Energy Consumers of America (IECA) CEO Paul Cicio said. Since President Trump’s second term began, the U.S. Department of Energy (DOE) has significantly ramped up LNG export approvals. DOE Secretary Chris Wright in May said that since President Trump took office, five LNG export authorizations have been issued totaling 11.45 Bcf/d.

Gas Markets Finally Chill Out After Years of Turmoil -- After nearly three years of lurching between panic and euphoria, U.S. natural gas markets are finally catching their breath. Volatility in the Henry Hub front-month futures contract—a key benchmark for U.S. gas prices—has fallen sharply in the first half of 2025, signaling a return to something resembling stability. According to newly released data from Bloomberg and highlighted by the EIA, annualized volatility dropped from a frothy 81% in Q4 2024 to 69% by mid-2025. While that’s still elevated compared to pre-2022 norms, it’s a meaningful decline, suggesting that the market is no longer reacting to every weather forecast or geopolitical rumor. The calm follows a record-setting storage build season. After a warm winter and sluggish demand from both the power sector and LNG export terminals earlier this year, the U.S. entered injection season with inventories already running high. By mid-July, storage levels were within spitting distance of the five-year average—a stark contrast to the storage panic of 2022, when Europe’s scramble for LNG sent U.S. gas prices surging. This newfound balance has restored some seasonality to gas prices, with front-month futures responding more predictably to summer cooling demand and hurricane risks. It’s also coincided with a broader shift in gas trading behavior: hedge funds have started unwinding speculative long positions, and physical buyers are reportedly locking in forward contracts at more favorable rates. But with LNG export capacity expected to surge in 2026 and domestic power demand increasingly tethered to AI-driven data center growth, the next volatility cycle may already be loading in the background. For now, though, U.S. gas is—finally—acting its age.

US Natgas Prices Fall 6% to 1-Week Low on Record Output, Lower Demand Forecasts - (Reuters) – U.S. natural gas futures fell about 6% to a one-week low on Monday on record output, forecasts for less hot weather over the next two weeks, stagnant gas flows to liquefied natural gas export plants and ample amounts of gas in storage. Front-month gas futures for August delivery on the New York Mercantile Exchange fell 21.1 cents, or 5.9%, to $3.354 per million British thermal units at 10:03 a.m. EDT (1403 GMT), putting the contract on track for its lowest close since July 11. Looking ahead, the premium of futures for March over April 2026, fell to its lowest since March 2020. The industry calls the March-April spread the “widow maker” because rapid price moves resulting from changing weather forecasts have forced some speculators out of business, including the Amaranth hedge fund, which lost more than $6 billion in 2006. The industry uses the March-April and October-November spreads to bet on winter weather forecasts and supply and demand since March is the last month of the winter heating season when utilities pull gas out of storage and October is the last month of the summer cooling season when utilities inject gas into storage. Despite hotter than normal weather so far this summer, analysts projected record output would allow energy firms to keep injecting more gas into storage than usual in coming weeks. Gas stockpiles were already about 6% above normal levels for this time of year. LSEG said average gas output in the Lower 48 rose to 107.2 billion cubic feet per day so far in July, up from a monthly record high of 106.4 bcfd in June. On a daily basis, output hit a record high of 108.5 bcfd on July 18, topping the prior all-time daily high of 107.9 bcfd on July 14. Meteorologists forecast the weather in the Lower 48 U.S. states would remain mostly hotter than normal through at least August 5, with the hottest days so far this summer expected over the next week or two. LSEG forecast average gas demand in the Lower 48, including exports, would rise from 106.3 bcfd this week to 110.4 bcfd next week. Those forecasts were lower than LSEG’s outlook on Friday. The average amount of gas flowing to the eight big U.S. liquefied natural gas (LNG) export plants rose to 15.8 bcfd so far in July as liquefaction units at some plants slowly exited maintenance reductions and unexpected outages. That was up from 14.3 bcfd in June and 15.0 bcfd in May, but remained below the monthly record high of 16.0 bcfd in April. Gas flows to U.S. energy firm Cheniere Energy’s 3.9-bcfd Corpus Christi LNG export plant in Texas were on track to decline to 1.7 bcfd on Monday from 2.2 bcfd on Sunday and an average of 2.3 bcfd over the prior seven days, according to LSEG data. Officials at Cheniere had no comment on the reduction. The company, however, has said in a report that compressor work on a pipeline providing gas to the plant could reduce gas flows by around 0.4 bcfd on July 24.

US Natgas Prices Fall 5% to 12-Week Low on Near-Record Output, Lagging LNG Exports - U.S. natural gas futures fell about 5% to a 12-week low on Wednesday on near-record output, stagnant gas flows to liquefied natural gas (LNG) export plants, and ample amounts of gas in storage. Front-month gas futures for August delivery on the New York Mercantile Exchange fell 17.5 cents, or 5.4%, to settle at $3.077 per million British thermal units, their lowest close since April 25. That price drop put the front-month into technically oversold territory for the first time since mid-May. Despite hotter than normal weather this summer, analysts projected record output should allow energy firms to keep injecting more gas into storage than usual in coming weeks. Gas stockpiles were already about 6% above normal levels for this time of year. The U.S. National Hurricane Center (NHC) said a tropical system off the east coast of Florida had a 10% chance of strengthening into a tropical cyclone over the next week as it moves into the Gulf of Mexico. Even though Gulf storms can boost prices by knocking some gas production out of service, analysts have noted that they are more likely to cut demand and prices by knocking out power to millions of homes and businesses, which reduces the amount of gas that electric generators need to burn, and shutting LNG export plants. Only about 2% of all U.S. gas comes from the federal offshore Gulf of Mexico. LSEG said average gas output in the Lower 48 U.S. states rose to 107.3 billion cubic feet per day so far in July from a monthly record high of 106.4 bcfd in June. LSEG forecast average gas demand in the Lower 48, including exports, will rise from 105.9 bcfd this week to 110.1 bcfd next week. Those forecasts were similar to LSEG’s outlook on Tuesday. The average amount of gas flowing to the eight big U.S. LNG export plants rose to 15.7 bcfd so far in July as liquefaction units at some slowly exited maintenance reductions and unexpected outages. Gas was trading around $12 per mmBtu at both the Dutch Title Transfer Facility benchmark in Europe and the Japan Korea Marker benchmark in Asia.

US natural gas prices climb on heat forecast, smaller storage build -US natural gas futures edged up about one per cent on Thursday on a smaller-than-expected storage build and forecasts for the hottest weather in three years to blanket much of the country early next week. That heat wave should cause power generators to burn more gas to meet soaring air conditioning demand. Front-month gas futures for August delivery on the New York Mercantile Exchange rose 1.7 cents, or 0.6 per cent, to $3.094 per million British thermal units by 10:39 EDT (14:39 GMT). On Wednesday, the contract closed at its lowest since April 25, putting it in technically oversold territory for the first time since mid-May. The US Energy Information Administration (EIA) said energy firms added 23 billion cubic feet of gas to storage during the week ended July 18. That was smaller than the 33-bcf build analysts forecast in a Reuters poll and compares with an increase of 20 bcf during the same week last year and an average of 30 bcf over the 2020-2024 period. That build left stockpiles about six per cent above the five-year normal for this time of year. Looking ahead, the premium of futures for September over August rose to a record high, a sign the market was giving up on hot summer weather in August that could cause gas prices to soar next month. The US National Hurricane Center (NHC) said a tropical system in the Gulf of Mexico had a 10 per cent chance of strengthening into a tropical cyclone over the next week. Even though Gulf storms can boost prices by knocking gas production out of service, analysts have noted that storms are more likely to cut demand and prices by shutting LNG export plants and knocking out power to millions of homes and businesses, which reduces the amount of gas that electric generators need to burn. That is because only about two per cent of all US gas comes from the federal offshore Gulf of Mexico. LSEG said average gas output in the Lower 48 US states has risen to 107.3 billion cubic feet per day so far in July, up from a monthly record high of 106.4 bcfd in June. On a daily basis, however, output was on track to drop to a preliminary two-week low of 106.2 bcfd on Thursday since hitting a daily record high of 108.5 bcfd on July 18. Meteorologists forecast the weather in the Lower 48 would remain mostly hotter than normal through at least August 8. The hottest days of the summer are expected early next week. Temperatures across the country will average around 82.4 degrees fahrenheit (28 degrees celsius) on July 28 and 82.8 degrees fahrenheit on July 29. If correct, that will exceed the summer's current hottest daily average of 80.3 degrees fahrenheit on June 24 but would remain just shy of the daily average record high of 83 degrees fahrenheit on July 20, 2022, according to data from LSEG going back to 2018. LSEG forecast average gas demand in the Lower 48 states, including exports, will rise from 105.9 bcfd this week to 110.1 bcfd next week. Those forecasts were similar to LSEG's outlook on Tuesday. The average amount of gas flowing to the eight big US LNG export plants rose to 15.7 bcfd so far in July, as liquefaction units at some of the facilities slowly exited maintenance reductions and unexpected outages. That was up from 14.3 bcfd in June and 15 bcfd in May but remained below the monthly record high of 16 bcfd in April.

Louisiana cancels $3 billion coastal restoration project (AP) — Louisiana on Thursday canceled a $3 billion repair of disappearing Gulf coastline, funded by the 2010 Deepwater Horizon oil spillsettlement, scrapping what conservationists called an urgent response to climate change but Gov. Jeff Landry viewed as a threat to the state’s way of life.Despite years of studies and reviews, the project at the center of Louisiana’s coastal protection plans grew increasingly imperiled after Landry, a Republican, took office last year. Its collapse means that the state could lose out on more than $1.5 billion in unspent funds and may even have to repay the $618 million it already used to begin building.The Louisiana Trustee Implementation Group, a mix of federal agencies overseeing the settlement funds, said that “unused project funds will be available for future Deepwater Horizon restoration activities” but would require review and approval.The Mid-Barataria Sediment Diversion Project aimed to rebuild upward of 20 square miles (32 kilometers) of land over a 50-year period in southeast Louisiana to combat sea level rise and erosion on the Gulf Coast. When construction stalled last year because of lawsuits, trustees warned that the state would have to return the hundreds of millions of dollars it had already spent if the project did not move forward.Former Louisiana Rep. Garret Graves, a Republican who once led the state’s coastal restoration agency, said that killing the project was “a boneheaded decision” not rooted in science.“It is going to result in one of the largest setbacks for our coast and the protection of our communities in decades,” Graves said. “I don’t know what chiropractor or palm reader they got advice from on this, but — baffling that someone thought this was a good idea.” Project supporters stressed that it would have provided a data-driven, large-scale solution to mitigate the worst effects of an eroding coastline in a state where a football field of land is lost every 100 minutes and more than 2,000 square miles (5,180 square kilometers) of land have vanished over the past century, according to the U.S. Geological Survey. The project, which broke ground in 2023, would have diverted sediment-laden water from the Mississippi River to restore wetlands disappearing because of a range of factors including climate-change-induced sea level rise and a vast river levee system that choked off natural land regeneration from sediment deposits.“The science has not changed, nor has the need for urgent action,” said Kim Reyher, executive director of the Coalition to Restore Coastal Louisiana. “What has changed is the political landscape.”

Belcher: How the Big Bill Impacts Oil and Gas - The signing of the One Big Beautiful Bill Act (OBBBA) into law on July 4 represented an enormous victory for President Donald Trump, and it has huge implications for the U.S. energy industry. An extremely complex bill, it passed by razor thin margins in the U.S. House of Representatives and the Senate, with Vice President JD Vance casting the tie-breaking vote. While the bill addresses a host of policy areas, including tax, Medicaid and immigration and border security, it represents a major step in implementing the president’s energy dominance agenda. Mirroring what U.S. and global markets have been projecting over the past several months, the bill refocuses policy away from climate, ESG and renewable energy, and toward energy reliability, dispatchability and security. Fossil energy, nuclear, geothermal and, to an extent, hydrogen, emerged as winners, while wind and solar took a hit. Some of the most consequential pieces of the bill are directed at oil and gas leasing and permitting, both onshore and offshore. For example, the bill directs the Bureau of Land Management (BLM) to hold quarterly lease sales across nine western states over 10 years, increases the onshore drilling term from three years to four years, and lowers the federal onshore royalty rate from 16.67% back to 12.5%. Offshore, the Bureau of Offshore Energy Management (BOEM) must hold no fewer than two lease sales every year for 15 years in the central and western Gulf of America, requiring at least 80 million acres to be included in each lease sale. Additionally, the legislation restores the federal minimum offshore royalty rate to 12.5% and increases the amount of offshore revenue to be distributed to states and conservation programs. The bill also allows for comingling of onshore and offshore production under certain conditions, and delays until 2035 the so-called methane fee included in the Inflation Reduction Act that imposes royalties on all methane extracted from onshore and offshore federal leases. There are significant incentives for oil and gas activities in Alaska. For example, BOEM must hold six Cook Inlet lease sales over 10 years, while BLM is required to hold six lease sales over 10 years in the National Petroleum Reserve - Alaska and four lease sales over 10 years in the Arctic National Wildlife Refuge. Additionally, 50% of bonus, rental and royalty receipts paid to the federal government from the oil and gas program must be paid to the State of Alaska in fiscal years 2025 through 2033, increasing to 70% beginning fiscal year 2034. In total, Congress anticipates increased onshore oil and gas leasing will produce an additional $11 billion in federal revenues over 10 years, while offshore leasing will produce an additional $5 billion. It is estimated that Alaska oil and gas leasing will add another $1 billion. OBBBA also includes language to encourage federal coal leasing and to make more leasing tracts available. It also reduces the royalty rate for federal coal production from 12.5% to 7% through 2034 to boost coal production. OBBBA changed the tax deduction benefits for intangible drilling costs, allowing companies to receive the benefits more quickly. It amends the tax credits created in the Inflation Reduction Act (IRA) by cutting and accelerating the phase-outs for “clean” energy sources, especially wind and solar, while providing exceptions for energy sources deemed to be more thermal and dispatchable, such as nuclear and geothermal. The final OBBBA text also retained some benefits for biofuels and hydrogen, and it largely maintained incentives for carbon capture and storage (CCS). A credit was also added to encourage the mining of metallurgical coal, which is used for steelmaking and is often exported. Producers of metallurgical coal will receive a 2.5% tax break as part of the 45X advanced manufacturing production tax credit. Language that would have accelerated project approvals for pipeline projects in exchange for a $10 million fee, and LNG export projects for a $1 million fee, was struck from the final package for not complying with Senate rules. Language in the final bill did establish accelerated NEPA reviews on projects that trigger NEPA reviews, in exchange for a fee of up to 125% of the project cost. Those developments underscore the need for additional permitting reform, which could take place through additional legislation later this year or next year. OBBA also provides increased funding for the Strategic Petroleum Reserve (SPR), including $218 million for maintenance and repairs, and $171 million for the acquisition of new petroleum products.

White House report extols fossil fuels as economic engine - Increased production of oil and natural gas could boost U.S. gross domestic product nearly 2 percent by 2035, the White House Council of Economic Advisers said in a report released Thursday.To meet the needs of artificial intelligence and other energy-hungry enterprises, the report — “The Economic Benefits of Unleashing American Energy” — calls for accelerating the construction of gas pipelines, preventing coal plant retirements, quickly permitting all kinds of oil and gas projects and boosting liquefied natural gas exports.The report says the “energy potential of public lands remains underutilized” while highlighting provisions in the One Big Beautiful Bill Act to expand lease sales, lower lease royalties, and nix wind and solar tax credits.“Policies that promote the energy sector’s growth,” it says, could raise GDP by 1.9 percent over the next decade.

SLB Sees Near-term Slowdown in E&P Activity Before Rebound Next Year SLB Ltd., the world’s largest oilfield services (OFS) operator, reported a sluggish second quarter for exploration and production (E&P) spending in the second quarter as firms readjusted to market and demand uncertainty. (graph: NGI spot natural gas prices with Lower 48 production) A significant portion of the decline in activity centered in North America, according to management, where producers are waiting to react to the implications of an oil oversupply and stronger natural gas prices in 2026. The New York Mercantile Exchange (Nymex) front month WTI contract closed at $67.34/bbl on Friday, down 20 cents from Thursday’s close. Meanwhile, the Nymex natural gas August contract settled at $3.565/MMBtu, up 2.3 cents day/day. Lower 48 benchmark Henry Hub is seen averaging $4.286 in 2026, according to NGI’s Forward Look data.

Mizuho: 25 More Years of Oil Shale Wells Left to Drill | Hart Energy -It’s halftime in the epic U.S. shale game with roughly 25 more years of oil drilling left and 22 more years of gas targets, according to a Mizuho Securities USA analysis. And the undeveloped leasehold that is left carries an average price of $10,000 an acre, ranging from $80,000 in New Mexico’s northern Delaware Basin to $100 on the Permian’s Central Basin Platform.To date, roughly 290,000 horizontals have been landed in tight rock in the Lower 48 and 270,000 locations remain, Mizuho energy analyst and managing director Nitin Kumar found in a recent study.The findings are based on a Mizuho database of more than 325,000 horizontals landed across North America since 2005 and more than 81 million data points, such as each well’s gas and oil output, spacing and cost.“Based on our analysis of remaining inventory … we estimate about 269,000 wells remain across core plays in U.S. shale compared to some 290,000 horizontal wells drilled in core basins since 2008,” Kumar reported.“At the pace of development in 2024—some 10,800 wells—we estimate this represents roughly 25 years of remaining inventory depth in shale.”Of the undrilled total, about 13% is in U.S. shale plays’ Tier 1 or core acreage and 22% are in Tier 2 areas, totaling about 93,000 future well locations, which would be some eight to nine years of drilling at the 2024 pace.“Using the adjusted well productivity for remaining well inventory, we estimate U.S. shale can hold Lower 48 oil volumes flat for about nine years—or until 2033—below $60/bbl WTI,” he wrote.As for U.S. shale gas, he expects remaining inventory in Appalachia, the Haynesville and other gas-weighted acreage “could sustain their share of U.S. natural gas volumes for approximately 22 years below $3.50/Mcf at the wellhead.”Operators with the most remaining oil location inventory are Chevron Corp., Hess Corp.(now a part of Chevron as of July 18), Diamondback Energy and Crescent Energy based on their 2024 drilling pace.Holding the most remaining gas inventory is Range Resources. In the Permian in particular among public E&Ps there, Diamondback has 25 years remaining, Coterra Energy has 23 and Occidental Petroleum and Chevron each has 22.In Lower 48 gas plays, Range, Antero Resources, EQT Corp. and EOG Resources(including in the Utica shale) each have more than 15 years remaining.Across the Midland Basin, Kumar counted roughly 56,000 remaining well locations with public E&Ps holding 77%.Delaware-wide, there are roughly 52,000 locations left to drill. Public E&Ps hold 77% there as well, he found.The average undeveloped Lower 48 shale acre is worth about $10,000 at $70 WTI and $4 Henry Hub, Kumar added.“We would note that this estimate has increased by approximately 200% since 2022 via a combination of higher natural gas prices, lower well costs and stable well productivity trends,” Kumar reported. Just undeveloped Tier 1 leasehold, though, is worth an average of $20,000 an acre across the Lower 48, Kumar found, with the average of the different core areas of the Delaware ($30,700) and Midland ($31,300) basins worth the most.Among the Permian cores—which include the New Mexico side of the Delaware, Texas-side Delaware, the northern Midland and the Midland’s Howard County—the average value is more than $40,000 per undeveloped acre with the Delaware’s core in New Mexico worth some $80,000 an acre, he found.He also found that private E&Ps have been pushed to the north and south in the Midland. In the Delaware, “private activity has focused on the New Mexico Shelf to the north and Reeves/Pecos border in the south part of the basin.” As for U.S. shale gas acres, Expand holds 17% followed by EQT (14%) and Range (8%).“Acreage operatorship appears to be less consolidated in gassy sub-basins than the oil assets,” Kumar reported.“We estimate public E&Ps control approximately 58% of acreage in the northeastern Marcellus, southwestern Marcellus, Texas Haynesville and Eagle Ford dry-gas sub-basins—the four most valuable gas plays.”He added, “Private operators still control approximately 29% of acreage in these areas.”The northeastern and southwestern Marcellus areas are worth about $20,000 an acre.

U.S. Refiners Rethink Crude Sourcing After Chevron Gets Venezuela Green Light - U.S. refiners are reassessing Latin American crude sourcing strategies after President Donald Trump’s administration granted Chevron the authority to resume and expand operations in Venezuela, signaling a shift in sanctions enforcement that could revive heavy crude flows to Gulf Coast plants.The change follows more than a year of tightened restrictions, during which Gulf refiners diversified rapidly to alternative suppliers including Brazil, Colombia, and Guyana crude. U.S., importing an average of 95,000 barrels per day from Guyana in the first half of 2025, up sharply from pre-sanctions levels, as companies such as Valero, Marathon, and PBF Energy sought to replace heavier grades previously sourced from Venezuela and Mexico, Reuters reported on Friday.Now, those companies may face tough operational decisions. While Venezuelan crude provides a better feedstock match for many Gulf Coast coking refineries, several have recently invested in units configured for medium-sweet crude from Guyana and the Middle East.Blending strategies and recent capex decisions suggest refiners won’t simply flip back to Venezuelan barrels overnight.Chevron, which operates joint ventures with PDVSA under a pre-existing OFAC framework, is expected to gradually increase exports from fields in the Orinoco Belt and western Zulia state. ING analysts forecast a measured but market-moving return of Venezuelan supply in the second half of 2025, dependent on infrastructure recovery and port throughput. The decision is also expected to boost demand for Aframax and Suezmax tankers in the Atlantic Basin.TradeWinds reported on Friday that shippers are repositioning tonnage in anticipation of U.S. buyers returning to Venezuela. The Biden administration had paused all new Venezuela-related licenses in 2024, but under Trump, backchannel negotiations between U.S. and Venezuelan intermediaries helped lay the groundwork for Chevron’s phased comeback. For now, U.S. refiners are navigating a volatile supply landscape shaped by shifting political winds, and weighing whether a partial return to Venezuela will complement, or complicate, their longer-term rebalancing strategies.\

US drillers cut oil and gas rigs for 12th time in 13 weeks, Baker Hughes says (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for the 12th time in 13 weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by two to 542 in the week to July 25. Baker Hughes said this week's decline puts the total rig count down 47 rigs, or 8% below this time last year. Baker Hughes said oil rigs fell by seven to 415 this week, their lowest since September 2021, while gas rigs rose by five to 122, their highest since August 2023. In July, the combined rig count fell for a fifth consecutive month. In Texas, the biggest oil and gas-producing state, the rig count fell by four to 249, the lowest since October 2021. In Alaska, the rig count fell by one to nine, the lowest since July 2024. In the Permian basin in West Texas and eastern New Mexico, the biggest U.S. oil-producing shale formation, the rig count fell by three to 260, the lowest since September 2021. In the Eagle Ford shale in South Texas, the rig count fell by two to 39, the lowest since October 2021. Baker Hughes this week joined its U.S. rivals Halliburton and SLB in warning of a slowdown in upstream activity and spending as weak and volatile oil prices have led producers to curb capital spending and drilling. The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025. On the gas side, the EIA projected a 68% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. The EIA projected gas output would rise to 105.9 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023.

ConocoPhillips in Talks to Sell Oklahoma Assets One of the top U.S oil and gas producers, ConocoPhillips, is in an advanced stage of discussions to sell assets in Oklahoma to privately-held Stone Ridge Energy in a deal that could be worth about $1.3 billion, Reutersreports, citing sources with knowledge of the talks.ConocoPhillips last year acquired Marathon Oil in an all-stock deal with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt. The deal expanded ConocoPhillips’ presence in the Permian, Eagle Ford, Anadarko, and Bakken shale basins.Now the company is reportedly in advanced talks to sell about 300,000 net acres in the Anadarko shale formation to Stone Ridge Energy, the energy-focused arm of U.S. Stone Ridge Asset Management. These assets currently produce some 39,000 barrels of oil equivalent per day (boepd), about half of which is natural gas.If talks lead to a deal, which is not certain per Reuters’ sources, the assets would be managed by Flywheel Energy, an Oklahoma-based private firm backed by Stone Ridge Energy, according to one of the sources.Reports of talks for a sale in Oklahoma come as no surprise, as ConocoPhillips was said in April to have hired investment bank Moelis & Co. to manage a potential deal.This move would be part of ConocoPhillips’ broader strategy to streamline its portfolio after acquiring Marathon Oil and assuming approximately $5.4 billion in debt.ConocoPhillips is seeking to divest $2 billion worth of non-core assets, with a particular focus on holdings in Oklahoma. The decision to sell these assets may appeal to buyers looking to capitalize on the increasing demand for natural gas, particularly in industries like energy-hungry data centers. Since acquiring Marathon Oil, ConocoPhillips has already sold over $1 billion in assets, with plans to refocus on core areas, such as the Permian Basin and Bakken.

New Mexico oil and gas leases land $58M - - Federal officials notched just over $58 million in revenue from leasing 16 parcels of public land in New Mexico to oil and gas producers, the Interior Department announced Thursday. Seven companies won bids for the 7,500 acres of public land, which can now be explored and developed following environmental reviews. The leases are for 10-year terms.In pursuit of energy “dominance,” the Trump administration has focused intensely on the oil and gas sector, seeking to boost domestic output and strip away regulations.Thursday’s lease sale was the first to occur after Congress earlier this month passed a budget package that cut oil and gas royalty rates down to a minimum of 12.5 percent, lower than the 16.67 percent that had been passed into law during the Biden administration. Oil and gas royalties — which are a percentage of the value of publicly owned oil and gas that producers must pay the government — are split between federal authorities and the state where the drilling occurs.

Trump Claims Japan, U.S. to Form Joint Venture for Alaska LNG Exports (Reuters) — U.S. President Donald Trump said on July 22 that Japan will form a joint venture to develop a liquefied natural gas project in Alaska though a Japanese government official said he was not aware of such plans. It was not immediately clear whether Trump was referring specifically to the proposed $44 billion Alaska LNG project. That project would consist of an 800-mile (1,300-km) pipeline carrying gas to a planned liquefaction plant for export. Trump's announcement of the venture came in comments to lawmakers at the White House where he discussed his trade deal with Japan. "We concluded the one deal ... and now we're going to conclude another one because they're forming a joint venture with us at, in Alaska, as you know, for the LNG," Trump told the lawmakers. "They're all set to make that deal now." The METI official, who oversees resource development, said the agency is working to confirm Trump's comments. Several companies from Japan have expressed an interest in buying LNG from the project, along with Thailand's PTT and India's GAIL. JERA and Tokyo Gas, Japan's two biggest LNG buyers, have expressed their interest in the Alaska LNG project but said they would need to assess specific conditions, including costs, before moving forward. But when asked about the joint venture mentioned by Trump, a JERA spokesperson said they could not confirm it. A Tokyo Gas spokesperson declined to comment, saying the company is not involved in a joint venture for LNG in Alaska and is not familiar with the details.

Libya, U.S. to Collaborate on Gas Project to Boost Output (Reuters) - Mellitah Oil and Gas will work with U.S. construction consulting firm Hill International to manage a project which aims to boost Libya's gas output, the country's National Oil Company (NOC) said in a statement on July 23. NOC said a cooperation agreement was signed during a visit by U.S. President Donald Trump's senior adviser for Africa, Massad Boulos, to Tripoli. Launched by Mellitah Oil and Gas, a joint venture between NOC and Italy's Eni, "Structures A&E" is a strategic project that aims to increase local gas production and ensure exports to Europe, according to Eni. It involves the development of two gas fields located offshore Libya. Combined gas production will start next year and eventually reach 750 MMcfd. Overall investment for the project is estimated to total $8 billion, Eni said earlier. Boulos also met Libya's internationally-recognized Prime Minister Abdulhamid Dbeibah, according to a statement from the prime minister's office. Dbeibah said his government was committed to building economic partnerships with Washington to open the way for U.S. companies to participate in development and investment projects in Libya. Dbeibah's team delivered a presentation on Libya's strategic economic partnership projects, which are valued at approximately $70 billion and include investor-ready projects in the energy, minerals and electricity sectors among others.

Global Natural Gas Prices Slip as Supply Surges, Heat Fades — LNG Recap - Ample supplies and cooling temperatures combined Monday to drag down global natural gas prices. Image showing a comprehensive market analysis of the European Union’s gas storage levels with graphs representing trends in inventories, highlighting key insights into energy market dynamics and gas data projections for the near future. The end of maintenance at processing plants in Norway and at the Gorgon LNG export terminal in Australia improved the supply outlook. U.S. LNG exports also continue to steadily increase as Plaquemines LNG and an expansion at the Corpus Christi terminal in South Texas ramp up. The Golden Pass terminal on the Texas coast also nominated feed gas for the first time on Friday as it prepares to fire up equipment. No gas was ultimately delivered to the plant, but the facility has asked federal regulators for permission to introduce fuel gas and hazardous fluids to some equipment. The plant is expected to produce first LNG by year’s end.

Global natural gas demand growth set to accelerate in 2026:IEA -Following a slowdown in 2025, growth in global demand for natural gas is expected to rise in 2026, according to the IEA’s latest quarterly Gas Market Report. The report provides a short-term outlook for natural gas supply, demand, trade and more in 2025 and 2026. It finds that market fundamentals remained tight in the first half of 2025 due to a combination of lower Russian piped gas exports to the European Union, relatively modest growth in liquefied natural gas (LNG) output and higher storage injection needs in Europe. In this context, and amid elevated macroeconomic uncertainty, global natural gas demand growth is forecast to slow from 2.8% in 2024 to around 1.3% in 2025. The increase this year is expected to be almost entirely driven by North America and Europe, with the growth in consumption in the Asia-Pacific region – where many markets tend to be sensitive to higher prices – falling to its weakest annual rate since the energy crisis in 2022. The report sees global demand growth picking up again in 2026 and accelerating to around 2% as a considerable increase in LNG supply eases market fundamentals and fosters stronger demand growth in Asia. In 2026, LNG supply is set to rise by 7%, or 40 bcm – its largest increase since 2019 – as new projects come online in the United States, Canada and Qatar. The report includes a special section on the role of the Middle East in global gas markets, noting that geopolitical tensions in the region have fuelled recent price volatility. “The backdrop for global gas markets is shifting as we enter the second half of this year and look towards 2026. The wave of LNG supply that is set to come online is poised to ease fundamentals and spur additional demand, especially in Asia,” said IEA Director of Energy Markets and Security Keisuke Sadamori. “However, our latest forecast is subject to unusually high levels of uncertainty over the global macroeconomic outlook and the volatile geopolitical environment. The IEA continues to monitor gas markets closely and to work with stakeholders around the world to support security of supply.” In the first half of 2025, global natural gas consumption in Europe increased by 6.5% year-over-year, primarily supported by the electricity sector amid lower power generation from wind and hydro. While this should not be interpreted as a structural trend, such episodes highlight the key role gas-fired power plants often play in ensuring electricity supply security in markets with higher shares of variable renewables.

Slovakia to Tap Up to 100% Russian Gas Under EU ExemptionSlovakia to Tap Up to 100% Russian Gas Under EU Exemption --Slovakia’s government is planning to increase its intake of Russian pipeline gas under a temporary EU exemption, reversing earlier commitments to phase out Russian energy supplies in a controversial move amid a growing bloc-wide crackdown on Russian fossil fuels. The exemption allows Bratislava to continue drawing from Gazprom supplies until 2027, aligning with a long-term contract that runs through 2034. The decision comes after Slovak Prime Minister Robert Fico lifted his veto on the EU’s newest sanctions package against Russia, which includes a new oil price cap and sweeping blacklists. In negotiation, the EU agreed to guarantees on energy security and a delayed phase-out of Russian gas for Slovakia, which Fico said was essential in order to protect heavy industry from prohibitively high costs.The broader EU 18th sanctions package slashed the Russian oil price cap from $60 to $47.60 per barrel, imposed more banking and shadow-fleet restrictions, and locked in a ban on petroleum products refined from Russian crude, regardless of origin, while stopping Nord Stream investments.Slovakia remains dependent on Russian gas for around 40% of its domestic use and nearly all transit volume? (via TurkStream) ?to other central European countries, which complicates decoupling.Previously, Bratislava backed an EU proposal to phase out all new Russian gas contracts by 2028. It has now secured a carve-out until 2027 and financial mechanisms to cushion industries hit by supply disruptions. Fico’s standoff with Brussels also reveals a deeper institutional weakness in the EU’s sanctions regime because it means that any single member state can delay or dilute collective action. Analysts say this structural flaw leaves the bloc vulnerable to political leverage from governments willing to trade consensus for carve-outs.

Hungary, Serbia announce new oil pipeline to bypass EU energy restrictions -- Hungary and Serbia will jointly build a new oil pipeline aimed at safeguarding affordable energy supplies amid ongoing EU efforts to reduce dependence on Russian energy, Hungarian Foreign Minister Peter Szijjarto announced on Monday. The pipeline, with an expected annual capacity of 4-5 million tons, is planned to become operational by 2027. Hungary will construct 180 kilometers of the new infrastructure as part of the project. “Brussels wants to cut us off from Russian oil and gas, forcing Hungarian families to pay two to four times more. We won’t allow that,” Szijjarto told a press conference in Budapest. “We are building new sources, not shutting them down.” According to the minister, the pipeline will help protect Hungary’s long-standing utility cost reduction program and shield families from energy price hikes driven by EU policies. Hungary, which has consistently opposed Brussels’ energy sanctions, views the pipeline project as critical to national energy security and regional cooperation with Serbia. The project comes as both countries deepen their energy partnership, with Serbia heavily reliant on Russian oil and gas supplies and Hungary working to secure alternative routes amid EU diversification policies. Budapest has repeatedly warned that ending access to Russian energy would harm its economy and raise household costs, as over 80% of Hungary’s oil imports currently flow through the Druzhba pipeline. In 2023, Hungary and Serbia also launched joint investments in gas infrastructure, including a new interconnector aimed at enhancing regional energy security.

Australia’s Domestic Natural Gas Troubles Could Tighten Global Markets - Australia’s LNG exporters could be under more pressure to supply domestic markets and divert cargoes from Asia as the country’s energy watchdog warns of supply shortfalls by the end of the year. Bar graph showing annual LNG exports from Qatar, the United States and Australia over the last several years with the data for 2025 through July 14, 2025 and compiled by NGI. In the latest supply report, the Australian Competition and Consumer Commission (ACCC) estimated that the domestic supply surplus has continued to shrink since the last study in December. The agency estimated domestic market supply could range between a 2 petajoule (PJ) shortfall and an 11 PJ surplus in 4Q2025. Australia’s southern states would be the most vulnerable to a gas shortage near the end of the year, but “structural shortfalls” across the entire east coast are expected by 2028, according to ACCC researchers.

Vessel collision leads to oil spill in Germanys Cuxhaven Port -Authorities in Germany have confirmed that a collision between two vessels earlier this week has resulted in the spillage of oil into the waters of the Port of Cuxhaven. The incident occurred on the morning (local time) of Wednesday, July 23, when the locally-registered product tanker Capella and the Dutch-flagged offshore supply vessel Coastal Legend collided with each other in the port's outer harbour. An estimated six cubic metres of diesel leaked into the harbour's waters following the collision. Firefighters later arrived at the scene and deployed containment booms as a precaution while the German Federal Agency for Technical Relief (Technische Hilfswerk; THW) used skimmers to collect some of the oil on the surface. An oil recovery vessel has also been deployed to the area in response to the incident. Officials assured that the incident did not result in injuries and that shipping traffic in the nearby Elbe River had been unaffected by the spill. The response efforts continued into the late evening of Wednesday. According to the latest reports, the THW and other local partners were able to recover approximately 80 cubic metres of oily water, which was then pumped into a waiting tanker for eventual disposal.

Pollution and permit chaos on Limassol’s coastline | Cyprus Mail - A recent oil spill off the coast of Limassol has triggered mounting concern among residents and swimmers, many of whom say the sea remained polluted for days despite official statements declaring the waters safe. The incident, confirmed by authorities to have begun on Saturday, July 12, occurred when a disused subsea pipeline near the Moni seaport ruptured, releasing oil into the sea and reportedly damaging a nearby electricity supply line. The Cyprus ports authority (CPA) said in a public statement that the fisheries department detected the spill early on and took immediate action, supported by a licensed private contractor. “CPA immediately implemented an environmental management protocol,” said CPA general manager Anthimos Christodoulides, “having assigned a licensed company to carry out the necessary pollution prevention and containment measures.” Floating booms were deployed to contain the slick, and the CPA said it had begun the process of contacting the pipeline’s owner to ensure full accountability and dismantling of the pipe. Yet residents insist pollution was visible well before the official announcement was made, with many saying they began submitting complaints nearly two weeks earlier. Maria, a resident of Ayios Tychonas, wrote to the Sunday Mail describing what they saw on the morning of July 12: “The sea near the Mediterranean hotel was covered in a dirty, oily brown film, giving off an unpleasant odour.” Another resident, Pavlos who swam near the Four Seasons hotel that same morning reported: “Brown waste-like slicks, patches of oil, and thick white foam floating visibly on the water. Lifeguards said it’s becoming more frequent and believe it’s coming from ships entering port.” Despite these observations, the CPA only issued a public statement on July 14 with Christodoulides explaining the priority had been to contain the leak. “Once we had a clear picture, we proceeded with informing the public.” He insisted the leak was isolated and due to long-term corrosion. “At this stage, there is no indication of oil pollution originating from any vessels,” he stressed. However, mayor of Amathounta Kyriacos Xydias, whose municipality includes Ayios Tychonas, took a more urgent tone. “I told the CPA, if you are going to make a statement today, the proper state authorities must intervene immediately. First, the matter must not be repeated, and secondly, the matter must be cleaned up.” He added that the municipality regularly coordinates with both deputy ministry of shipping and the ministry of the interior on sea pollution. “Every year, we organise a meeting to coordinate. We do not have a contract with the ministry of the interior. We just pay the fee. And, in fact, we force them to take measures.” Pressed on whether the sea was now safe for swimming, Xydias replied cautiously. “I think that tomorrow it will be fine. But I am not sure if the pollution has been properly cleaned.” The fisheries department maintains that the spill was “small in scale” and has since been contained. Daily inspections continue along Limassol’s shoreline, with no new signs of oil reported. But some swimmers remain sceptical, saying the sea still smells of chemicals. “We keep being told the water’s clean,” Anna, a beachgoer told the Sunday Mail, “but what we’re seeing, and smelling, says otherwise. If lifeguards are raising concerns and swimmers are spotting waste, someone’s got to act. The sea is our island’s biggest asset, we can’t afford to lose public trust in it.”

Crude Flows From BTC Pipeline, Ceyhan Port Resume After Contamination Scare (Reuters) - Azeri BTC crude oil loadings from the Turkish port of Ceyhan resumed on July 23, after increased checks linked to a contamination issue delayed loadings in recent days, several industry sources told Reuters. The Aframax tanker Searanger proceeded to one of the berths at the BTC Ceyhan terminal for loading on Wednesday morning after the storage tank was found to be clean of contaminants, a port agent said. Searanger arrived at Ceyhan on July 19, port documents showed, alongside, another tanker scheduled for loading yesterday was still sat at anchor near the port awaiting clearance to proceed, the port agent said. Each cargo was tested before loadings could proceed, a trade source with knowledge of the matter told Reuters, after loadings were delayed by the discovery of an excessive level of organic chlorides in some Azeri BTC cargoes. "BTC Co has been made aware of a potential quality issue related to organic chlorides in some BTC blend loadings. BTC Co is currently assessing the quality of the crude oil across all the facilities along the pipeline," BP, operator of the Azerbaijan and Georgia sections of the BTC pipeline, and the BTC Ceyhan terminal, said. "While we have not yet completed the assessing activities, we continue loadings at Ceyhan using the crude oil from the tanks that have already been assessed. Export via the BTC pipeline also continues," BP added. Organic chlorides are compounds used in the industry to boost extraction from oilfields by cleaning oil wells and accelerating the flow of crude, but the compounds must be removed before oil enters pipelines. Azerbaijan's state energy company SOCAR did not reply to a request for comment.

BP Detects Tainted Oil at Ceyhan Port But Exports Continue (Reuters) — BP said on July 24 that contaminants were detected in some of the oil tanks at Turkey's BTC Ceyhan terminal following assessment of the facilities, adding that oil loadings continued from other reservoirs. The reports about Azeri BTC oil being contaminated with organic chlorides emerged earlier this week, putting the markets on edge and evoking memories of a wide-scale contamination in the Druzhba pipeline that led to massive disruptions of Russian oil exports in 2019. BP, the operator of the Baku-Tbilisi-Ceyhan pipeline, a direct route from the Caspian Sea to the Mediterranean, said it had completed assessment of the quality of the crude oil across all the facilities along the pipeline. The results confirmed that the crude oil was on specification at all the facilities along the pipeline up to the Ceyhan terminal, it said. "At the Ceyhan terminal, the assessment of the tanks has also been completed. The results have identified the presence of organic chlorides in some of the tanks. Respective actions have been taken to contain those tanks with plans being put in place to fully resolve the issue and investigate the situation," BP said. "Currently, loadings at the Ceyhan terminal continue from the tanks that have been assessed to be within normal specifications. Export activities via the BTC pipeline also continue." Organic chlorides are used in the industry to boost extraction from oilfields by cleaning oil wells and accelerating the flow of crude, but the compounds must be removed before oil enters pipelines. A port agent told Reuters earlier on Thursday that Azeri BTC crude loadings from Ceyhan were again paused while fresh test results were awaited. One cargo had finished loading by Thursday morning, after operations resumed on Wednesday when one onshore tank at the terminal was found to be clean of contaminants. The loadings were a few days behind schedule and progressing slowly, the port agent said. Meanwhile, Chevron-led Tengizchevroil (TCO), which operates in Kazakhstan, told Reuters that its production and delivery of crude oil to the BTC pipeline were not interrupted. Beyond this, TCO said it does not comment on specific details of its operations and commercial matters. Exports of Azeri BTC are expected to be 17.3 million barrels in August, on a par with July's plans, according to a loading schedule seen by Reuters.

Kazakhstan to Triple Fuel Exports by 2040 in $20 Billion Refining Push -Kazakhstan has unveiled an ambitious new energy strategy that will triple its petroleum product exports by 2040, with refined fuel volumes set to hit 39 million tons per year, up from 17 million now, with export share rising to 30% of total output. The sweeping 2025-2040 plan marks a sharp departure from previous government policy, which capped fuel exports at just 10% under a 2024 draft framework.The revised strategy, approved this week by the cabinet, emphasizes downstream development as a top priority, particularly with respect to expanding refining capacity, launching a $5 billion petrochemical buildout, and targeting new export markets in China, India, and neighboring countries. The government also confirmed six ongoing projects in the oil and gas chemical sector totaling an additional $15 billion in investment, according to the Times of Central Asia.The new strategy prioritizes boosting exports to growing demand centers in China, India, and neighboring Central Asian countries. The plan includes expanding existing refining infrastructure and constructing a new petrochemical complex, with the goal of raising refining depth to 94% and enabling full domestic coverage amid projected annual fuel demand growth of 1.5-2%, driven by urbanization and industrialization.The Times of Central Asia notes that Kazakhstan will invest up to $5 billion in its oil and gas chemical sector, focusing on polymers, fertilizers, and other high-value products. These efforts complement the government’s broader downstream development vision, which includes six major projects already underway and a parallel investment pipeline totaling $15 billion.The Energy Ministry emphasized that with 30 billion barrels of proven reserves, Kazakhstan intends to become a strategic refining center in Eurasia. Implementation of the plan will begin in 2025 with pilot refinery digitization initiatives, according to ICE. The government sees this as a key step toward insulating its economy from global commodity price volatility while attracting long-term foreign investment.

Zambia plans $1.1 billion oil refinery in copperbelt to cut fuel imports | Business Insider Africa - Zambia has signed a landmark agreement to develop a $1.1 billion crude oil refinery and energy complex in Ndola, located in the country’s copperbelt region, the government announced on Monday.The new facility is expected to process up to 60,000 barrels of crude oil per day, enough to meet the entire domestic fuel demand and enable future exports to neighbouring countries, Reuters reported.According to a government statement, the project could save Zambia millions of dollars annually by reducing its reliance on fuel imports. Construction is scheduled to begin in the third quarter of 2025, with the first phase of commercial operations targeted for 2026.The agreement was signed between Zambia’s state-owned Industrial Development Corporation (IDC) and China’s Fujian Xiang Xin Corporation. An IDC spokesperson said that crude oil will be sourced from the Middle East and imported via Tanzania’s Dar es Salaam port.Beyond fuel refining, the planned energy complex will include infrastructure for liquefied petroleum gas (LPG) bottling, bitumen production, lubricant blending, and a 130-megawatt power plant, boosting Zambia’s broader energy and industrial capacity.Separately, Zambia has also secured an equity stake in Angola’s Lobito refinery project, located in Benguela Province along the Atlantic Coast.President Hakainde Hichilema had earlier announced the country’s intention to invest in the facility, which is currently under construction and expected to be completed by 2026.Once operational, the Lobito refinery is projected to process up to 200,000 barrels of crude oil per day. Under the current arrangement, private investors, including Zambia, will collectively hold a 70% stake, while Angola’s state oil company, Sonangol, will retain the remaining 30%.

OPEC forecasts stable crude exports from Africa until 2035 -Africa is repositioning itself as a rising energy consumer and industrial growth hub in the global oil market, according to the Opec World Oil Outlook 2025. The report predicts that Africa's total crude and condensate exports will remain stable at around 5.2 million barrels per day (bpd) through 2035, but by 2050, they are expected to decline to 4.2 million bpd due to rising domestic demand and strategic value addition. Domestic crude use is expected to rise from 1.8 million bpd in 2024 to 4.5 million bpd by 2050, nearly tripling over the outlook period. This growth is tied to Africa's demographic boom, industrial expansion, and a push to enhance local refining and downstream infrastructure. Global trade patterns are shifting, offering new opportunities for African producers. Exports to Europe are expected to increase to a peak of 3 million bpd in 2030, before gradually tapering to 2.3 million bpd by 2050. The Asia-Pacific region is emerging as a more prominent long-term partner, with African crude exports remaining stable at 1.9 million bpd through 2030, then rising modestly to 2.2 million bpd by 2040 before easing to 1.8 million bpd by 2050. Trade with the US and Canada is expected to fall to 100,000 bpd by 2045, as competition from Latin America intensifies.

OPEC+ Plans 550,000bpd Output Raise In September -The Organization of Petroleum Exporting Countries (OPEC) would likely hike output by September as the producer group meets soon. The OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the United Arab Emirates’ move to a larger quota, five sources said, in a report by Oil.com Five sources familiar with the discussions said on Monday the group is likely to approve an increase of around 550,000 bpd for September when it meets on August 3. That will complete the return to the market of 2.17 million bpd from the eight members: Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria. It will also complete an additional 300,000 bpd output jump from the UAE as the country moves to a larger production quota, the sources said.

Saudi Arabia’s Crude Oil Exports Hit 3-Month High in May --Saudi Arabia’s crude oil exports rose to a three-month high in May, the latest data by the Joint Organizations Data Initiative (JODI) showed on Monday, as the Kingdom leads the OPEC+ production increases this summer.Saudi Arabia, the world’s top crude oil exporter, saw its shipments rise by 25,000 barrels per day (bpd) from April to 6.19 million in May, according to the JODI data which compiles self-reported figures from the individual countries. The export levels in May reached the highest since February this year, when the shipments exceeded 6.5 million bpd, the data showed. Meanwhile, Saudi crude oil production jumped by 179,000 bpd to reach a 23-month high in May, as the Kingdom and its OPEC+ allies started easing their production cuts in April this year. Saudi Arabia’s domestic refinery intake inched by 17,000 bpd in May from the previous month, but total product demand surged by 478,000 bpd to the highest level in 9 months. The demand in May was above the five-year average range, according to the data in JODI. Since April, Saudi Arabia has been consistently increasing its crude oil production, as it leads the OPEC+ group’s current policy to unwind 2.2 million bpd in total oil production cuts.Earlier this month, OPEC+ caught the market by surprise by announcing a larger-than-expected output hike of 548,000 bpd for August. Another production boost of 550,000 bpd for September is expected, and this would allow OPEC+ to unwind all the 2.2 million bpd cuts.OPEC+ producers still have 1.6 million bpd in other production cuts spread among the group members and expiring at the end of 2026.

Oil Prices Dip As EU Rolls Out Fresh Sanctions Against Russia, Global Trade Fears Mount -- Oil markets began the week on a cautious note as European Union (EU) sanctions targeting Russian energy exports came into force, triggering a modest decline in crude prices. The move coincided with uncertainty surrounding international trade negotiations ahead of the impending August 1 U.S. tariff deadline. Crude oil benchmarks remained range-bound, with prices hovering near $70 per barrel across global indices. The downward trend reflects the combined weight of escalating trade tensions, tepid global economic growth projections, and evolving geopolitical developments. Brent crude futures fell by approximately 0.11% to $68.52 per barrel, down from $68.60 at the prior close. Meanwhile, the U.S. benchmark, West Texas Intermediate (WTI), declined 0.19%, trading at $65.87 per barrel, compared to its previous level of $66. On Friday, the EU finalized its 18th sanctions package, directly targeting revenue streams from Russian oil. This latest round includes a reduction of the oil price cap from $60 to $47.60 per barrel and introduces a dynamic pricing mechanism to adapt to global market conditions. Additionally, the sanctions blacklisted 105 more vessels involved in Russia’s so-called “shadow fleet,” bringing the total number of restricted ships to 444. These include international oil traders, shadow operators, and even an Indian refinery with ties to Russian oil giant Rosneft. A separate import ban now prohibits refined petroleum products manufactured using Russian crude, even when processed through intermediary nations—excluding the U.S., UK, Canada, Norway, and Switzerland. The Czech Republic also lost its exemption for Russian crude imports under the new measures. The global oil market is closely watching for disruptions to supply resulting from these restrictions. In related developments, former U.S. President Donald Trump recently announced that he may impose 100% secondary sanctions on Russia if a ceasefire in Ukraine is not brokered within the next 50 days. NATO Secretary-General Mark Rutte, after meeting with Trump, warned nations like China, Brazil, and India of the risks of maintaining commercial ties with Moscow, cautioning that the U.S. could enforce retaliatory tariffs against them. Meanwhile, diplomatic channels are stirring again as Iran confirmed plans to resume nuclear negotiations with France, the UK, and Germany in Istanbul on July 25. This has raised expectations that sanctions might ease, increasing global oil supply and potentially exerting further downward pressure on prices. Traders are also wary of upcoming U.S. trade policy decisions. Trump is reportedly pushing for new 15%-20% tariffs on the EU, and just last week, he unveiled a sweeping 30% tariff on all EU imports, effective from August 1. These developments have further unsettled investor confidence. The demand side of the oil equation also remains shaky. Despite OPEC’s latest forecast projecting a 1.3 million barrels per day (bpd) increase in 2025, bringing total demand to 105.13 million bpd, its June report revealed rising production figures. OPEC alone added 220,000 bpd, while the broader OPEC+ bloc increased output by 349,000 bpd, reaching 41.56 million bpd in total. This rise in supply, coupled with cautious demand growth, has heightened expectations of a looming market surplus. Adding to bearish sentiment, inflation data in the U.S. revealed that the Consumer Price Index (CPI) rose 2.7% in June—up from 2.4% in May—fueling speculation around potential Federal Reserve interest rate hikes. A stronger dollar tends to suppress oil demand globally by making purchases more expensive for holders of other currencies. With OPEC+ increasing output and geopolitical friction rising, the global oil market faces a delicate balancing act in the weeks ahead.

Weighing EU Sanctions on Russia’s Oil Industry Against the U.S. Tariff Policies - The crude market on Monday traded sideways as the market weighed the latest EU sanctions on Russia’s oil industry against the U.S. tariff policies. While the EU approved further sanctions against Russia, the market does not see much of an impact on supply as it is still expected to make it to the market one way or another. The sanctions could be difficult to monitor and enforce, especially with the U.S. deciding not to support the sanctions. Meanwhile, the United States’ 30% tariffs on EU imports are expected to start on August 1st. Also, adding some pressure was news that Iran is due to hold nuclear talks with Britain, France and Germany in Istanbul on Friday. The oil market posted a high of $67.76 before it sold off to a low of $66.46 by mid-morning. The market later settled in a sideways trading range during the remainder of the session. The August WTI contract settled down 14 cents at $67.20 and the September Brent contract settled down 7 cents at $69.21. The product markets ended the session mixed, with the heating oil market settling up 5.62 cents at $2.5092 and the RB market settling down 2.15 cents at $2.1319. The Israeli military attacked Houthi targets in Yemen’s Hodeidah port on Monday in its latest assault on the Iran-backed militants, who have been striking ships bound for Israel and launching missiles against it. Israeli Defense Minister Israel Katz said the army was “forcefully countering any attempt to restore the terror infrastructure previously attacked”. In a statement, the Israeli military said the port it attacked had been used “among other things, to transfer weapons from the Iranian regime, which are then used by the Houthi to execute terrorist attacks against the State of Israel and its allies.” The Houthi-run Al Masirah TV said on Monday that a series of attacks on the port was under way, without providing any details. Data from the Joint Organizations Data Initiative showed that Saudi Arabia’s crude oil exports in May increased to their highest level in three months. Crude exports from the world’s largest oil exporter increased to 6.191 million bpd from 6.166 million bpd in April. Saudi’s crude output for May was at 9.184 million bpd, up from 9.005 million bpd in April. Saudi refineries’ crude throughput was at 2.721 million bpd, up 17,000 bpd from April’s 2.704 million bpd, while direct crude burning increased by 112,000 bpd to 489,000 bpd. Ecuador’s OCP pipeline will restart operations on July 23rd and the country’s SOTE pipeline will restart operations on July 26th. IIR Energy said U.S. oil refiners are expected to shut in about 171,000 bpd of capacity in the week ending July 25th, increasing available refining capacity by 74,000 bpd. Offline capacity is expected to remain at the same level in the week ending August 1st. The Conference Board reported that the U.S. Leading Economic Indicators Index fell by 0.3% in June to 98.8. Analysts had forecast a decline of 0.2%.

Oil steady as little impact seen from EU sanctions on Russia -- Oil prices were little changed on Monday, falling slightly as the latest European sanctions on Russian oil are expected to have minimal impact on supplies, while U.S. tariffs stoked demand concerns. Brent crude futures dropped 7 cents to close at $69.21 a barrel, while U.S. West Texas Intermediate crude lost by 14 cents to settle at $67.20. The European Union on Friday approved the 18th package of sanctions against Russia over the war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude. "The market right now thinks that supply will still make it to market in one way, shape or another, there is not too much concern," said John Kilduff, a partner at Again Capital in New York. Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions. The EU sanctions followed U.S. President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal within 50 days. ING analysts said the part of the package likely to have an effect is the EU import ban on refined products processed from Russian oil in third countries, though it said it could prove difficult to monitor and enforce. Iran, another sanctioned oil producer, is due to hold nuclear talks with Britain, France and Germany in Istanbul on Friday, an Iranian foreign ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran. In the United States, the number of operating oil rigs fell by two to 422 last week, the lowest total since September 2021, Baker Hughes said on Friday. "Oil-focused drilling is expected to remain at subdued levels through the balance of the year," StoneX analyst Alex Hodes said in a note on Monday. "We aren't anywhere close to prices that merit a significant pullback in investment though," Hodes added. Meanwhile, U.S. tariffs on EU imports are set to kick in on August 1, though U.S. Commerce Secretary Howard Lutnick said on Sunday that he was confident the United States could secure a trade deal with the bloc. "The U.S. tariffs are potentially negative for oil demand and economic activity. We haven't seen it yet, but it is in the cards," Again Capital's Kilduff said. While tariff concerns will continue to add pressure in the lead up to the August 1 deadline, some support may come from oil inventory data if it shows tight supply, said IG market analyst Tony Sycamore. "It feels very much like a $64-$70 range in play for the week ahead." Brent crude futures have traded between a low of $66.34 a barrel and a high of $71.53 after a ceasefire deal on June 24 halted the 12-day Israel-Iran war.

Oil Prices Drop Amid Mounting Concerns Over Fuel Demand Oil prices declined on Tuesday amid growing concerns that slowing business activity could impact fuel demand, as trade tensions escalate between the United States and the European Union—both major consumers of crude. Brent crude futures fell by 52 cents, or 0.75%, to $68.69 per barrel as of 03:25 GMT. U.S. West Texas Intermediate (WTI) crude was down 51 cents, or 0.76%, at $66.69 per barrel. The August WTI contract expires on Tuesday. The more actively traded September contract dropped 54 cents, or 0.82%, to $65.41 a barrel. "Concerns over demand persist amid rising global trade tensions, especially as markets await the latest tariff threats between major economies and potential announcements from Trump ahead of the August 1 deadline." She added that investors are also monitoring the ripple effects of new U.S. sanctions on Russian crude oil. Supply concerns have largely eased thanks to increased output by major producers, and following the June 24 ceasefire that ended the conflict between Israel and Iran. A weaker dollar offered some support to crude prices, making oil less expensive for buyers using other currencies. Tony Sycamore, market analyst at IG, wrote in a note that prices have dipped as "trade war fears offset the support provided by a softer dollar." Sycamore also pointed to the potential for an escalation in the U.S.-EU trade dispute over tariffs. According to EU diplomats, the bloc is exploring a broader range of potential countermeasures against the United States as hopes fade for a mutually acceptable trade deal with Washington. The U.S. has threatened to impose 30% tariffs on EU imports starting August 1 if no agreement is reached.

The Prospect of Increased Output and Easing Demand Kept Buyers at Bay -- The crude market on Tuesday fell for the third consecutive session as the prospect of increased output and easing demand kept buyers at bay. Analysts see inventories rising as OPEC production increases at a time when U.S. tariffs will likely impact demand. The market is concerned of a trade war between the U.S. and European Union will cut fuel demand growth by cutting economic activity. The European Union is exploring possible counter measures against the U.S. as prospects for an acceptable trade agreement with the U.S. fade. The U.S. has threatened to impose a 30% tariff rate if a deal is not reached. The oil market posted a high of $67.13 before it breached its support line at $66.76 and sold off to a low of $65.99 in afternoon trading. The expiring August contract market retraced some of its losses ahead of the close and went off the board down 99 cents at $66.21. The September WTI contract settled down 64 cents at $65.31, while the September Brent contract settled down 62 cents at $68.59. The product markets ended the session lower, with the heating oil market settling down 5.74 cents at $2.4518 and the RB market settling down 3 cents at $2.1019. U.S. House of Representatives Speaker Mike Johnson said he does not think the U.S. Congress should consider sanctions on Russia until after President Donald Trump’s 50-day deadline for Russia to end the war in Ukraine. Some members of Congress have been pushing for sanctions on Russia, including a Senate bill with 85 co-sponsors from both parties that would impose 500% tariffs on countries that buy Russian oil, gas, uranium and other exports. Axios reported that U.S. Syria envoy Tom Barrack will lead a meeting with senior officials from Israel and Syria on Thursday. It is unclear where the meeting will take place, but is expected to focus on security arrangements in southern Syria and increasing coordination and communication. North Dakota’s Industrial Commission reported that the state’s oil production fell 61,000 bpd to 1,113,000 bpd in May. The EIA reported that the U.S. became a net exporter of crude oil to Nigeria in February and March, as crude demand on the U.S. East Coast slowed due to refinery maintenance and the Dangote refinery drove up Nigeria’s demand for inputs. This is the first time that the U.S. has exported more crude oil to Nigeria than it imported. Gross U.S. exports of crude to Nigeria touched 111,000 bpd in February and 169,000 bpd in March. Imports, which were at 133,000 bpd in January, fell to 54,000 bpd and 72,000 bpd in February and March respectively. Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by 14% w/w to 66.31 million bbl in the week ended July 18th. U.S. President Donald Trump said that China’s President Xi Jinping had invited him to China and he would probably meet him in the not too distant future.

Oil prices fall as tariff deadline looms -- Oil prices declined for a third consecutive session on Tuesday on concerns the brewing trade war between major crude consumers the United States and the European Union will curb fuel demand growth by reducing economic activity. Brent crude futures fell 62 cents, or 0.9%, to close at $68.59 a barrel. U.S. West Texas Intermediate crude lost 99 cents, or 1.47%, to settle at at $66.21 a barrel. The August WTI contract expires on Tuesday and the more active September contract was down 47 cents, or 0.7%, to $65.48 a barrel. "Oil prices fell for a third straight session ... as urgency builds in trade negotiations between the U.S. and its partners," Soojin Kim, an analyst at bank MUFG, said in a note. The Trump administration has set an August 1 deadline for countries to secure trade deals or face steep tariffs. The EU is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. The U.S. has threatened to impose a 30% tariff on EU imports if a deal is not reached. A weaker dollar has limited some losses for crude as buyers using other currencies are paying relatively less. Prices have slipped "as trade war concerns offset the support by a softer (U.S. dollar)," IG market analyst Tony Sycamore wrote in a note. Stronger distillate profit margins due to low inventories are also supporting crude prices. "The move lower might have seen more momentum if it were not for the continued performance in distillates which continues to be aided by low stocks," PVM Oil analyst John Evans said in a note. Meanwhile, a Reuters poll of analysts showed U.S. crude oil inventories likely fell by about 600,000 barrels in the week to July 18.

U.S.-Japan Trade Deal Boosts Oil Prices - Oil prices edged higher in Asian trading hours on Wednesday, buoyed by growing optimism that a new U.S.-Japan trade pact could reinvigorate global economic momentum and spur energy demand. The gains were further underpinned by industry data indicating a surprise draw in U.S. crude inventories, offering a dual boost to bullish sentiment after several sessions of declines. Brent crude for September delivery rose 0.35% to $68.83 per barrel by 02:07 GMT, while West Texas Intermediate (WTI) crude climbed 0.2% to $65.44. The modest gains come after three consecutive down sessions driven by market unease over escalating U.S.-EU trade tensions and jitters surrounding President Trump’s tariff ultimatum set for August 1.Wednesday’s bounce suggests that investors are recalibrating expectations, with macroeconomic concerns giving way—at least temporarily—to trade-driven optimism.Fueling the upward momentum was news of a sweeping trade agreement between the U.S. and Japan, announced Tuesday by President Trump. The deal includes a reduction in proposed tariffs—from 25% to 15%—on Japanese imports and secures a $550 billion Japanese investment in the U.S. economy. In return, Japan will expand market access for American goods, including cars, agricultural products, and energy exports.The agreement is being hailed as a breakthrough ahead of the White House’s broader tariff deadline, with implications that ripple far beyond bilateral ties. Energy traders interpreted the deal as a signal that geopolitical headwinds may be softening, paving the way for stronger global trade flows and—crucially—higher oil consumption.Bullish sentiment was compounded by data from the American Petroleum Institute (API), which reported an unexpected draw of 577,000 barrels in U.S. crude inventories for the week ending July 18.Gasoline stockpiles also fell by 1.2 million barrels, while distillate stocks—covering diesel and heating oil—rose by 3.48 million barrels.“This will offer some relief to the middle distillate market, which has been looking increasingly tight,” ING analysts wrote in a note following the release. Markets are now looking to official data from the U.S. Energy Information Administration (EIA), due later on Wednesday, for confirmation of the API figures. A corroborated drawdown would strengthen the case for a near-term recovery in consumption. While the broader macroeconomic landscape remains fraught with uncertainty—particularly in light of looming tariff deadlines and uneven demand growth—today’s uptick reflects a fragile but notable shift in sentiment. If confirmed by EIA data, the draw in inventories combined with signs of thawing trade tensions could keep crude prices on firmer footing, at least in the near term.

Nil, Baby, Nil; WTI Extends Losses Despite Big Crude Production Drop, Inventory Draw Graphics Source: Bloomberg -Oil prices are down for a fourth session in a row this morning even as API reported a drop in US oil inventories and Trump reached a trade deal with Japan that imposes a 15% tariff on imports from Tokyo. US Treasury Secretary Scott Bessent said he’ll discuss a potential extension of the trade truce with China during talks in Stockholm next week.The discussions can now take on a broader array of topics, potentially including Beijing’s continued purchases of “sanctioned” oil from Russia and Iran, he said. “We are racing towards the Aug. 1 deadline for reciprocal US tariffs,” “Japan deal done, now it is a question of if they pull a rapid deal out of the bag for the EU.”API

• Crude -577k
• Cushing +314k
• Gasoline -1.2mm
• Distillates +3.5mm

DOE

• Crude -3.169mm
• Cushing +455k
• Gasoline -1.738mm
• Distillates +2.931mm

The official data showed a much larger crude draw than API, but the rest of the data lined up... The total commercial crude inventory drawdown was made worse by the second week in a row of SPR drawdowns... US Crude production tumbled by over 100k b/d last week to its lowest level since January as the rig count continues to plunge... WTI extended losses after the data . So much for drill, baby, drill!

Oil prices steady with trade talks in focus (Reuters) - Oil prices were little changed on Wednesday as investors assessed trade developments between the European Union and the U.S. after President Donald Trump reached a tariff deal, opens new tab with Japan. Brent crude futures settled 8 cents, or 0.12%, lower at $68.51 a barrel, while U.S. West Texas Intermediate crude futures were down 6 cents, or 0.09%, at $65.25 per barrel. On Wednesday, EU officials said they were heading towards a trade deal with Washington that would result in a broad 15% tariff on EU goods imported into the U.S., avoiding a harsher 30% levy slated to be implemented from August 1. Just hours earlier, Trump said the U.S. and Japan had struck a trade deal that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. "The trade deal with Japan might be a template for trade deals with other countries," "On the other hand, the market is still concerned about the U.S. coming to an agreement with the European Union and China." The European Commission planned to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members. A vote is expected on Thursday, though no measures would be imposed until August 7. Both benchmarks lost about 1% on Tuesday after the EU said it was considering countermeasures against U.S. tariffs. "The slide (in prices) of the past three sessions appears to have abated, but I don’t expect much of an upward impetus from news of the U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," On the supply side, U.S. Energy Information Administration data showed U.S. crude inventories fell last week by 3.2 million barrels to 419 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. "That’s a bullish swing," "It was largely a function of import-export dynamics." U.S. crude exports were up by 337,000 barrels per day (bpd) to 3.86 million bpd, while net U.S. crude imports fell last week by 740,000 barrels per day, the EIA said. In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.

Oil climbs on US trade hopes, crude drawdown -- Oil prices advanced during Asian trade on Thursday, lifted by renewed optimism surrounding United States trade negotiations and a sharper-than-expected drawdown in American crude inventories, supporting expectations for a more balanced global oil market. At 3:30 pm AEST (5:30 am GMT) Brent crude futures were up 28 cents or 0.4%, to US$68.79 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 31 cents or 0.5% to $65.56 per barrel. The gains follow muted price action on Wednesday as markets monitor progress in trade discussions between the United States and the European Union, just days after President Donald Trump finalised a tariff agreement with Japan. The deal removed the threat of new levies on Japanese auto exports in exchange for a US$550 billion investment and lending commitment from Tokyo. ANZ analysts commented in a note to clients: "News emerged that the two sides were working towards a deal that would set a 15% tariff on most goods, similar to the U.S. pact with Japan. Bessent said he’ll discuss a potential extension of the trade truce with China during talks in Stockholm next week. "The prospect of a trade deal triggered a risk-on tone and boosted sentiment across commodity markets." Two E.U. diplomats confirmed Wednesday that talks were progressing toward a framework that could include a 15% U.S. baseline tariff on EU imports, along with potential exemptions. If successful, it would mark another milestone agreement following the recent U.S.-Japan accord. Oil was further supported by bullish inventory data from the U.S. Energy Information Administration (EIA), which reported a weekly crude stockpile decline of 3.2 million barrels, nearly doubling expectations for a 1.6 million-barrel draw. Gasoline stocks also dropped by 1.7 million barrels to 231.1 million barrels, significantly outpacing forecasts of a 900,000-barrel decline. However, distillate inventories - including diesel and heating oil - rose by 2.9 million barrels to 109.9 million barrels, though levels remain near their lowest seasonal point since 1996. "This suggests demand over the northern hemisphere summer has been relatively strong," ANZ noted. Beyond trade and inventory data, geopolitical risk remains an undercurrent in the oil market. Peace talks between Russia and Ukraine resumed in Istanbul on Wednesday, with discussions focusing on prisoner swaps. However, no progress was made on core issues such as a ceasefire or a potential summit between the two countries' leaders. Separately, oil flows from Kazakhstan faced fresh disruptions as foreign tankers were temporarily blocked from loading at Russia’s key Black Sea ports under new regulatory measures.

Optimism Over U.S. Trade Negotiations and a Draw in Oil Inventories -- The crude market on Thursday ended the session as the market remained supported by the optimism over U.S. trade negotiations and a larger than expected draw in oil inventories. The market traded higher and posted a high of $66.39 by mid-day amid the news that the EU and the U.S. were moving towards a trade deal. The market was also supported by a suspension of Azeri crude exports from the Turkish port of Ceyhan and a brief halt to loadings at Russia’s Black Sea ports, which has since been resolved. The market, however, erased most of its gains early in the afternoon as it sold off to a low of $65.33. The oil market was pressured by the news that the Trump administration planned to allow Chevron to once again produce oil in Venezuela. The September WTI contract later bounced off its low ahead of the close and settled up 78 cents at $66.03 and the September Brent settled up 67 cents at $69.18. The product markets ended the session in negative territory, with the heating oil market settling down 3.61 cents at $2.4129 and the RBOB market settling down 1.71 cents at $2.1042. U.S. Commerce Secretary, Howard Lutnick, said the European Union really wants to make a trade deal with the U.S. He said representatives from South Korea will also visit his office on Thursday for discussions on trade.The European Commission said a negotiated trade solution with the United States is within reach, while EU members voted to approve counter-tariffs on 93 billion euros or $109 billion of U.S. goods in case the talks collapse. On Wednesday, two European diplomats said the European Union and the U.S. were moving toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions. European negotiators have been hoping to reach an agreement to avoid the 30% tariff rate U.S. President Donald Trump has said he would impose on imports from the European Union on August 1. Sources stated that U.S. President Donald Trump’s administration is discussing authorizations to key partners of Venezuela’s state-run oil company PDVSA, starting with Chevron, which would allow them to operate with limitations in the sanctioned country. If granted, the authorizations to Chevron and possibly also to PDVSA’s European partners, would mark a policy shift from a pressure strategy the U.S. adopted earlier this year.Bloomberg News reported that the biggest impact of the new sanctions imposed by the European Union on Russia will occur in the diesel market, where independent stockpiles in Europe’s Amsterdam-Rotterdam-Antwerp hub are at a three year low for this time of year.Valero Energy said it plans to operate its 15 refineries up to 94% of their combined total complete throughput capacity of 3.2 million bpd in the third quarter of 2025.

Crude finishes with 1% gain on supply concerns and US crude draws (Reuters) - Oil prices rose 1% on Thursday as U.S. crude draws and expected cuts to Russian gasoline exports overwhelmed news that oil major Chevron (CVX.N), opens new tab will gain U.S. approval to renew production in Venezuela. Brent crude futures settled at $69.18 a barrel, up 67 cents or 0.98%. U.S. West Texas Intermediate crude futures finished at $66.03 a barrel, up 78 cents, or 1.20%. Crude fell in early afternoon trade on news that U.S. President Donald Trump's administration was preparing to allow limited oil operations in sanctioned OPEC nation Venezuela. Earlier in the session, WTI had been up more than a dollar and Brent crude came near that level. "The news about Chevron being able to go back into Venezuela and get oil going again just took the knees out of the market," . Even so, Kilduff said the market did not expect the Trump administration would open up Venezuela to other U.S. oil companies. "This is a unique one-off," he added. Oil rebounded late in the session on news Russia was planning to cut gasoline exports to all but a few allies and nations like Mongolia, with which it has supply agreements. "Russia looking to cut off gasoline exports gave the market a boost," . "The market was looking for a reason to go higher." Also lifting futures was the previous day's report of a U.S. crude inventory draw and hopes for a trade deal between the U.S. and the European Union that would lower tariffs. U.S. Energy Information Administration data showed crude inventories fell last week by 3.2 million barrels to 419 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. "The U.S. crude inventory draw and the trade efforts are adding some support to prices," On Wednesday, two European diplomats said the EU and the U.S. were moving toward a trade deal that could include a 15% U.S. baseline tariff on EU imports and possible exemptions. That could pave the way for another major trade agreement following a deal with Japan.

Oil Prices Climb Amid U.S.-EU Trade Hopes and Russian Export Restrictions Oil prices continued to move higher on Friday morning in Asia, supported by renewed optimism surrounding U.S.-EU trade negotiations and expectations that Russia will restrict gasoline exports. Even reports of Chevron's return to Venezuela, which analysts estimate could add around 200,000 barrels per day to global supply, have been unable to pull prices lower.At the time of writing, West Texas Intermediate (WTI) crude was up 0.51% to $66.38 per barrel, while Brentcrude gained 0.48% to $69.51 per barrel.According to diplomatic sources, trade negotiations between the EU and the U.S. are progressing toward an agreement that could see a 15% baseline tariff applied to EU imports, with room for exemptions. This potential resolution, following recent deals with Japan and the Philippines, is helping to ease persistent demand-side anxieties driven by global economic uncertainties.“The crude market has found some comfort in the bounce off the $65/64 support band this week, keeping hopes alive for a move back toward $70,” said Tony Sycamore, analyst at IG. Market participants are also eyeing upcoming macroeconomic data next week from both China and the U.S., including manufacturing activity, inflation, employment, and inventory figures—all of which could influence near-term oil demand expectations.Adding fuel to the upward move, reports emerged on Thursday that Russia may impose fresh restrictions on gasoline exports to most countries.Oil rallied over 1% during the previous session after these reports surfaced, reinforcing bullish sentiment that had been dented earlier in the week by fears of oversupply and global trade friction.Further supporting prices, U.S. crude inventories fell by 3.2 million barrels last week to 419 million barrels, significantly exceeding expectations for a 1.6 million-barrel draw, according to data from the U.S. Energy Information Administration.Distillate stocks remain tight across global hubs. In the U.S., inventories are at their lowest seasonal level since 1996, despite a 2.93 million-barrel build last week. In Singapore, middle distillate stocks dropped by 1.19 million barrels week-on-week, while European gasoil inventories in the ARA region slid to 1.75 million tonnes—their lowest since January 2024. Although ICE gasoil cracks eased below $25/bbl after peaking at $28/bbl earlier this week, margins remain historically elevated. This has incentivized refiners to boost run rates, potentially lifting crude demand in the weeks ahead.

Oil steady as investors weigh trade optimism against potential Venezuelan supply increase – CNA - Oil prices were steady on Friday, as trade talk optimism supported the outlook for both the global economy and oil demand, balancing news of the potential for more oil supply from Venezuela. Brent crude futures were up 28 cents, or 0.4 per cent, at $69.46 a barrel at 1311 GMT. U.S. West Texas Intermediate crude futures were up 27 cents, or 0.41 per cent, at $66.30. Brent was heading for a 0.3 per cent weekly gain at that level, while WTI was down around 1.5 per cent from where it closed last week. Brent prices have been largely range-bound between $67 and $70 a barrel for the last month, since the sharp drop in prices in late June after de-escalation in the Iran-Israel conflict. Oil prices are "caught in largely a holding pattern brought about by inconclusive specific oil drivers", PVM analyst John Evans said. Oil, along with stock markets, gained support from the prospect of more deals between the United States and trading partners ahead of an August 1 deadline for new tariffs on goods from an array of countries. After the U.S. and Japan secured a trade deal this week, two European diplomats said the European Union was moving towards a deal involving a baseline U.S. tariff of 15 per cent on EU imports, plus possible exemptions. "Trade talk optimism appears to be offsetting expectations for stronger Venezuelan supply," ING analysts wrote in a client note on Friday. The United States is preparing to allow partners of Venezuela's state-run PDVSA, starting with U.S. oil major Chevron, to operate with limitations in the sanctioned nation, sources said on Thursday. Venezuelan oil exports could consequently increase by a little more than 200,000 barrels per day, which would be welcome news for U.S. refiners, as it would ease tightness in the heavier crude market, ING analysts wrote. Prices were also supported this week by disruptions to Black Sea oil exports and Azeri BTC crude loading from the Turkish port of Ceyhan. "Delays in deliveries from the Russian terminal on the Black Sea and the Turkish port on the Mediterranean are likely to have contributed to the Brent oil price rising back towards $70. Now that exports are back to normal, support for prices is likely to ease," Commerzbank analyst Carsten Fritsch said. A meeting of the Joint Ministerial Monitoring Committee, which includes top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, is scheduled for 1200 GMT on Monday. Four OPEC+ sources told Reuters the meeting was unlikely to alter the group's existing policy, which calls for eight members to raise output by 548,000 barrels per day in August.

Oil prices dip to settle at 3-week low on US and China economic concerns (Reuters) - Oil prices eased on Friday and settled at a three-week low as traders worried about negative economic news from the U.S. and China and signs of growing supply. Losses were limited by optimism U.S. trade deals could boost global economic growth and oil demand in the future. Brent crude futures fell 74 cents, or 1.1%, to settle at $68.44, while U.S. West Texas Intermediate (WTI) crude fell 87 cents, or 1.3%, to settle at $65.16. Those were the lowest settlement levels for Brent since July 4 and WTI since June 30. For the week, Brent was down about 1% with WTI down about 3%. European Commission President Ursula von der Leyen will meet U.S. President Donald Trump on Sunday in Scotland. European Union officials and diplomats said they expected to reach a framework trade deal this weekend. The euro zone economy has remained resilient to the pervasive uncertainty caused by a global trade war, a slew of data showed on Friday, even as European Central Bank policymakers appeared to temper market bets on no more rate cuts. In the U.S., new orders for U.S.-manufactured capital goods unexpectedly fell in June while shipments of those products increased moderately, suggesting business spending on equipment slowed considerably in the second quarter. Trump said he had a good meeting with Federal Reserve Chair Jerome Powell and got the impression that the head of the U.S. central bank might be ready to lower interest rates. Lower interest rates reduce consumer borrowing costs and can boost economic growth and demand for oil. In China, the world's second-biggest economy, fiscal revenue dipped 0.3% in the first six months from a year earlier, the finance ministry said, maintaining the rate of decline seen between January and May. The U.S. is preparing to allow partners of Venezuela's state-run PDVSA, starting with U.S. oil major Chevron, to operate with limitations in the sanctioned nation, sources said on Thursday. That could boost Venezuelan oil exports by a little more than 200,000 barrels per day (bpd), news U.S. refiners would welcome, as it would ease tightness in the heavier crude market, ING analysts wrote. Iran said it would continue nuclear talks with European powers after "serious, frank, and detailed" conversations on Friday, the first such face-to-face meeting since Israel and the U.S. bombed Iran last month. Venezuela and Iran are members of the Organization of the Petroleum Exporting Countries (OPEC). Any deal that could increase the amount of oil either sanctioned country could export would boost the amount of crude available to global markets. OPEC said the joint ministerial monitoring committee (JMMC) scheduled to convene on Monday does not hold decision-making authority over production levels. Four OPEC+ delegates said an OPEC+ panel is to raise oil output when it meets, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels. OPEC+ includes OPEC and allies like Russia. In Russia, the world's No. 2 crude producer behind the U.S., daily oil exports from its western ports are set to be around 1.77 million bpd in August, down from 1.93 million bpd in July's plan, Reuters calculations based on data from two sources show. In the U.S., energy firms this week cut the number of oil and natural gas rigs operating for the 12th time in 13 weeks, energy services firm Baker Hughes said in its closely followed report on Friday.

Iran's President Says Tehran Is Ready for More Israeli Attacks, Not Optimistic About Ceasefire - Iranian President Masoud Pezeshkian said in an interview with Al Jazeera published on Wednesday that Iran is ready for any future Israeli attacks and that he was “not optimistic” about the ceasefire that was reached at the end of the 12-day US-Israeli war on Iran.“We are fully prepared for any new Israeli military move, and our armed forces are ready to strike deep inside Israel again,” Pezeshkian said.“That is why we have prepared ourselves for any possible scenario and any potential response. Israel has harmed us, and we have also harmed it. It has dealt us powerful blows, and we have struck it hard in its depths, but it is concealing its losses,” he added.Pezeshkian said that Israel’s attacks on Iran sought to “eliminate” Iranian leadership, which he said it failed to do. The Iranian leader said in a recent interview with Tucker Carlson that he was targeted by an Israeli airstrike, and US officials later confirmed that he was injured in an attack that targeted a meeting of Iran’s Supreme National Security Council.Pezeshkian also vowed that Iran’s nuclear enrichment program would continue and reaffirmed that Tehran is not seeking nuclear weapons. President Trump has been threatening to bomb Iran again if the country restarts uranium enrichment.“Trump says that Iran should not have a nuclear weapon and we accept this because we reject nuclear weapons and this is our political, religious, humanitarian and strategic position,” Pezeshkian said. “We believe in diplomacy, so any future negotiations must be according to a win-win logic, and we will not accept threats and dictates.”Iranian officials have said that they’re open to future negotiations with the US, but that they need a guarantee that Iran won’t come under attack again since previous talks were used as a cover for Israel to launch the 12-Day War.

Iran's President 'Ready' For War With Israel, Will Not Halt Nuclear Program -Iran’s President Masoud Pezeshkian has said his country remains prepared and vigilant for any war Israel might launch against it, while conveying that he is not optimistic about the ceasefire continuing to hold."We are fully prepared for any new Israeli military move, and our armed forces are ready to strike deep inside Israel again," Pezeshkian told Al Jazeera in a fresh interview. He emphasized that Iran's nuclear program will continue, but asserted it is only for peaceful nuclear energy purposes."We are not very optimistic about it," Pezeshkian said of the ceasefire which ended the 12-day war in June, which also saw America's involvement at the tail-end. "That is why we have prepared ourselves for any possible scenario and any potential response. Israel has harmed us, and we have also harmed it. It has dealt us powerful blows, and we have struck it hard in its depths, but it is concealing its losses."He described Israel’s strikes as having sought sought to "eliminate" Iran’s hierarchy - including slain nuclear scientists, military leaders, and some top officials - "but it has completely failed to do so".The Iranian leader said that continued uranium enrichment would would be carried out "within the framework of international laws" - despite opposition from most international powers."Trump says that Iran should not have a nuclear weapon and we accept this because we reject nuclear weapons and this is our political, religious, humanitarian and strategic position," Pezeshkian said."We believe in diplomacy, so any future negotiations must be according to a win-win logic, and we will not accept threats and dictates."And that's when he issued his most directly challenging words to Trump yet, saying "that our nuclear program is over is just an illusion" while emphasizing "Our nuclear capabilities are in the minds of our scientists and not in the facilities."According to President Trump's latest words on the matter, revealed in a Monday night Truth Social post, he's ready and willing to order the US military to bomb Iran’s nuclear facilities again "if necessary".

Israeli Military Launches More Strikes on Yemen's Hodeidah Port Amid Houthi Attacks on Israel - On Monday, the Israeli military launched drone strikes on the Yemeni port of Hodeidah as the Houthis, officially known as Ansar Allah, continue to launch near-daily missile and drone attacks on Israeli territory in response to Israel’s genocidal war in Gaza.The Israeli military claimed that it targeted “engineering equipment working to restore port infrastructure, fuel tanks, and vessels used for military activity and [attacks] against the State of Israel and ships in the maritime area near the port.” Yemeni media reported on the Israeli attack, but the extent of the damage and whether or not there were casualties is unclear.According to The Times of Israel, the strikes marked the 13th time that Israel bombed Yemen, operations that have done nothing to deter the Houthis, who vow their attacks will continue until there’s an end to the war and siege on Gaza. Previous Israeli attacks on Yemen involved dozens of Israeli warplanes, but Monday’s strike involved only Israeli Air Force drones.After the Israeli strikes, Houthi military spokesman Yahya Saree announced that Yemeni forces launched five drones at Israel, and Israeli media reported the downing of one drone fired from Yemen.“We continue and are committed to providing support and assistance to the oppressed Palestinian people,” Saree said. “Our operations will not cease until the aggression against Gaza stops and the siege is lifted.”Recent reports have said that Israel was urging the US to restart its bombing campaign in Yemen, but so far, there’s no indication the Trump administration is considering it. The US launched heavy missile strikes on Yemen from March 15 to May 6, killing more than 250 civilians, but the campaign also failed to deter the Houthis. President Trump framed his ceasefire with the Houthis as a victory, but he essentially gave up on trying to thwart Houthi attacks on Israel. The Houthis recently affirmed that they’re committed to the truce with the US, and a US official told The Wall Street Journal that the group’s recent attacks on commercial ships didn’t violate the ceasefire since they were not American vessels.

Gaza's Health Ministry Reports Spike in Starvation Deaths Due To Israeli Blockade - Gaza’s Health Ministry on Sunday reported a significant spike in starvation deaths due to the Israeli blockade, saying that it recorded a total of 18 malnutrition-related deaths within 24 hours.The Health Ministry said in another post on Telegram that it has recorded a total of 86 deaths due to hunger and malnutrition, including 10 adults and 70 children.“This is a silent massacre, and the Ministry of Health holds the occupation and the international community responsible,” the ministry wrote. “We demand the immediate opening of the crossings to allow the entry of food and medicine.”Mohammed Abu Afash, the director of Medical Relief in Gaza, told Al Jazeera that women and children in Gaza are “collapsing” due to malnutrition and hunger. He said that if more aid isn’t allowed in, the coming days will be “catastrophic.”“We are heading into the unknown. Malnutrition among children has reached its highest levels,” Abu Afash added. The World Food Program also said on Sunday that nearly one in three Palestinians in Gaza are going days without receiving anything to eat.Among the people who starved to death on Sunday were Razan Abu Zahe, a four-year-old girl, and a three-month-old baby, Yehia al-Najjar. Babies are particularly vulnerable as mothers suffering from malnutrition are unable to produce breast milk, and Israel has impeded the import of baby formula.The latest starvation deaths came after Nick Maynard, a British surgeon currently working at the Nasser Hospital in Gaza, warned of “unprecedented malnutrition” in Gaza. He said many Palestinians wounded by Israeli attacks were not surviving surgery due to their malnourished state, and that medical staff were also suffering.

Israeli Forces Kill 130 Palestinians in Gaza Over 24 Hours - Gaza’s Health Ministry said on Monday that Israeli forces killed 130 Palestinians and wounded 1,155 over the previous 24-hour period as airstrikes and massacres of people seeking aid continue. The Health Ministry said that another four bodies were recovered from the rubble. “A number of victims remain under the rubble and in the streets, as ambulance and civil defense crews are unable to reach them at this time,” the ministry wrote on Telegram.Among the dead were 99 Palestinians who were killed while seeking aid, most of whom were killed on Sunday while attempting to reach UN aid trucks that entered northern Gaza. The ministry said that the number of Palestinians killed while seeking aid has risen to 1,021, and over 6,511 have been injured.Israeli strikes on Monday included an attack on a water desalination plant in Gaza City, which killed at least five Palestinians, including a woman. In southern Gaza, five members of the same family were killedby a strike on tents sheltering displaced people.Also on Monday, Israeli tanks and ground troops launched an offensive in Deir el-Balah, central Gaza, the only city that hasn’t seen major ground operations. Family members of Israeli captives believe many of the remaining hostages could be held in the area and have released a statement expressing concern over the new offensive. “The families of the hostages are shocked and alarmed by these reports. As of this moment, we have received no official, organized updates or satisfactory answers on this matter,” the Hostages and Missing Families Forum said in a statement. “The families of the hostages are shocked and alarmed by these reports.”

After massacring Gaza aid seekers, Israel escalates bloodshed with assault on Deir al-Balah - The Zionist regime responded to international outrage over its cold-blooded massacre Sunday of 92 Palestinians seeking aid in Gaza by escalating mass murder and starvation of the population. Gaza’s Health Ministry reported that at least 130 Palestinians were killed Monday and over 1,000 wounded across Gaza, as Israeli troops assaulted the city of Deir al-Balah. Deir al-Balah had been until now the last settlement in Gaza spared bombardment, reportedly because Israeli officials believed Israeli hostages were held there. As a result, it became a center for Palestinian refugee camps, UN aid operations and the remaining operational water treatment facilities in Gaza. An estimated 80,000 Palestinians were forced to flee Deir al-Balah after the Israel Defense Forces (IDF) issued evacuation orders for several neighborhoods in the city. One Deir al-Balah resident, Thurayya Abu Qunneis, told CNN: “The planes came and dropped many leaflets on us; the entire sky was covered with leaflets on the houses, the streets and everywhere, stating that we had to evacuate from certain areas. … We are living on edge. We can’t sleep, eat or drink. There is no flour, no anything, and we are hungry. We are dying, and our children are dying of hunger.” Yesterday, Israeli tanks and armored personnel carriers invaded Deir al-Balah, bombarding mosques, civilian homes and UN and World Health Organization (WHO) facilities. UN spokesperson Stephane Dujarric said, “UN staff remain in Deir al-Balah, and two UN guesthouses have been struck, despite parties having been informed of the locations of UN premises … These locations—as with all civilian sites—must be protected, regardless of evacuation orders.” IDF forces attacked the WHO’s staff residence and main warehouse in Deir al-Balah three times, bombing and setting them aflame and detaining two WHO staff and their relatives. “Israeli military entered the premises, forcing women and children to evacuate on foot toward Al-Mawasi amid active conflict. Male staff and family members were handcuffed, stripped, interrogated on the spot and screened at gunpoint,” WHO director Tedros Adhanom Ghebreyesus tweeted, adding: “WHO demands the immediate release of the detained staff and protection of all its staff.” The IDF attack on Deir al-Balah is part of a systematic policy of genocide by denying food, water, electricity and medical treatment to the Palestinian population. Starvation is rapidly spreading in Gaza, with at least 19 people having confirmed to have starved to death in Gaza since Saturday. In the meantime, fully stocked UN food aid warehouses across the border in Egypt contain enough feed Gaza for 3 months, but food shipments are blocked by the IDF.

Israeli Minister: Gaza Will Be 'Wiped Out' and Will Become Totally Jewish - Israeli Heritage Minister Amichai Eliyahu said on Thursday that Israel was working to “wipe out” the Gaza Strip and called for the Palestinian territory to be settled by Jews, saying it will become totally Jewish.“The government is racing ahead for Gaza to be wiped out,” Eliyahu said in a radio interview, according toThe Times of Israel. “Thank God, we are wiping out this evil. We are pushing this population that has been educated on Mein Kampf.”The minister, who is a member of Itamar Ben Gvir’s Jewish Power party, said that Gaza will be cleared for Jewish settlements, but said that Jewish towns wouldn’t be “fenced in inside cantons.” “All Gaza will be Jewish,” he said. According to the Times, Eliyahu said Arabs who are loyal to the state of Israel could be tolerated, but it’s unclear what that means. “We aren’t racists,” he said. The Israeli minister also denied that there was “hunger” inside Gaza, even though people have begun starving to death every day. “There’s no hunger in Gaza,” he said. “But we don’t need to be concerned with hunger in the Strip. Let the world worry about it.”

Four Major News Agencies Warn Gaza Staff Face Starvation Due to Israeli Blockade - Four of the world’s major news agencies have issued a rare joint statement warning that their journalists in Gaza are unable to feed themselves due to the US-backed Israeli blockade, as Palestinians continue to starve to death under the siege. “We are desperately concerned for our journalists in Gaza, who are increasingly unable to feed themselves and their families,” AFP, The Associated Press, Reuters, and BBC News said. “For many months, these independent journalists have been the world’s eyes and ears on the ground in Gaza. They are now facing the same dire circumstances as those they are covering.”The news agencies said that journalists “endure many deprivations and hardships in war zones. We are deeply alarmed that the threat of starvation is now one of them.” They urged the “Israeli authorities to allow journalists in and out of Gaza” and said it was “essential that adequate food supplies reach the people there.”On top of the starvation, journalists in Gaza continue to be targeted by the IDF. On Wednesday, Walaa al-Jabari, who worked for local news outlets, was killed along with her husband and four children. Al-Jabari was pregnant at the time of her killing, and the Gaza Government Media Office said her death brought the total number of journalists killed by Israel since October 7, 2023, to 231.The statement from the news agencies came as Gaza’s Health Ministry said another two Palestinians had starved to death over the previous 24-hour period. Starvation deaths have spiked over the past week, with dozens, mostly children, dying of malnutrition due to Israeli-imposed restrictions and the killing of aid seekers. The Health Ministry said it has recorded a total of 113 starvation deaths. Palestinians in Gaza also continue to be gunned down while attempting to reach food aid. Since the end of May, more than 1,000 aid seekers have been killed by Israeli forces, mainly near distribution sites run by the US and Israeli-backed Gaza Humanitarian Foundation (GHF).

Pope Leo XIV Condemns Israeli Attack on Gaza Church, Calls for End to 'Barbarity' - --Pope Leo XIV on Sunday again condemned the Israeli tank shelling of the Holy Family Catholic Church in Gaza City, which killed three Christians, and made another appeal for a ceasefire in Gaza, calling for an end to the “barbarity” and for a peaceful resolution.“I express my deep sorrow over the attack by the Israeli army on the Catholic Parish of the Holy Family in Gaza City. As you know, last Thursday, it resulted in the deaths of three Christians and the serious wounding of others,” the pontiff said after his weekly Angelus prayer.“I pray for the victims: Saad Issa Kostandi Salameh, Foumia Issa Latif Ayyad, and Najwa Ibrahim Latif Abu Daoud. I express, in particular, my closeness to their families and all the parishioners. This act tragically adds to the ongoing military assaults on civilians and places of worship in Gaza. I call, once again, for an immediate end to the barbarity of war,” the pope added.Leo’s strong statement suggests the Vatican is not accepting Israel’s claim that the attack on the church was an accident, something Cardinal Pierbattista Pizzaballa, the Latin Patriarch of Jerusalem, had cast doubt on since the strike was a direct hit.Leo spoke with Israeli Prime Minister Benjamin Netanyahu on Friday, and, according to a Vatican statement, he “repeated his appeal for a renewed push for negotiations, a ceasefire and an end to the war” and “again expressed his concern about the tragic humanitarian situation of the population in Gaza, whose children, elderly and sick are paying an agonizing price.” Cardinal Pizzaballa entered Gaza on Friday along with Greek Orthodox Patriarch Theophilos III to show support for the small Christian community in Gaza City following the strike on the church. The visit marked the third time Pizzaballa entered Gaza since October 7, 2023. Pizzaballa was still in Gaza on Sunday and celebrated Mass at the Holy Family Church.

Twenty-Five Western Nations Condemn Israel for 'Inhumane Killing of Civilians,' Demand Gaza Ceasefire - The foreign ministers from 25 Western nations have released a joint statement condemning Israel for its “inhumane killing of civilians” in Gaza and demanding an end to the genocidal war.The statement was signed by ministers from the UK, Australia, Austria, Belgium, Canada, Denmark, Estonia, Finland, France, Iceland, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovenia, Spain, Sweden, and Switzerland.The signatories strongly condemned the current “aid” system in Gaza, which is run by the US-backed Gaza Humanitarian Foundation (GHF) and has become a death trap for starving Palestinians.Mourners carry the bodies of Palestinian children killed in an overnight Israeli strike on a house, according to the Gaza Health Ministry, during a funeral at Al-Shifa Hospital, in Gaza City, July 6, 2025. REUTERS/Mahmoud Issa “The suffering of civilians in Gaza has reached new depths. The Israeli government’s aid delivery model is dangerous, fuels instability, and deprives Gazans of human dignity. We condemn the drip feeding of aid and the inhumane killing of civilians, including children, seeking to meet their most basic needs of water and food,” the signatories said.“It is horrifying that over 800 Palestinians have been killed while seeking aid. The Israeli Government’s denial of essential humanitarian assistance to the civilian population is unacceptable. Israel must comply with its obligations under international humanitarian law,” they added.The 25 nations also condemned Hamas’s October 7 attack on southern Israel and called for the remaining Israeli captives to be released while demanding an unconditional ceasefire.“We urge the parties and the international community to unite in a common effort to bring this terrible conflict to an end, through an immediate, unconditional and permanent ceasefire. Further bloodshed serves no purpose. We reaffirm our complete support to the efforts of the US, Qatar, and Egypt to achieve this,” the 25 nations said.

It's A Genocide, But It's Also So Much More Than That - Caitlin Johnstone -- The mass atrocity in Gaza is a genocide, obviously, and is an undisguised ethnic cleansing operation. But it’s also a lot more than that.

• It’s an experiment — to see what kinds of abuses the public will accept without causing significant disruption to the imperial status quo.
• It’s a psychological operation — to push out the boundaries of what’s normal and acceptable in our minds so that we will consent to even more horrific abuses in the future.
• It’s a symptom — of Zionism, of colonialism, of militarism, of capitalism, of western supremacism, of empire-building, of propaganda, of ignorance, of apathy, of delusion, of ego.
• It’s a manifestation — of violent racist, supremacist and xenophobic belief systems that have always been there but were previously restrained, meeting with the unwholesome nature of alliances that have long been in place but have been aggressively normalized.
• It’s a mirror — showing us accurately and impartially who we currently are as a civilization.
• It’s a disclosure — showing us what the western empire we live under really is underneath its fake plastic mask of liberal democracy and righteous humanitarianism.
• It’s a revelation — showing us who among us really stands for truth and justice and who has been deceiving us about themselves and their motives this entire time.
• It’s a catalyst — a galvanizing force and a rallying cry for all who realize that the murderous power structures we live under can no longer be allowed to stand, and a blaring alarm clock opening more and more snoozing eyes to the need for revolutionary change.
• It’s a test — of who we are as a species and what we are made of, and of whether we can transcend the destructive patterning that is driving humanity to its doom.
• It’s a question — asking us what kind of world we want to live in going forward, and what kind of people we want to be.
• It’s an invitation — to become something better than what we are now.