US gasoline supplies at a 42 week low; distillate supplies still 8% below average for this time of year

US oil prices finished higher for the second week of the last three following Trump’s threats of further restrictions on Russian exports, after a deal to restart a Kurdish oil export pipeline floundered….after slipping a penny to $62.68 a barrel last week as worries about the U.S. economic outlook offset risks to supply from accelerated Ukrainian attacks on Russian energy infrastructure, the contract price for the benchmark US light sweet crude for October delivery rose in Asian markets on its last day of trading on Monday​, supported by geopolitical tension in Europe and the Middle East, even as the prospect of more oil supply and concern about the impact of trade tariffs on global fuel demand weighed, but then softened in early New York trading, as the newest European Union sanctions package against Russia seemed likely to impact Russian oil flows less than expected, and expired priced 4 cents lower at $62.64 a barrel after Iraq confirmed higher exports under its OPEC+ quota at 3.4–3.45 million bpd, while Kuwait reported production capacity at a decade-high 3.2 million bpd, while the more actively traded benchmark US light sweet crude for November delivery settled 12 cents lower at $62.28 a barrel after trading from a high of $63.00 to a low of $61.61....with markets now citing the contract price for the benchmark US light sweet crude for November delivery, oil prices initially fell in Mideast markets on Tuesday, after a preliminary agreement between Baghdad and the Kurdistan Region of Iraq to resume operations of an oil pipeline, raising concerns about oversupply, but then turned higher after the deal to resume oil exports from Iraq's Kurdistan stalled, alleviating fears that the restart would add to global oversupply, and settled up $1.13 or 1.8% at $63.41 a barrel in New York​, as traders positioned themselves ahead of the weekly petroleum supply reports, which were expected to show draws from crude stocks….oil prices extended their gains in overnight trading on overseas markets after the American Petroleum Institute reported a larger than expected inventory decline of 3.8 million barrels for the week to September 19th, following a weekly draw of 3.4 million barrels for the week before that, then held their gains in early New York trading Wednesday despite the EIA report of a small draw, after Trump ramped up his rhetoric against Russia and traders watched for supply disruptions from the OPEC+ member, and settled $1.58 higher at a seven week high of $64.99 a barrel amid concerns over Russian crude supplies after Trump increased his rhetoric against Russia and stated that he believed Ukraine could retake all the territory captured by Russia…oil prices eased in Asian trade on Thursday, retreating from the previous session’s seven-week high, as traders took ​p​rofits in anticipation of slower winter demand and the return of Kurdish supplies, and fell as much as 1.4% in New York trading as European diplomats concluded that a recent Russian incursion into Estonia was a deliberate tactic ordered by Russian commanders, echoing earlier remarks by US President Trump, before a late bout of buying pushed the market to its day's highs and ​a settle​m​ent just 1 cent lower at $64.99 a barrel on news that Russia would introduce a partial ban on diesel exports until the end of the year, and extend an existing ban on gasoline exports…oil prices surged on global markets on Friday after Moscow moved to restrict fuel exports following Ukrainian strikes on critical Russian energy infrastructure, heightening global supply concerns, but softened on the news that Iraq’s Kurdistan would resume its oil flows to Turkey the next day, and settled the New York trading session 74 cents higher at $65.72 a barrel as Trump continued to pressure U.S. allies to reduce Russian imports, and thus finished 4.9% higher for the week, the biggest weekly gain since ​early-June....

meanwhile, natural gas prices finished higher for the first time in three weeks as traders unwound short sale positions ahead of the contract's expiration at week’s end….after falling 1.8% to $2.888 per mmBTU last week on an unexpectedly bearish increase in natural gas inventories and a shift to milder weather forecasts, the price of the benchmark natural gas contract for October delivery opened 3.1 cents higher on Monday, then traded sideways near $2.915 until 10:00 AM, when low demand and steady production provided the impetus for the bears to take control and drive prices ​down to a four-week intraday low of $2.804 by 2:25 PM, before settling ​8.2 cents lower at $2.806 per mmBTU as weekend forecasts dimmed hopes that a chilly autumn would take a bite out of storage surpluses….October natural gas opened 1.6 cents lower on Tuesday​, but rose soon thereafter, as traders eyed the impending contract settlement while overlooking current supply levels and comfortable temperatures, and settled cents 4.7 ​cents higher at $2.853 per mmBTU, as profit-taking and technical support overshadowed benign northern weather, lighter export estimates and stout inventories of heating fuel stowed underground for the coming winter…natural gas prices crept cautiously higher to an intraday high of $2.914 by 11:05 AM Wednesday, which analysts attributed to short covering, then faded into the afternoon amid weak fundamentals and closed just five-tenths of a cent higher at $2.858 per mmBTU​, as traders began to look ahead to winter and mounting LNG demand…natural gas prices opened 6.7 cents higher on Thursday and stabilized near $2.940 in the hour leading up to the weekly storage report​, as traders squared their positions ahead of ​Friday's final settlement, then pulled back after an unsurprising storage report to settle 4.6 cents higher at $2.904 per mmBTU, as traders digested an in-line inventory report and looked ahead to the heating season…October natural gas tumbled early Friday on its last day of trading before expiration, while the more liquid November contract drifted amid expectations for a tighter supply/demand balance, then struggled back to settle 0.6 cents higher at $2.910 per mmBTU, as traders absorbed bearish shoulder season fundamentals, including strong production and signs of further supply increases, thus ending up 0.8% for the week, while the benchmark natural gas contract for November delivery, which will trade as the front month next week, settled 1.1 cents higher at $3.206 per mmBTU, and was up 0.5% for the week…

The EIA’s natural gas storage report for the week ending September 19th indicated that the amount of working natural gas held in underground storage rose by 75 cubic feet to 3,508 billion cubic feet by the end of the week, which left our natural gas supplies 22 billion cubic feet, or 0.6% more than the 3,486 billion cubic feet of gas that were in storage on September 19th of last year, and 203 billion cubic feet, or 6.1% more than the five-year average of 3,305 billion cubic feet of natural gas that had typically been in working storage as of the 19th of September over the most recent five years….the 75 billion cubic foot injection into US natural gas storage for the cited week was close to the 79 billion cubic foot addition to storage that was expec​ted ahead of the report, but was more than the 49 billion cubic foot of gas that were added to natural gas storage during the corresponding week of 2024, while​ it was in line with the average 76 billion cubic foot addition to natural gas storage that has been typical for the same mid September 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 September 19th indicated that even after our oil imports increased and our oil exports decreased from the prior week, we still had to pull oil out of our stored crude supplies for the sixteenth time in thirty-three weeks, and for the 29th time in sixty-three weeks, in part due to a decrease in oil supplies that the EIA could not account for….Our imports of crude oil rose by an average of 803,000 barrels per day to average 6,495,000 barrels per day, after falling by an average of 579,000 barrels per day over the prior week, while our exports of crude oil fell by an average of 793,000 barrels per day to 4,484,000 barrels per day, which, when used to offset our imports, meant that the net of our trade of oil worked out to 2,011,000 barrels of oil per day during the week ending September 19th, an average of 1,596,000 more 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 273,000 barrels per day, while during the same week, production of crude from US wells was 19,000 barrels per day higher than the prior week at 13,501,000 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 15,785,000 barrels per day during the September 19th reporting week…

Meanwhile, US oil refineries reported they were processing an average of 16,476,000 barrels of crude per day during the week ending September 19th, an average of 52,000 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 54,000 barrels of oil per day were being pulled from 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 September 19th averaged a rounded 637,000 fewer barrels per day than what 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 [+637,000 ] 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 this week’s oil supply & demand figures that we have just transcribed​.…since ​1​,003,000 barrels per day of oil ​supply could not be accounted for in the prior week’s EIA data, that means there was a ​3​66,000 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​....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 54,000 barrel per day average decrease in our overall crude oil inventories came as an average of 87,000 barrels per day were being pulled out of our commercially available stocks of crude oil, while 33,000 barrels per day were being added to our Strategic Petroleum Reserve, extending the string of nearly continuous additions to the SPR since September 2023, which followed nearly continuous SPR withdrawals over the 39 months prior to August 2023… Further details from the weekly Petroleum Status Report (pdf) indicated that the 4 week average of our oil imports rose to 6,300,000 barrels per day last week, which was 0.9% less than the 6,359,000 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 19,000 barrels per day higher at 13,423,000 barrels per day as the EIA’s estimate of the output from wells in the lower 48 states 1,000 barrels per day higher at 13,078,000 barrels per day, while Alaska’s oil production was 18,000 barrels per day higher at 405,000 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 3.1% higher than that of our pre-pandemic production peak, and was also 39.2% above 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 93.0% of their capacity while processing those 16,476,000 barrels of crude per day during the week ending September 19th, down from the 93.3% utilization rate of a week earlier, but still a bit on the high side of the normal post-pandemic utilization rate for this time of year…. the 16,476,000 barrels of oil per day that were refined that week were 0.8% more than the 16,353,000 barrels of crude that were being processed daily during the week ending September 20th of 2024, and were 0.2% less than the 16,513,000 barrels that were being refined during the prepandemic week ending September 20th, 2019, when our refinery utilization rate was at 89.8%, which was on the low side of the pre-pandemic 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 300,000 barrels per day to 9,707,000 barrels per day during the week ending September 19th, after our refineries’ gasoline output had decreased by 180,000 barrels per day during the prior week.. This week’s gasoline production was still 1.3% less than the 9,837,000 barrels of gasoline that were being produced daily over the week ending September 20th of last year, and 5.2% less than the gasoline production of 10,240,000 barrels per day seen during the prepandemic week ending September 20th, 2019….at the same time, our refineries’ production of distillate fuels (diesel fuel and heat oil) increased by 29,000 barrels per day to 4,984,000 barrels per day, after our distillates output had decreased by 274,000 barrels per day during the prior week. With this week’s modest production increase, our distillates output was 1.8% more than the 4,898,000 barrels of distillates that were being produced daily during the week ending September 20th of 2024, but 0.3% less than the 5,000,000 barrels of distillates that were being produced daily during the pre-pandemic week ending September 20th, 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 9th time in ten weeks and for the 22nd time in thirty weeks, decreasing by 1,081,000 barrels to a 42 week low of 216,569,000 barrels during the week ending September 19th, after our gasoline inventories had decreased by 2,347,000 barrels during the prior week. Our gasoline supplies decreased by less this week even as the amount of gasoline supplied to US users rose by 149,000 barrels per day to 8,959,000 barrels per day, because our exports of gasoline fell by 71,000 barrels per day to 901,000 barrels per day while our imports of gasoline fell by 63,000 barrels per day to 506,000 barrels per day….Even after twenty-four gasoline inventory withdrawals over the past thirty-three weeks, our gasoline supplies were only 1.6% below last September 20th’s gasoline inventories of 220,083,000 barrels, and 2% below the five year average of our gasoline supplies for this time of the year…

Even with the decrease in this week’s distillates production, our supplies of distillate fuels fell for the 20th time in 38 weeks, decreasing by 1,685,000 barrels to 122,999,000 barrels during the week ending September 19th, after our distillates supplies had increased by 4,016,000 barrels to a thirty-five week high during the prior week.. Our distillates supplies decreased this week because the amount of distillates supplied to US markets, an indicator of domestic demand, rose by 119,000 barrels to 3,738,000 barrels per day, and because our exports of distillates rose by 705,000 barrels per day to 1,556,000 barrels per day, and because our imports of distillates fell by 26,000 barrels per day to 69,000 barrels per day... With 49 withdrawals from inventories over the past 86 weeks, our distillates supplies at the end of the week barely changed from the 122,921,000 barrels of distillates that we had in storage on September 20th of 2024, while still about 8% below the five year average of our distillates inventories for this time of the year…

Finally, even after the increase in our oil imports and the decrease in our oil exports, our commercial supplies of crude oil in storage fell for the 14th time in twenty-six weeks, and for the 24th time over the past year, decreasing by 607,000 barrels over the week, from 415,361,000 barrels on September 12th to 414,754,000 barrels on September 19th, after our commercial crude supplies had decreased by 9,285,000 barrels over the prior week… After this week’s modest decrease, our commercial crude oil inventories rose to 4% below the recent five-year average of commercial oil supplies for this time of year, while they were still about 26% above the average of our available crude oil stocks as of the third weekend of September 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 September 19th were 0.4% above the 413,042,000 barrels of oil left in commercial storage on September 20th of 2024, but 0.4% below the 416,287,000 barrels of oil that we had in storage on September 22nd of 2023, and were 3.7% less than the 430,774,000 barrels of oil we had left in commercial storage on September 16th of 2022…

This Week’s Rig Count

The US rig count was up by seven over the week ending September 19th, the fourth consecutive increase​ and the largest one since July 18th, as rigs targeting oil increased by six and miscellaneous rigs increased by two, while the number of rigs targeting natural gas was down by one…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 September 19th, the second column shows the change in the number of working rigs between last week’s count (September 12th) and this week’s (September 19th) count, the third column shows last week’s September 12th 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 20th of September, 2024…

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Enbridge Inc $ENB Stock Holdings Lifted by Public Employees Retirement System of Ohio -Public Employees Retirement System of Ohio raised its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 4.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 531,000 shares of the pipeline company's stock after buying an additional 21,967 shares during the period. Public Employees Retirement System of Ohio's holdings in Enbridge were worth $24,044,000 as of its most recent filing with the SEC. Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.

Public Employees Retirement System of Ohio Reduces Stock Holdings in Cheniere Energy -Public Employees Retirement System of Ohio trimmed its holdings in shares of Cheniere Energy, Inc. (NYSE:LNG - Free Report) by 2.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 105,500 shares of the energy company's stock after selling 2,328 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Cheniere Energy were worth $25,691,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Cheniere Energy, Inc, an energy infrastructure company, primarily engages in the liquefied natural gas (LNG) related businesses in the United States. It is the largest exporter of LNG in the US. It owns and operates the Sabine Pass LNG terminal in Cameron Parish, Louisiana; and the Corpus Christi LNG terminal near Corpus Christi, Texas. The company also owns Creole Trail pipeline, a 94-mile natural gas supply pipeline that interconnects the Sabine Pass LNG Terminal with several interstate and intrastate pipelines; and operates Corpus Christi pipeline, a 21.5-mile natural gas supply pipeline that interconnects the Corpus Christi LNG terminal with various interstate and intrastate natural gas pipelines.

''All clear' in Portage County after vehicle crashes into pipe connected to natural gas well, causing evacuations - (WOIO) - A one-vehicle crash into a pipe connected to a natural gas well in Suffield Township prompted evacuations for several hours Wednesday, according to the Suffield Fire Department. The accident happened around 8:30 p.m. and first responders evacuated the area of Palm Road from Randolph Road to Saxe Road. Suffield firefighters said the gas company was able to isolate the leaking gas line and the area was declared safe around midnight. Firefighters said representatives with the gas company, gas well officials, and U.S. Environmental Protection Agency (EPA) officials will be on the scene Thursday to reassess everything. The person who was driving the vehicle fled after the crash and remains at large.

Dunbridge Road in Bowling Green closed after gas service line struck - (WTVG) - A portion of South Dunbridge Road will be closed until further notice after a construction crew hit a gas line.According to a press release from Bowling Green officials, the road will be closed between 815 South Dunbridge and Napoleon Road. Crews from Columbia Gas were sent to the area to address the issue.

Artificial intelligence dominates discussions at Shale Insight Conference - Farm and Dairy— The “modern-day gold rush” is here in Appalachia, according to oil and gas industry leaders. But it’s not gold they are referring to, it’s artificial intelligence. Rural areas are particularly “compelling” for AI data center development as they provide lower startup and operational costs, Babst Callard officials said at the 2025 Shale Insight Conference, held in Erie, Pennsylvania. AI was the main topic of discussion on Sept. 18 at the annual conference where industry leaders from the Marcellus Shale Coalition discussed how Pennsylvania, Ohio and West Virginia are the ideal locations for AI data centers due to the states’ abundant supplies of natural gas reserves.The conference featured information on developing AI data centers as well as studies on how the emerging technology could make the oil and gas industry safer and more efficient. Natural gas is necessary to power AI data centers, according to industry leaders who spoke at the conference. These data centers require massive amounts of energy to operate 24/7, and, because of this, many will be accompanied by their own natural gas power plants. Power demands for individual AI data centers can exceed 100 megawatts or more, consuming as much energy annually as 100,000 households, reports the International Energy Agency. “In the United States, power consumption by data centers is on course to account for almost half of the growth in electricity demand between now and 2030,”according to a recent International Energy Agency report, consuming more energy than all manufacturing industries in the U.S. combined, including aluminum, steel, cement and chemicals.The Trump administration has put a particular focus on the development of AI data centers. President Donald Trump signed an executive order in January, “Removing Barriers to American Leadership in AI,” followed by policy guidelines in July called “Winning the AI Race: America’s AI Action Plan.”The policy outlines the Trump administration’s goals for AI data centers, including expediting permits and removing AI regulations that hinder its development. Discussions at the Shale Insight Conference revolved around Ohio, Pennsylvania and West Virginia being prime spots for AI data center buildout.Trump announced a $90 billion investment in AI data centers across Pennsylvania at Sen. Dave McCormick’s Pennsylvania Energy and Innovation Summit in Pittsburgh on July 15.According to Trump, AI data centers will be accompanied by power plants of all kinds, from natural gas, nuclear and “clean, beautiful coal.”Central Ohio is also seeing significant growth in AI data centers. Amazon announced in December 2024 that it would invest an additional $10 billion to expand its data center infrastructure. Columbus is a particular hotspot; the city is home to five Cologix data centers, and data centers from mega corporations Google, Amazon and Meta (Facebook) in New Albany. According to Data Center Maps, Ohio has 191 data centers — the state with the fifth most data centers. Babst Calland, a law firm that represents energy companies, noted that data centers are the backbone of businesses dealing with finance, healthcare and e-commerce..

AI Data Centers are Triggering Another Boom in the Shale Patch - Hart Energy. -- Utilities have since been locking in gas offtake deals with data centers to secure pipelines and generation capacity in Ohio, Pennsylvania and Texas,

EPA Issues Sandstone Development Permit For Oil & Gas Wastewater Injection Well Permit In Cyclone, McKean County --On September 24, the US Environmental Protection Agency announced it has issued Sandstone Development, LLC a permit for an oil and gas wastewater injection well in Cycle, Lafayette Township, McKean County. Sandstone applied for one UIC Class IIR injection well permit for the injection of produced fluids in the McKay 7A conventional well for the enhanced recovery of oil and gas in the McKay Lease area.The permit will allow Sandstone to inject up to 10,500 gallons of oil and gas wastewater a day into the Upper Devonian Kane Sandstone Formation in the subsurface interval between approximately 2,295 feet to 2,315 feet below ground surface.A hearing on the permit application was held in May. Read more here.Visit EPA’s Sandstone Development Permit webpage for a final copy of the permit, a comment and response document and the procedures for appealing the permit. nIn January 2024, DEP issued a permit to Catalyst Energy, Inc. for a controversial oil and gas wastewater injection well in Cyclone, Keating Township, McKean County.EPA issued a permit for this well in August of 2022.DEP’s permit has since been appealed. EHB Docket# 2024019Visit DEP’s Injection Control Wells website to learn more about state-issued permits for oil and gas injection wells. Resource Links - McKean Injection Wells:

• -- Homeowner Complaint Results In DEP Emergency Plugging Of A Penn Resources, Inc. Conventional Oil Well Leaking Gas, Oil, Wastewater In McKean County [PaEN] [Lafayette Twp.]
• -- Exploding Water Well Shed Triggers DEP Investigation Of 59+ Abandoned Conventional Oil & Gas Wells In Cyclone, McKean County; Highlights Limits On Providing Temporary Water For Well Owners Impacted [PaEN]
• -- Marcellus Drilling News: DEP Approves Catalyst Energy Oil & Gas Wastewater Injection Well In McKean County [Jan. 26 Inspection Found Gas Bubbling From Well] [PaEN]
• -- Guest Essay: DEP Ignored Abandoned Wells During Oil & Gas Wastewater Injection Well Permitting Process [PaEN]
• -- 40 Individuals File Appeals, Most Handwritten, Of DEP’s Permit For Catalyst Energy Oil & Gas Wastewater Injection Well In McKean County [PaEN]
• -- Environmental Hearing Board Denies Supersedeas, Allows Operation Of Catalyst Energy, Inc. Oil & Gas Wastewater Injection Well In McKean County During Appeal [PaEN]
• -- Bradford Era: 7-Part Series Details Concerns Residents Of Cyclone, McKean County Have With Catalyst Energy Oil & Gas Wastewater Injection Well [PaEN]

24 New Shale Well Permits Issued for PA-OH-WV Sep 15 – 21 = For the week of September 15 – 21, the number of permits issued to drill new wells in the Marcellus/Utica decreased from the previous week, but not by much. There were 24 new permits issued across the three M-U states last week, down from 26 issued two weeks ago. Pennsylvania finally improved a bit, but only because of one driller. PA issued 11 new permits last week, with 10 of the 11 going to Range Resources. Range’s permits were spread across three counties, with one permit in Allegheny, five in Beaver, and four in Washington. The other PA permit went to Beech Resources for a well in Lycoming County. ALLEGHENY COUNTY | ANTERO RESOURCES | ARSENAL RESOURCES | ASCENT RESOURCES | BEAVER COUNTY | BEECH RESOURCES | BELMONT COUNTY | BROOKE COUNTY | EXPAND ENERGY | GULFPORT ENERGY | HARRISON COUNTY | LYCOMING COUNTY RANGE RESOURCES CORP | RITCHIE COUNTY | TAYLOR COUNTY | WASHINGTON COUNTY

Full Speed Ahead for Largest U.S. Gas-Fired Plant, Coming in SWPA -Marcellus Drilling News - Homer City Redevelopment is transforming the former Homer City Generating Station in Indiana County, Pennsylvania, into the $24 billion Homer City Energy Campus, one of the largest redevelopment projects in state history (see Largest Gas-Fired Power Plant in the U.S. Coming in Western Pa.). The 3,200-acre site will host data centers powered by seven natural gas turbines generating 4.5 GW, supported by pipelines built by EQT Corp. (see Homer City Power Pledges to Buy $15 Billion of PA NatGas from EQT). The project promises 10,000 construction jobs and 1,000 permanent positions, positioning the county as a hub for AI and high-performance computing.

NESE Pipe Cleared by NOAA to “Disturb” Marine Life in Raritan Bay - Marcellus Drilling News - In yet another sign that Williams’ Northeast Supply Enhancement (NESE) pipeline project is a done deal and moving forward, the National Oceanic and Atmospheric Administration (NOAA) granted the project permission to “disturb” (harass) 15 varieties of whales, seals, porpoises, and dolphins, as it builds a 24-mile pipeline on the floor of the bay. “Uh, excuse me, Mr. Whale? Could you please swim about a mile over in that direction for the next few days?” Environmentalist wackos are having a cow, or maybe it’s a whale, at the news.

Venture Global Seeking Extra 15 Months for Plaquemines LNG, Extending Commissioning Cargo Window - - Venture Global LNG Inc. is asking for an additional 15 months to bring both phases of its Plaquemines project in Louisiana to commercial service. At A Glance:
Request would shift deadline to Dec. 31, 2027
Venture cites unique commissioning process
Plaquemines cargoes garner more than $7/MMBtu

VG Wants an Extra 15 Months for Commissioning Plaquemines LNG -- Marcellus Drilling News - We’ll begin this post with this statement: We’re not surprised. At the end of last December, Venture Global’s Plaquemines LNG export facility officially shipped its first cargo to Germany. Unfortunately for Venture Global’s contracted customers, they will have to wait to receive their legally contracted shipments. Venture Global said that it would (as it did with the Calcasieu Pass facility) pretend the Plaquemines LNG is not “commercially ready” while shipping all sorts of LNG cargoes around the world. The practice allows the company to cream the market and make more money for the first couple of years (see Plaquemines LNG Coming Online, Will Hose Customers for 2 Years). We consider it a disgusting business practice. And now, VG wants *another* 15 months added to the calendar to continue this practice.

Sempra Sanctions Port Arthur Phase 2, Fourth U.S. LNG Project to Advance in 2025 --Sempra’s Port Arthur Phase 2 LNG project is the fourth U.S. export project to be sanctioned this year after an equity agreement valued at $22.2 billion. At A Glance:
Sempra offers 45% stake valued at $22.2 billion
KKR-led group could become majority controller
Both Phase 2 trains targeted for completion by 2031

Sempra’s Port Arthur LNG Facility Makes FID to Build Phase 2 - Marcellus Drilling News - Not quite a month ago, EQT Corporation, the largest Marcellus/Utica-only natural gas producer (second largest natural gas producer in the country) signed a deal with Sempra’s Port Arthur LNG Phase 2 project in Jefferson County, Texas, to buy (not sell) LNG from the plant to resell it to other countries (see EQT Announces Deal to *Buy* LNG from Sempra’s Port Arthur LNG). The deal was contingent upon Sempra making a final investment decision (FID) to proceed with building the project. Yesterday, Sempra made its decision and is moving forward.

DOE Approves Golden Pass LNG Imports as Terminal Nears Startup — The Offtake --A look at the global natural gas and LNG markets by the numbers

• 50 Bcf: Golden Pass LNG Terminal LLC’s request to import cargoes as soon as Oct. 1 to cool down equipment has been granted, kickstarting the countdown for first production later this year. The export project developer previously asked the U.S. Department of Energy for permission to re-export up to 50 Bcf of previously imported volumes for up to two years. The Texas terminal 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.
• 15 Bcm: Equinor ASA has disclosed first production from two wells in the Askeladd Vest subsea field expected to boost and stabilize feed gas supplies for its Hammerfest LNG export terminal in Norway. The tieback project is targeted to sustain feed gas levels to the Melkøya processing plant while Equinor and partners complete the Snøhvit extension project. Recoverable volumes from Askeladd Vest are estimated at 15 billion cubic meters. Hammerfest LNG exports around 4.6 Mt/y, most of which lands in Europe.
• 13 Mt/y: The Federal Energy Regulatory Commission has approved Sempra’s request to add the construction of a nitrogen rejection unit (NRU) to its plans for Port Arthur LNG Phase 2. LNG developers have been pursuing NRU projects for existing terminals and during expansions as a solution for growing Permian Basin feed gas supplies with higher amounts of nitrogen and heavy hydrocarbons. Sempra disclosed a final investment decision for the 13 Mt/y capacity Port Arthur expansion earlier in the week.

Woodside Lands Turkey’s BOTA? as Customer for Former Driftwood LNG - Marcellus Drilling News - MDN chronicled the rise and fall of Tellurian, founded by Charif Souki (who also founded Cheniere Energy), and Tellurian’s LNG export project, Driftwood. Tellurian’s primary focus was to build Driftwood LNG, a 27.6 million tonnes per annum (MTPA) facility that would cost $14.5 billion. Construction began on the project in March 2022, even without a final investment decision (see Tellurian Begins Construction of Driftwood LNG with No FID). The company spent more than $1 billion building Driftwood before its financial wheels came off. In July 2024, Australian LNG giant Woodside announced a deal to buy Tellurian and Driftwood for $1.2 billion, renaming it Louisiana LNG (see Australia’s Woodside Buying Tellurian & Driftwood LNG for $1.2B). Woodside pulled the trigger on an FID earlier this year and, as of last week, reports the plant is now 22% built and on track to start up in 2029 (see Former Driftwood LNG Plant Already 22% Built, On Track to Start 2029).

Turkey Secures U.S. LNG Through 2045 in Landmark Deal --Turkey’s state energy company, BOTAS, has signed a landmark 20-year U.S. LNG supply agreement with Mercuria, anchoring Ankara’s strategy to reduce dependency on pipeline gas and reposition itself as a regional hub, according to the Daily Sabah. The deal, signed in New York during President Erdogan’s U.N. visit, will deliver around 4 billion cubic meters annually from 2026 onward, cumulatively totaling about 70 bcm. A separate preliminary nine-year LNG pact was also agreed with Australia’s Woodside, calling for roughly 5.8 bcm of supply beginning in 2030, primarily sourced from the company’s Louisiana LNG project.The Mercuria contract is structured with flexibility in delivery, allowing cargoes to be shipped either at U.S. loading terminals or regasification points in Turkey, Europe, and North Africa, Turkish media noted, with Turkish officials describing the agreements as both insurance against future pipeline risk and an essential foundation for a gas trading hub that can serve Southeast Europe and the Balkans. Ankara has already invested heavily in floating storage regasification units at Dörtyol and Saros and expanded underground storage at Silivri and Tuz Gölü. These facilities give Turkey the capacity to absorb rising LNG inflows and to arbitrage flows between U.S., Australian, and Middle Eastern producers on one side and European buyers on the other.The shift is being closely watched in Moscow. For years, Russia relied on Turkey not only as a major customer but also as a transit state for flows through TurkStream into southern Europe. Long-term U.S. and Australian LNG contracts erode that role, raising the risk of lost market share for Gazprom and weakening Russian leverage at a time when European demand for pipeline gas is already shrinking.

US weekly LNG exports rise to 31 cargoes - US liquefied natural gas (LNG) plants shipped 31 cargoes during the week ending September 24. According to the Energy Information Administration, pipeline deliveries to the LNG terminal increased compared to the prior week, when 24 cargoes were shipped.

Evolution - How LNG Exports Came to Dominate U.S. Natural Gas, and Where the Market is Heading | RBN Energy -- Ten years ago, U.S. exports of natural gas in the form of LNG were a footnote in the market. But that all changed in 2016. In February of that year, the first shipment of LNG from the Lower 48 states set sail when the vessel Asia Vision departed from Cheniere Energy's Sabine Pass export terminal in Louisiana. This was the culmination of a remarkable turnaround, not only at Sabine Pass, but for the U.S. natural gas market as a whole. Eight years earlier, Sabine Pass had been completed as an import terminal, as it was projected that the U.S. would face significant shortages of natural gas supplies. Shale turned that business model on its head. U.S. LNG exports also reshaped global trade patterns. Before U.S.-sourced cargoes hit the market, most LNG shipments were locked into destination-specific contracts, requiring delivery to a designated port. In addition, buyers were largely limited to long-term supply deals priced off crude oil through rigid formulas. The emergence of flexible, Henry Hub-linked pricing broke that mold, giving buyers new negotiating leverage and fostering a more liquid, globally interconnected LNG market. Today’s RBN blog is the first in a multi-part series that will trace the rise of U.S. LNG exports, examine their influence on the global gas trade, and take a closer look at the quirky mechanics of LNG pricing. Alaska’s Kenai Peninsula LNG Plant south of Anchorage began operations in 1969. It was the first LNG export facility in the U.S., coming online almost 50 years before Cheniere’s Lake Charles facility. And for decades, it shipped small volumes of LNG, averaging about 200 MMcf/d, mostly to Japan. As we noted in Road to Alaska, it stopped operations in 2016 due to the depletion of Cook Inlet reserves. Unfortunately, the process of super-cooling natural gas to negative 260° Fahrenheit, where it liquifies, is a capital-intensive and very expensive process. Over the next 40 years, LNG facilities around the globe were developed only in producing areas that had limited local markets for the natural gas — including the Middle East, Australia and north Africa. As Alaskan oil and gas production declined in the 2000s and 2010s, the economics for production of LNG in Alaska ultimately deteriorated to the point that Kenai was permanently shut down in 2016, not coincidentally the same month that Cheniere’s Lake Charles LNG export facility came online. To export natural gas as LNG, it must first be transported as a gas by pipeline to an LNG export facility. There, it is supercooled to its liquefaction temperature before being loaded onto ships as a liquid. These ships then transport the LNG to overseas markets, where it is regasified — meaning heating the LNG so that it evaporates back into natural gas’ vapor state. Together the cost of this process is about $5-$6/MMBtu, sometimes well above the cost of the U.S. natural gas itself. The economics only work because the price of natural gas in the global marketplace over the past decade has averaged 3.5 times the price of natural gas in the U.S., sometimes getting to as much as 10 times U.S. gas. Consequently, the profit for each cargo of LNG transported from the U.S. to international markets is far above pipeline gas markets in North America. As natural gas export flows have increased, the U.S. natural gas market has transformed from an isolated entity, disconnected from global markets, into a crucial component of global natural gas supply and demand. As illustrated in Figure 4 below, exports (teal bar segments) comprised just 6% of production in 2016, rising to 21% by 2023-24, with further growth anticipated as additional LNG export capacity becomes operational. But there is a potential gotcha, and it’s a big one. The low cost of U.S. natural gas, which has been a huge benefit for homeowners, businesses, industrial operations and power generation, hasn’t risen to match the prices paid in other parts of the world for a simple reason: the U.S. lacks sufficient LNG export capacity. Most likely, if export capacity was unconstrained, the price gap between U.S. and global markets would narrow, converging around the cost of liquefying and transporting U.S. gas overseas. This hasn’t occurred yet due to the current limitations in export capacity. But if more capacity were available, U.S. prices could be expected to rise, global prices would fall, or most likely both would adjust to narrow the differential between them. In the next installment of this series, we’ll examine how U.S. export pricing mechanisms have evolved over time and how those shifts have influenced global markets.

U.S. Natural Gas Consumption Forecast to Climb This Winter, but Prices to Hold Steady on Record Output -- Natural gas demand in the United States is set to hit record highs this winter, with prices remaining flat compared with last year, according to the Natural Gas Supply Association (NGSA).
Chart from the Natural Gas Supply Association showing the Winter 2025-2026 U.S. natural gas supply forecast at 115.5 Bcf/d, up about 4 Bcf/d year over year. The graphic compares a three-year average, 2024-2025 actuals, and 2025-2026 projections for total production, net Canadian imports, and LNG imports. Total production is projected at 108.5 Bcf/d, Canadian imports at 6.9 Bcf/d, and LNG imports at 0.1 Bcf/d. At A Glance:
Output strong despite fewer rigs
Storage entering winter at five-year highs
AI, LNG demand wild cards at play

A Great Lakes oil pipeline faces 3 controversies with no speedy resolutions -For more than a decade, controversy over an oil pipeline that passes directly through a Native American reservation and then across a sensitive waterway that is also a key shipping lane has brewed in Wisconsin and Michigan.Since taking office in January 2025, the Trump administration has joined an already complex fray, with policy decisions and legal filings as well as administrative and judicial appointments that have shifted the strategies and potential outcomes of the situation. The changes affect not just pipeline operator Enbridge but also the environmental, Indigenous and political leaders working to shut down the pipeline, known as Line 5.Part of the dispute is slated to come before the U.S. Supreme Court in the coming months, but that will not deliver the final resolution of the situation. Built in 1953, Enbridge's Line 5 oil pipeline carries petroleum products mostly from western Canada's tar sands to refineries in eastern Canada, using the Great Lakes as a shortcut. It traverses 645 miles (1,040 km) through Wisconsin and Michigan and transports approximately 23 million gallons of oil and natural gas liquids per day from Superior, Wisconsin, to Marysville, Michigan, and then across the Saint Clair River to Sarnia, Ontario.The pipeline has been the subject of intense scrutiny since soon after a 2010 oil spill into the Kalamazoo River in Michigan from another Enbridge pipeline with a similar start and endpoint. The 2012 publication of Sunken Hazard, a report from the National Wildlife Federation about the potential for a spill from Line 5,fomented public concern and launched an advocacy movement that began with questions about Line 5's safety and has led to calls for its complete shutdown. While the entire pipeline is being scrutinized, there are two primary areas of concern. In Wisconsin, the pipeline runs for 12 miles (19 km) across the reservation of the Bad River Band of Lake Superior Chippewa. And when it crosses from Michigan's Upper Peninsula to its Lower Peninsula, the line splits into two parallel pipes that run along the bottom of the Straits of Mackinac, which connect Lake Michigan and Lake Huron.In 2021, Michigan Gov. Gretchen Whitmer revoked Enbridge's easement to operate the pipeline across the Straits of Mackinac. The governor asserted that Enbridge "repeatedly violated the 1953 easement and that the continued operation of the dual pipelines violates the state's solemn duty to protect the Great Lakes."Some of her concerns exist because the pipeline sits in the open water of the Great Lakes and has been damaged multiple times by ship's anchors, is subjectto corrosion, and has been found to be bent and deformed by the extremely powerful currents in the Straits of Mackinac. Enbridge refused to comply with the shutdown order and has taken the battle into the courts while continuing to send petroleum products through the pipeline across the straits. The Trump administration—through a Sept. 19, 2025, court filing—is supporting Enbridge's claim that the pipeline is not subject to state regulation and oversight. There has been a long back-and-forth about whether state courts have jurisdiction, as state officials argued, or whether federal courts should handle it, as Enbridge claimed. In June 2025 the trial was set for a state court when theU.S. Supreme Court unexpectedly stepped in at Enbridge's request. The case has not yet been scheduled for oral arguments before the court, but they—and a potential ruling—are expected sometime between October 2025 and June 2026. The state court has said it will continue its proceedings without waiting for a Supreme Court decision. But the ground is set for the continuation of an extended and complicated legal battle. While Enbridge is fighting the shutdown of its existing pipeline, the company is seeking state and federal permission to build a replacement, by digging a new tunnel below the Straits of Mackinac.The company needs both federal and state permits before construction can begin. The federal permits are expected to come quickly as a result of a Trump administration policy.On the first day of his second term, Trump declared a "national energy emergency." In general, the policy is being used to try to slow the transition away from fossil fuels and toward clean energy sources, and to remove climate change as a factor in environmental reviews and permitting.For Line 5, the most consequential provisions of the order are those that call for"emergency approvals" and "expediting the Delivery of Energy Infrastructure." The tunnel is on the Army Corps of Engineers' list of projects eligible for fast-track approval.However, Enbridge still needs state permits, which many groups are opposing based on potential environmental damage to the shoreline, the safety of the tunnel and the need to address climate change by slowing down oil extraction.In addition, all of the federally recognized tribal governments in Michigan oppose Line 5's continued existence, contending that Indigenous fishing rights in the Straits of Mackinac are at risk from the pipeline both ecologically and culturally. Their position, expressed in a state-court challenge to the tunnel, could end up testing the power of their rights under treaties with the U.S. government.In addition to both of those disputes, a Native American tribe in Wisconsin undertook its own efforts to reduce the risk of environmental damage from the pipeline on its land and the surrounding watershed.In 2013, the Bad River Band declined to renew Enbridge's pipeline easement through its territory, which is sometimes referred to as the "Everglades of the Great Lakes" because of its extensive and pristine wetlands. In 2017 the tribe voted to require Enbridge to remove the line from its land.Enbridge refused to comply and has contested the validity of the Bad River Band's decision, inherently challenging the tribe's sovereignty. At the same time, the company is attempting to reroute the pipeline around the reservation—though still within the Bad River watershed. In 2019 the tribe sued Enbridge to force the removal and ultimately won a federal judge's ruling that the company must remove the pipeline by June 2026and pay US$5.15 million for ongoing trespassing. Enbridge has appealed, and many observers expect that case to also come to the Supreme Court.

Dallas Fed Survey Shows Weakened Oil & Gas Activity Outlook -- Oil and gas activity in the Dallas Fed’s Eleventh District slipped again in the third quarter, with the headline business activity index at -6.5 versus -8.1 in Q2 as executives pointed to elevated uncertainty and higher costs, according to the latest release on Wednesday of the Dallas Fed’s Energy Survey. Company outlook deteriorated to -17.6, according to the survey, while production also edged lower. The oil production index held at -8.6 and natural gas at -3.2. Oilfield services weakened, with equipment utilization at -13.0 and prices received for services at -26.1, while operating margins remained deeply negative at -31.8.Respondents, which included 139 firms surveyed from September 10-18, reported cost pressures above series averages. Finding and development costs rose to 22.0 and lease operating expenses to 36.9. Labor conditions were little changed, with the aggregate employment index improving to -1.5 and hours worked to -3.7, while wages and benefits registered 11.5. In terms of price expectations, the survey found some slippage. The average West Texas Intermediate (WTI)forecast for year-end 2025 is $63 per barrel, down from $68 last quarter, with a survey price during collection of $63.80. Henry Hub is seen at $3.30 per MMBtu at year-end, rising to $3.94 in two years and $4.50 in five. Data were collected across Texas, northern Louisiana and southern New Mexico. On average, executives expect WTI at $69 in two years and $77 in five, consistent with a restrained capex stance as the uncertainty index stays elevated at 44.6. Around the publication, crude futures firmed on a U.S. stockpile draw and supply issues, providing a modest tailwind to sentiment. The Dallas Fed set its next survey release for December 17, 2025.

Oil execs worried about Trump’s energy policies, Dallas Fed says - Oil and gas executives have grown increasingly pessimistic about the outlook of their companies and more uncertain about the future, according to a regional survey released Wednesday by the Federal Reserve Bank of Dallas.Respondents to the Dallas Fed’s third-quarter energy questions pointed to concerns about changes to energy policy under President Donald Trump, market volatility and increased drilling tied to tariffs. Benchmark U.S. oil was trading for around $65 a barrel Wednesday, a price considered to be relatively low as the industry taps complex underground formations.“We have begun the twilight of shale,” wrote one executive with an exploration and production company, noting job cuts and consolidation in the energy sector. “The U.S. isn’t running out of oil, but she sure is running out of $60 per barrel oil. $100 per barrel? $150 per barrel? Price likely must cover for less-than-optimal geology over time.” The Dallas Fed does not name executives that provide comments so they can speak more freely. The survey used data from 139 energy firms across Texas, southern New Mexico and northern Louisiana.

130-Foot Tug Sinks In Bremerton Marina, Releasing Thousands Of Gallons Of Diesel & Oil -- A 130-foot tugboat, the Dominion, sank at the Bremerton Marina on September 17 around 4 p.m., releasing diesel and lube oil into the waters. The tug reportedly carried an unknown quantity of diesel fuel and about 200 gallons of lube oil when it went down. In response, the U.S. Coast Guard and Washington Department of Ecology quickly established a unified command to manage the spill and prevent environmental damage. Absorbent pads and containment boom were placed around the sunken vessel, and additional equipment, such as skimmers and vacuum trucks, was used to recover oil as tides shifted. As of Saturday, September 20, responders estimated that approximately 5,000 gallons of oil-water mixture had been collected, with 2,500 gallons identified as oil. Two levels of containment boom remain around the tug, and absorbent pads are still being used to collect any remaining oil. The Coast Guard has set up a safety zone from the Manette Bridge to the Bremerton Ferry Terminal, 200 yards off the marina breakwater. Non-commercial vessels are advised to avoid the area, and the Coast Guard has deployed a patrol vessel to enforce the zone. Divers surveyed the sunken tug Dominion to check how much fuel remained in its tanks. By Friday, contractors had recovered about 900 gallons of diesel and oil. In the following days, more small oil leaks were spotted, leading to the use of skimmers and containment measures. The Washington Department of Ecology has sent two Shoreline Cleanup Assessment Teams (SCAT) to inspect nearby shorelines, including areas from Lions Park to the Manette Bridge. Initial surveys found some weathered oil, but officials said it likely did not come from the Dominion. Further inspections are planned. No oiled wildlife has been reported so far. The public is urged not to attempt capturing oiled animals. Any sightings should be reported to 1-800-22BIRDS with detailed information. The Port of Bremerton has closed the marina to public fishing as a precaution. The Coast Guard is using the Oil Spill Liability Trust Fund to support cleanup and reduce environmental damage. A salvage plan is being developed to raise the tug. The cause of the sinking is still under investigation. Officials stress that only trained response contractors should be on site, and public volunteers are not needed, as they could interfere with recovery.

Oil Spill Cleanup Underway After Tug Sinks At Marina - A tugboat that sank at the Bremerton Marina in Seattle continues to leak oil. The Dominion, a 130-foot tugboat, which sank around 4 p.m., Wednesday, was reported to contain an unknown amount of diesel fuel and about 200 gallons of lube oil when it sank. Containment boom and absorbent pads were quickly placed around the vessel. Supplemental boom was deployed to collect the pollution as tides shifted. Vacuum trucks and skimmers were also deployed to collect recoverable product. Additionally, the Coast Guard established a safety zone from the Manette Bridge, to the Bremerton Ferry Terminal, extending 200 yards off the Bremerton Marina breakwater. As of Saturday, responders estimate that approximately 5,000 gallons of oil water mixture has been recovered, with 2,500 gallons estimated to be oil. The Port of Bremerton is closing the marina to public fishing. Oiled wildlife recovery efforts are underway. A salvage plan is being developed to raise the vessel. The cause of the sinking is under investigation.

Sempra Pushes DOE for Mexico LNG Deadline Extension--San Diego’s Sempra has asked the U.S. Department of Energy (DOE) to remove the fixed start date of Jan. 25, 2026 in the free-trade agreement (FTA) order for its Energía Costa Azul (ECA) Phase I LNG export facility in Mexico. Line chart showing NGI’s El Paso Permian, El Paso San Juan, and SoCal Border–Ehrenberg daily natural gas prices from September 2024 to September 2025. Prices fluctuated sharply through winter with a notable February 2025 spike above $8.00/MMBtu, followed by steady spring and summer values mostly between $1.00-3.00/MMBtu. Late September 2025 shows a steep decline, with SoCal Border–Ehrenberg dipping below zero while El Paso San Juan and El Paso Permian remain positive. Chart source: NGI’s Daily Gas Price Index. At A Glance:
ECA project completion slips later into 2026
Yuma pipeline proposal aims to ease constraints
KKR, Canadian Pension Plan invest $10B in Sempra unit

International group starts process for $38M compensation for Tobago oil spill - Trinidad Guardian -- The International Oil Pollution Compensation (IOPC) Fund has estimated the payout for the Gulfstream oil spill at £4.2 million, or $38 million (TT). The fund confirmed that compensation payments have begun, but the process is expected to continue until 2027. A report published last week ahead of the IOPC’s November governing body meeting in London showed that while £10 million has been raised in a special Gulfstream Major Claims Fund, just over £1 million had been paid out as of June 30, 2025. The fund projects that an additional £21.5 million will be paid between Jul-09876543223456789qwsertyhujy 2025 and March 2027. In a separate update on September 12, the IOPC confirmed that its Claims Manager, Mark Homan, visited Trinidad and Tobago earlier this month. He met with officials from the Ministry of Energy and the Tobago House of Assembly and toured affected areas. According to the IOPC, discussions focused on the sale of oil recovered from the Gulfstream barge and the disposal of waste collected during the cleanup. The fund said the waste remains stored in three specially dug pits at the Studley Park dump, and no timeline has yet been set for its final removal. The Gulfstream overturned off Cove on February 7, 2024, spilling thousands of barrels of bunker fuel oil that polluted Tobago’s coastline and beaches. The tug Solo Creed, which had been towing the barge, was detained by Angolan authorities in May 2024 and later formally arrested by a court in October. However, according to IOPC records, by the time its governing bodies met in London the following month, the vessel had “escaped arrest” and had not been located since. In May this year, the IOPC confirmed that the government had hired a company to carry out satellite surveillance in an effort to track the tug. As of August 29, the vessel had not been detected. Energy Minister Dr Roodal Moonilal said the Government remains committed to finding the tug and its owner to pursue Tobago’s multimillion-dollar damage claim. “Through the maritime services division, we are collaborating to locate the vessel using relevant technology and an expert agency. The ownership of that vessel has not been confirmed, and it is under active investigation at this time,” he told Guardian Media earlier this month. He added that T&T will continue to pursue its $244 million claim once the vessel is found and its owner identified. The Gulfstream barge itself was removed from the Cove site and taken to Sea Lots, Trinidad, where, according to the IOCP, it was broken up and sold for scrap in March this year. By April this year, the IOPC reported that 290 claims worth US$30.3 million had been submitted. These included fisheries claims from Tobago, claims for cleanup operations, and claims from Bonaire for aerial surveillance and beach cleaning. At that time, it said further claims were expected, including for tourism losses.

Global Gas Prices Slide as EU Fast-Tracks Ban on Russian Supplies — LNG Recap - Global natural gas prices continued a downward slide ahead of the heating season as traders reacted to signs of falling volatility and a creeping LNG supply build in Asia. Bar chart shows Russian Federation annual LNG exports by destination region from 2022 to 2025, with volumes in million tons. Exports are divided by Europe, Asia, Americas, and Unknown. Europe and Asia dominate exports, but total volumes decline from about 33 Mt in 2022 to under 20 Mt projected in 2025, with steep drops in Asia-bound cargoes. Data compiled by NGI from Kpler. At A Glance:
EU hastens Russian LNG ban to Jan. 2027
Chinese LNG imports drop 18%
FERC approves Plaquemines Block 15 startup

BP Sees Natural Gas ‘Pulled in Two Directions’ as U.S. Demand, LNG Exports Rise --Natural gas remains a pivotal — though uncertain — pillar of the global energy system, underscoring the role that U.S. demand and supply growth may play in international energy trade, according to BP plc. Bar chart showing LNG exports by region (US, Middle East, Russia, Rest of World) from 2023 to 2050, comparing current trajectory versus a scenario keeping global warming below 2°C. The chart indicates growth in LNG exports through 2050 on the current trajectory, led by the US and Middle East, while exports decline sharply under the below 2°C scenario. Source: BP plc. At A Glance:
U.S. gas output climbing sharply
LNG growth fastest in U.S., Middle East
Gas demand up 20% by mid-2040s

IGU Warns Additional Natural Gas Investment Needed to Match Global Energy Growth -The International Gas Union (IGU) warned in its latest annual report that global energy demand is on track to surpass most projections in the coming years and stressed that investments in natural gas must be made at the same pace to keep up. Bar chart shows global natural gas demand by region from 2020 to 2025, measured in billion cubic meters (Bcm). North America, Asia, and the Middle East make up the largest shares, with Europe and Russia contributing significant volumes. Smaller contributions come from Africa, South America, and Oceania. Overall demand trends upward through 2025, with total global consumption projected to exceed 4,000 Bcm. Source: International Gas Union.At A Glance:
Energy demand on track to outpace projections
Uncertainty increasingly clouding supply outlook
Natural gas seen stabilizing energy mix

Egypt to offer five new mediterranean gas blocks in H1 FY2025/26 – EgyptToday -- The Egyptian Natural Gas Holding Company (EGAS) is preparing to open bidding for five new offshore gas blocks in the Mediterranean Sea before the end of the first half of fiscal year 2025/2026, a government official told Al Arabiya Business. The bidding will be conducted via the Egypt Exploration Gateway, which will receive proposals from international energy companies seeking exploration rights. This step aligns with Egypt’s wider strategy to increase oil and gas output over the next two years. According to the official, the Ministry of Petroleum plans to drill 10–12 new development wells in targeted concession areas, supported by investments exceeding $350 million. These efforts are expected to raise natural gas production by more than 850 million cubic feet per day, supplementing Egypt’s current output. EGAS has already completed seismic survey programs with global partners across nine exploration areas, which will be gradually tendered to investors. The surveys confirmed geological formations likely to contain hydrocarbons, with early indicators suggesting 15–20% chances of gas accumulation. To encourage participation, the ministry also aims to settle part of its arrears to foreign partners by Q4 2025. This step is designed to improve investor confidence and boost the submission of competitive financial and technical offers. In parallel, EGAS has agreed with domestic gas operators on an exceptional plan for the current and upcoming fiscal years to secure local supplies. The goal is to reach 6.6 billion cubic feet per day of gas production by 2027. Earlier this month, EGAS announced 29 new natural gas discoveries across the Mediterranean, Western Desert, and Gulf of Suez during FY2024/2025. These finds added 1.85 trillion cubic feet of reserves. The company also finalized six new agreements and awarded nine exploration blocks, bringing total committed investments to $479 million, with signature bonuses of $14.5 million, according to EGAS Executive Managing Director Mahmoud Abdel Hamid.

Turkey's BOTAS, Mercuria sign 20-year LNG supply deal - - Turkish state energy company BOTAS has signed a 20-year deal with Mercuria for the annual supply of around 4 billion cubic metres (bcm) of liquefied natural gas (LNG) starting in 2026, Energy Minister Alparslan Bayraktar said on Wednesday. The deal, signed in New York during President Tayyip Erdogan's visit to the United Nations General Assembly, will total approximately 70 bcm over its duration. Supplies will be sourced from loading terminals in the United States and regasification facilities in Turkey, Europe, and North Africa. "This agreement will significantly contribute to the $100 billion trade volume target with the U.S.," Bayraktar said, adding that the deal aims to enhance supply security and diversify Turkey's energy sources. The energy deals come as Turkey moves to improve ties with Washington. On Monday, Ankara announced it had lifted retaliatory tariffs imposed in 2018 on a range of U.S. imports, including passenger cars and fruit. The decision was seen as a gesture of goodwill ahead of Erdogan's scheduled meeting with U.S. President Donald Trump at the White House on Thursday. BOTAS is responsible for Turkey's oil and gas infrastructure and gas trade, while Mercuria is one of the world's largest energy and commodity groups. A Turkish Energy Ministry statement also said BOTAS signed a long-term preliminary LNG deal with Woodside Energy, Australia's top gas producer. That agreement provides for the supply of some 5.8 bcm of LNG to BOTAS for nine years, starting in 2030, mostly from Woodside's Louisiana LNG project.

Woodside Secures 45-Year Extension for North West Shelf LNG Project -Woodside Energy Group Ltd. has been granted a final federal approval from the Australian government to extend the life of one of its largest natural gas and LNG production projects for more than four decades.
Map of Australia showing major natural gas liquefaction facilities and market hubs, including Gorgon, Wheatstone, Pluto, North West Shelf, Prelude, Ichthys, and Darwin in Western Australia and the Northern Territory, plus Gladstone, Queensland Curtis, and Australia Pacific LNG projects in Queensland, with Wallumbilla marked as a market hub. Source: Energy Information Administration. At A Glance:
North West Shelf extension approved to 2070
Partners secure tolling pathway for assets
Australian volumes balance global markets

Natural gas import bill down 11% in April-August -India’s natural gas import bill fell 11% to $5.8 bn in Apr-Aug FY26 as LNG volumes dropped 12.6%. Consumption and reliance on imports eased, though domestic production remains stagnant, keeping dependency high. Qatar, US, and UAE remain key suppliers. The country imports as much as 50% of its natural gas requirements. India’s natural gas import bill declined by 11% to $5.8 billion during April to August of financial year 2025-26, compared with $6.5 billion in the same period of FY25, according to data from the Petroleum Planning and Analysis Cell (PPAC). The country imported 14,170 million standard cubic meters (mmscm) of liquefied natural gas (LNG) during the period, reflecting a 12.6% decline over Apr-Aug of FY25. In August, the import bill remained unchanged from last year at $1.2 billion, while the volume imported declined by 5.5% to 2,887 mmscm. During the five month period, the country’s natural gas consumption decreased by 7.8% to 28,705 mmscm. The country’s reliance on imported gas also decreased during the period to 49.4% from 52.1% in the same period last fiscal. Domestic natural gas production too declined marginally by 3% to 14,725 mmscm during Apr-Aug of FY26. State-owned Oil and Natural Gas Corporation (ONGC) produced 7,698 mmscm of natural gas during this period, down from 7,843 mmscm in the corresponding period of FY25. Production remained below targets, highlighting the widening gap between demand and domestic supply. Oil India produced 1,339 mmscm of gas during Apr-Aug, up from 1,322 mmscm last year. In the current financial year, ONGC is targeting to produce 44.51 million metric tonnes of oil equivalent (mmtoe) while Oil India is aiming 4 million tonnes of oil production and 5 billion cubic meter of gas output. One of the key agendas of the government has been to boost domestic production of crude oil and natural gas, and thereby reduce the country’s dependency for energy. However, the domestic production of crude oil and natural gas has remained stagnant and the country’s import dependency has only increased.

Russia Considers Extending Gasoline Export Ban As Fuel Crisis Worsens -Russia is considering extending its current ban on exports of gasoline and introducing a ban on diesel exports as fuel shortages have emerged amid intensified Ukrainian drone attacks on Russian refineries and other energy infrastructure. The government discusses extending the gasoline export ban for producers through the end of October, from September 30, sources with knowledge of the talks told Russian news agency Interfax on Tuesday. At the end of August, Russia extended the gasoline ban until September 30, 2025, for producers, and until October 31 for non-fuel-producing traders. Now the government considers another extension, for producers until October 31, and this is “highly likely”, one of Interfax’s sources said. Russia doesn’t need a ban on diesel exports, amid sufficient supply, sources at oil companies told the Russian news agency. Meanwhile, shortages of some fuel grades have emerged in the country, traders and retailers tell Reuters, as Ukraine’s attacks are curbing refining capacity. The drone hits on some of Russia’s biggest refineries slashed refining processing rates by one fifth on certain days. There isn’t a run on pump stations in the country, but some popular gasoline grades are not available everywhere, according to Reuters. Russia has not commented on the extent of the damage done by Ukrainian drones, but various reports have said that at least 10 refineries have been targeted with drones by Ukraine, and some of them have sustained damages and had to temporarily halt crude intake. Early this month, the Ryazan refinery in the region southeast of Moscow was targeted. The facility is operated by oil giant Rosneft and is one of the biggest crude processing plants in Russia with a capacity to process more than 260,000 barrels per day (bpd) of crude—or 5% of Russia’s refining capacity. Ukrainian drones have also caused various degrees of damage at the fuel loading and gas processing complex at the Ust-Luga port on the Russian Baltic Sea. Repairs at the most seriously damaged unit at Ust-Luga could take up to six months, according to reports.

Iran's gas exports to Iraq fall in April-August period -Natural gas exports from Iran to neighboring Iraq fell by 40% between April and August this year, continuing a downward trend from 2024, according to the data from Iran’s Trade Promotion Organization (TPO). No reasons for the decline in exports were mentioned, but the value of the exports in the period stood at $950 million, which was much lower than the value of gas exports to Iraq in April-August 2024. An earlier report by local media said all Iranian exports to Iraq had declined in the five-month period, by 18% on the year, to a total of $3.75 billion.

Iran Completes Key Gas Pipeline Project for South Pars Field | Pipeline Technology Journal --The Iranian Offshore Engineering and Construction Company (IOECC) has finished a crucial new pipeline for Phase 16 of the South Pars gas field, a move that secures stable production from the aging offshore platform. The project manager, Mohammadreza Atefehpour, confirmed the completion on Monday, stating the new line was commissioned to replace an old, dilapidated pipeline that had been a cause for concern. Launched in February 2024 by Oil Minister Javad Owji with a planned budget of €130 million ($140.1 million), the project is hailed as a strategic undertaking for Iran's energy sector, expanding production capacity and bolstering energy security. Atefehpour noted that the modernization effort not only restores steady output from the platform but also represents a significant technical and managerial achievement for the country's oil and gas industry. The project faced considerable safety and engineering challenges, requiring innovative methods to ensure the new pipeline's operational integrity. According to Atefehpour, the initiative has also played a pivotal role in advancing domestic expertise and technology localization within the industry, which was necessary to overcome the challenges and deliver the critical project. By successfully completing the project, IOECC has demonstrated its capacity to handle complex infrastructure projects independently, reducing reliance on foreign technology and services. The new pipeline is expected to be a key component in maintaining Iran’s natural gas production capabilities from one of the world's largest gas fields.

U.S. Presses India: Cut Russian Oil Imports or Watch Trade Deal Slip Away - Washington is making it clear to New Delhi: any path forward on a U.S.–India trade deal runs through Russia’s oil fields. In recent talks, U.S. trade negotiators told Indian counterparts that curbing purchases of Russian crude is critical to lowering America’s punitive tariffs and unlocking a deal, sources told Reuters on Friday.India is pushing back. Commerce Minister Piyush Goyal called the negotiations “constructive,” but New Delhi is making room for strategic wiggle; officials have floated substituting Russian oil with crude from Iran or Venezuela, if permitted by Washington, to assuage U.S. pressure without fully changing Delhi’s energy equation.This is more than a trade spat. It reflects a tectonic tension between India’s insistence on “strategic autonomy” in energy policy and a U.S. willingness to weaponize trade for geopolitical ends. India has repeatedly accused the West of double standards: while America demands India abandon Russian oil, the U.S. and EU continue trading with some Russian exports. The stakes are high. Trump already slapped India with a 25 % reciprocal tariff, then tacked on another 25 % penalty tied to Russian oil imports—bringing the total to 50 %. That’s among the steepest trade punishments ever imposed on a major economy. But India is pushing back. India’s energy mix depends heavily on affordable sources, and discounted Russian crude has filled that role. Abruptly curbing it could send domestic fuel prices and import bills soaring.Still, Washington has leverage. In a world where global trade and energy are inseparable, pressuring energy buyers is the new frontier of diplomacy. India could blink—or it could double down. If India shifts just enough, tariffs might slide. But if New Delhi holds its ground, a standoff is coming—not just over trade, but over how much sovereignty a rising power can claim when energy is the currency of influence.

Kuwait's offshore oil project boosts national energy strategy, strengthens global position - The Ministry of Oil has underscored the critical role of the offshore oil exploration project in securing Kuwait's future as a key global energy provider. Fully supported by the Kuwait Oil Company (KOC), the initiative is set to significantly bolster the country’s oil reserves and strengthen its status as a reliable player in the global energy market. This was highlighted by Sheikha Tamader Khaled Al-Ahmad Al-Sabah, Director of Public Relations and Media at the Ministry of Oil, during a panel discussion organized by the Ministry on Monday. The event, titled “Opportunities and Challenges in Offshore Oil Exploration and Production...Julaia Offshore Field”, also featured representatives from KOC. Al-Sabah emphasized that the offshore exploration project aligns with Kuwait’s long-term oil strategy, particularly its goals for 2040. She noted that it marks a pioneering step in the nation’s energy sector by introducing advanced offshore drilling and production technologies while simultaneously enhancing local expertise and nurturing the talents of young professionals. “These recent discoveries in the Al-Nokhtha and Al-Julaia fields are the result of decades of dedicated research and work, not just happenstance,” Al-Sabah said. “What has been achieved so far forms the foundation for a new beginning in offshore exploration.” The Ministry, in cooperation with KOC, plans to continue expanding these efforts, ensuring adherence to the highest safety standards and protecting the marine environment. Al-Sabah stressed that the offshore exploration project is crucial for securing Kuwait’s energy future, a responsibility the Ministry holds with full commitment. In their segment of the panel, KOC representatives discussed the project’s national significance, emphasizing its role in boosting Kuwait’s hydrocarbon reserves and reinforcing the country’s position as a leading global energy supplier. They highlighted the strategic importance of the project in positioning Kuwait as a prominent regional offshore operator, in line with international industry standards. The KOC representatives pointed out that offshore exploration has been a key focus of Kuwait’s oil strategy for over 60 years. Initial exploration efforts began in the 1960s when Shell conducted its first offshore survey in 1961, followed by the drilling of the first two exploratory wells. A major milestone in this long-term endeavor came with the discovery of the Al-Julaia offshore field, which now ranks as Kuwait’s second purely offshore field. This significant find, estimated to hold around 800 million barrels of oil, has further solidified Kuwait’s position on the global oil production map. The field spans 74 square kilometers and contains substantial commercial quantities of hydrocarbons, marking a pivotal moment in Kuwait's offshore exploration history.

Oil gains as tension flares in Europe, Middle East - Oil prices gained in Asian trade on Monday supported by geopolitical tension in Europe and the Middle East, although the prospect of more oil supply and concern about the impact of trade tariffs on global fuel demand weighed. Brent crude futures rose 34 cents, or 0.54%, to $67.07 a barrel by 0317 GMT while the U.S. West Texas Intermediate crude contract for October was at $63.02 a barrel, up 34 cents, or 0.54%. The October WTI contract expires on Monday and the more active November contract gained 36 cents, or 0.58%, at $62.76 a barrel. "Reports over the weekend that Russia was threatening over the Polish border has provided traders with a timely reminder of the ongoing risks to European energy security from the north east," said Michael McCarthy, CEO of investment platform Moomoo Australia and New Zealand. Polish and allied aircraft were deployed early on Saturday to ensure the safety of Polish airspace after Russia launched airstrikes targeting western Ukraine near the border with Poland, armed forces of the NATO-member country said. The deployment came after three Russian military jets violated NATO Estonia's airspace for 12 minutes on Friday, while on Sunday, Germany's air force reported that a Russian military plane entered neutral airspace over the Baltic Sea. The United Nations Security Council is due to meet on Monday over Estonia's accusation that Russian fighter jets violated its airspace, diplomats said. In recent weeks, Ukraine stepped up drone attacks on Russia's energy infrastructure, hitting terminals and refineries, while U.S. President Donald Trump has urged the European Union to halt Russian oil and gas purchases. In the Middle East news, four Western nations recognised Palestinian state, prompting a furious response from Israel and adding to jitters in the key oil-producing region. Brent and WTI settled down more than 1% on Friday to mark a slight decline last week as worries about large supplies and declining demand outweighed expectations that the year's first interest-rate cut by the U.S. Federal Reserve would trigger more consumption. Iraq has increased oil exports following the gradual unwinding of voluntary production cuts under an OPEC+ agreement, the country's state oil marketer SOMO said on Sunday. Iraq's oil exports averaged 3.38 million barrels per day in August, according to the oil ministry. SOMO expects September's average exports to range from 3.4 million to 3.45 million bpd. "Rising inventories over the past six months have also confirmed that supply has been outpacing demand," Tim Evans said in the newsletter Evans on Energy. "Increased strategic reserves accumulated by China and the U.S. have helped soak up the surplus, but the added inventories still reduce the near-term upside potential for prices and leave the downside open," Evans said.

Oil Prices Soften as Oversupply Woes Take Center Stage -- Oil prices softened Monday morning as the newest European Union sanctions package against Russia seemed likely to impact Russian oil flows less than expected. In crude oil, NYMEX-traded WTI for October delivery dropped $0.38 to $62.80 barrel (bbl), while ICE Brent for November delivery fell $0.45 to $66.23 bbl. Among oil products, October RBOB gasoline futures slid $0.0087 to $1.9620 gallon, and the front-month ULSD contract retreated $0.0138 to $2.2851 gallon. The U.S. Dollar Index eased by 0.155 points to 97.115. The EU's revised 19th sanctions package will add more than 100 tankers to its sanctioned vessels list as part of Russia's so-called shadow fleet. Details have yet to emerge, but early reports suggested the economic block will refrain from implementing broad secondary sanctions against buyers of Russian oil, instead targeting specific entities across India and China. The sanctions will reportedly affect about a dozen Chinese and several Indian companies, mostly refiners and shippers. Meanwhile, Iraq was reportedly nearing a deal to restart flows on the Kirkuk-Ceyhan pipeline which can deliver up to 400,000 barrels per day (bpd) of crude oil from northern Iraq to export terminals in Turkey. The pipeline has been shut since 2023 over disputes between the Iraqi federal government, Kurdish regional government and international oil companies after Turkey was fined $1.5 billion for "unauthorized exports." An agreement could see the immediate restart of at least 200,000 bpd of oil flows to international markets already burdened by oversupply woes amid lackluster global demand growth and OPEC's commitment to open the spigots.

Iraq Stated That it Increased its Oil Exports Under an OPEC+ Agreement -- The oil market traded lower on Monday as the market sentiment was weighed down by oversupply concerns. The market was pressured by Iraq stating that it increased its oil exports under an OPEC+ agreement. The expiring October WTI contract posted its trading range by mid-morning. The market traded to a high of $63.18 in overnight trading, with tensions rising in the Middle East over several Western nations recognizing a Palestinian state as well as in Eastern Europe after Estonia said Russian fighter jets entered its airspace without permission on Friday. However, the market gave up its gains and sold off to a low of $61.98 early in the session. The market later bounced off its low and retraced some of its losses ahead of the October contract’s expiration at the close. The October WTI contract went off the board down 4 cents at $62.64. Meanwhile, the November WTI contract also settled down 12 cents at $62.28 after it posted the day’s trading range from a high of $63.00 to a low of $61.61 by mid-morning. The November Brent contract settled down 11 cents at $66.57. The product markets ended the session in mixed territory, with the heating oil market settling down 66 points at $2.2923 and the RB market settling up 75 points at $1.9782. Iraq’s SOMO said Iraq has increased oil exports following the gradual unwinding of voluntary production cuts under an OPEC+ agreement. SOMO’s Director General, Ali Nizar Al-Shatari, said the increase in Iraqi exports is expected to generate hundreds of millions of dollars in additional revenues at current price levels. He did not specify the size of the export increase but said that an additional 200,000 bpd of production would increase government coffers. Iraq’s oil exports averaged 3.38 million barrels per day in August, according to the oil ministry. SOMO expects September’s average exports to range from 3.4 million to 3.45 million bpd. Oil officials said an Iraqi Oil Ministry delegation and the Kurdish regional government agreed on Monday on an initial deal with foreign oil firms to restart oil exports via pipeline to Turkey. The resumption of Kurdistan exports is subject to Iraqi cabinet approval on Tuesday. Oil officials said Iraq’s Oil Ministry will start procedures to restart crude exports from the Kurdistan region, with flows expected to resume via pipeline to Turkey within 48 hours. IIR Energy reported that U.S. oil refiners are expected to shut in about 1 million bpd of capacity in the week ending September 26th, cutting available refining capacity by 249,000 bpd. Offline capacity is expected to increase to about 1.2 million bpd in the week ending October 3rd. White House spokeswoman, Karoline Leavitt, said President Donald Trump is set to hold a series of high-stakes meetings at the United Nations this week, beginning with bilateral talks with UN Secretary-General Antonio Guterres and leaders from Ukraine, Argentina, and the European Union, on Monday. She added that in a separate multilateral summit, President Trump will convene with leaders from Qatar, Saudi Arabia, Indonesia, Turkey, Pakistan, Egypt, the UAE, and Jordan.

Oil Prices Drop After Iraq-Kurdistan Agreement to Restart Pipeline -- Oil prices fell for the fifth consecutive session on Tuesday after a preliminary agreement between Baghdad and the Kurdistan Region of Iraq to resume operations of an oil pipeline, raising concerns about oversupply. Brent crude futures fell by $0.42, or 0.63%, to $66.15 per barrel by 03:32 GMT. West Texas Intermediate (WTI) crude dropped $0.36, or 0.58%, to $61.92 per barrel. Both contracts have declined around 4% over five sessions. "Concerns over oversupply remain dominant, while demand forecasts remain uncertain as the year-end approaches. The restart of the Kurdistan pipeline has also pressured prices." Two oil officials confirmed that the governments of Baghdad and the Kurdistan Region had reached an agreement with oil companies to resume crude exports via Turkey on Monday. The agreement will allow exports of approximately 230,000 barrels per day from Kurdistan, which had been halted since March 2023. Global oil markets are preparing for increased supply and slower demand, due to rapid growth of electric vehicles and economic issues stemming from tariffs. The International Energy Agency (IEA) reported that global oil supply is set to increase faster this year, with a possible surplus in 2026 due to rising production from OPEC+ members and non-OPEC producers. Market risks remain, including potential EU sanctions on Russian oil exports and any escalation of geopolitical tensions in the Middle East. Preliminary Reuters surveys on Monday suggested a rise in U.S. crude inventories last week, with expected declines in gasoline and distillate stocks. Other data from the Joint Organizations Data Initiative (JODI) indicated that Saudi Arabia’s crude exports in July fell to their lowest level in four months. Iraq, OPEC’s second-largest producer, increased its oil exports under an OPEC+ agreement, according to the State Oil Marketing Organization (SOMO).

Oil gains as restart of Kurdistan oil exports stalls - Oil prices rose on Tuesday after a deal to resume oil exports from Iraq's Kurdistan stalled, pacifying some investor concerns that the restart would add to global oversupply fears. Brent crude futures were up 61 cents, or 0.9%, to $67.18 a barrel at 1110 GMT, while U.S. West Texas Intermediate crude was up 67 cents, or 1.1%, at $62.95 a barrel, both recouping modest earlier losses. Brent and WTI had fallen for the previous four sessions, dropping around 3%. Investors on Tuesday were watching developments around the deal to restart oil exports from Iraq's Kurdistan. Two oil producing firms asked for assurances their debts would be repaid, stalling the deal. The deal between Iraq's federal and Kurdish regional governments and oil firms is designed to lead to the resumption of about 230,000 barrels per day of oil exports from Kurdistan to the global market via Turkey. They have been suspended since March 2023. Overall, the global oil market is bracing for elevated supply and slowing demand, hampered by the take-up of electric vehicles and economic pressures fuelled by U.S. tariffs. In its latest monthly report, the International Energy Agency said world oil supply would rise more rapidly this year and a surplus could expand in 2026 as OPEC+ members increase output and supply from outside the producer group grows. Still, risks overhang the market as traders monitor the European Union's consideration of stricter sanctions on Russian oil exports, as well as any escalation of geopolitical tensions in the Middle East. "Supportive elements are still low OECD oil inventories," UBS analyst Giovanni Staunovo said. "On the other hand, higher crude exports from OPEC+ are a headwind for prices as well as the lack of new sanctions targeting Russian oil exports." U.S. crude oil stockpiles were expected to have risen last week, while gasoline and distillate inventories likely fell, a preliminary Reuters poll on Monday showed.

Oil settles up $1/bbl as restart of Kurdish oil exports stalls (Reuters) - Oil prices settled up more than $1 a barrel on Tuesday after a deal to resume exports from Iraq's Kurdistan stalled, pacifying some investor concerns that the restart would exacerbate worries about global oversupply. Brent crude futures settled up $1.06, or 1.6%, at $67.63 a barrel, while U.S. West Texas Intermediate crude rose $1.13, or 1.8%, to end at $63.41 a barrel. Both benchmarks recouped modest earlier losses. Pipeline oil exports from Iraq's Kurdistan region to Turkey had yet to restart on Tuesday despite hopes of a deal to end the deadlock, as two key producers asked for debt repayment guarantees. The deal between Iraq's federal and Kurdish regional governments and oil firms aims to resume exports of about 230,000 barrels per day of oil from Kurdistan to the global market via Turkey, halted since March 2023. Brent and WTI had fallen for the previous four sessions, dropping around 3%. "This was a perfect example of do not count your barrels until they have been pumped. The market sold off on reports of a Kurdistan deal, and the lack of a deal has now taken those barrels out of the market," Overall, the global oil market is bracing for elevated supply and slowing demand, hampered by the take-up of electric vehicles and economic pressures fueled by U.S. tariffs.In its latest monthly report, the International Energy Agency said world oil supply would rise more rapidly this year and a surplus could expand in 2026 as OPEC+ members increase output and supply from outside the producer group grows.Still, risks overhang the market as traders monitor the European Union's consideration of stricter sanctions on Russian oil exports, as well as any escalation of geopolitical tensions in the Middle East.. "Supportive elements are still low OECD oil inventories," said UBS analyst Giovanni Staunovo, referring to stockpiles in higher-income economies around the world. "On the other hand, higher crude exports from OPEC+ are a headwind for prices as well as the lack of new sanctions targeting Russian oil exports." U.S. crude and gasoline stocks fell, while distillate stocks rose last week, market sources said, citing American Petroleum Institute figures on Tuesday. Crude stocks fell by 3.82 million barrels in the week ended September 19, the sources said on condition of anonymity. Gasoline inventories fell by 1.05 million barrels, while distillate inventories rose by 518,000 barrels from last week, the sources said. "The market will be keeping a close eye on distillate inventories, the soft underbelly of the market," A build in distillate stocks would help soften concerns surrounding Russian supplies amid attacks on the country's oil infrastructure. Ukraine's military struck two Russian oil distribution facilities in the Bryansk and Samara regions overnight, Kyiv's general staff said.

Oil Prices Climb Further on U.S. Inventory Dip - Crude oil prices extended their gains today, after the American Petroleum Institute reported an estimated inventory decline for the week to September 19. At the time of writing, Brent crude was trading at $67.73 per barrel and West Texas Intermediate was trading at $63.47 per barrel, as the API estimated oil inventories had shed over 3.8 million barrels last week, following another weekly draw of 3.42 million barrels for the week before that.Earlier in the week, prices took a dip after news broke that Iraq, Turkey, and the Kurdistan regional government had finally reached a deal to restart exports from northern Iraq via the pipeline to Turkey. However, a follow-up revealed unresolved differences between two of the companies operating the fields in Kurdistan, which will delay the restart of exports. Per a Reuters report, Norwegian DNO and UK Genel have asked for guarantees that the debt accumulated by the Kurdistan regional government with oil producers in the region will be repaid. The regional government has piled up some $1 billion in arrears due to oil producers. DNO, which is the largest oil field operator in Kurdistan, is owed around $300 million.“Prices are expected to remain supported but range-bound in the near term,” LSEG analyst Emril Jamil told Reuters, noting that news about curbs in Russian fuel exports has contributed to the upward pressure on benchmarks.Energy Aspects has estimated that damages to Russian refineries from Ukrainian drone strikes have disrupted some 1 million barrels daily in processing capacity. This disruption appears to be affecting diesel exports, with OilX and Vortexa both predicting that this month’s flows could drop to the lowest in five years, according to a Financial Times report. Russia has had a gasoline export ban for most of this year due to refinery disruption from the drone strikes, but also higher borrowing costs for fuel stations that discouraged stockpiling, Reuters reported earlier this week. Diesel exports have not been restricted deliberately yet.

WTI Holds Gains Despite 'Small' Draw; US Crude Production Nears Record High - Oil extended its biggest gain in more than a week, as US President Donald Trump ramped up his rhetoric against Russia and traders watched for supply disruptions from the OPEC+ member. Additionally, in the US, API showed crude inventories fell 3.8 million barrels last week, though holdings of distillates increased. “Oil prices remain supported as inventories in the OECD stay low, and it looks like the US will have another large crude draw,” according to Giovanni Staunovo, an analyst with UBS Group AG. Still, he added, higher OPEC+ crude exports so far in September remain a headwind. All eye snow on the official data... API

• Crude -3.8mm
• Cushing +72k
• Gasoline -1.00mm
• Distillates +518k

DOE

• Crude -607k (-2.7mm exp)
• Cushing +177k
• Gasoline -1.08mm
• Distillates -1.69mm

Following last week's huge draw, crude inventories were expected to tumble once more (and did according to API), but the official data showed a very modest 607k drawdown in crude stocks while products saw significant draws too... US production rose 19k barrels/day on the week, back near record highs, despite the big drop in rig counts... Oil prices held their gains after the official data hit, up near three week highs.. But as Bloomberg reports, oil is little changed this month as traders weigh a bearish fundamental outlook against long-running geopolitical tensions. On the supply front, Iraq is finalizing a deal to restart crude exports from its Kurdistan region following a two-year halt. That could bring about 230,000 barrels a day back to the international market, exacerbating a looming glut. Some market metrics point to strengthening, with Brent’s prompt spread — the difference between its two closest contracts — at 77 cents a barrel in backwardation, more than double the level two weeks ago. Meanwhile, the difference between the two closest December contracts widened to $1.68 a barrel from less than $1 a fortnight ago.

Concerns Over Russian Crude Supplies and a Draw in Inventories -- The oil market continued to trend higher on Wednesday amid concerns over Russian crude supplies and a draw in crude inventories. The market was lifted after U.S. President Donald Trump increased its rhetoric against Russia and made a shift in Ukraine’s favor, stating that he believed Ukraine could retake all the territory captured by Russia. The crude market was also supported by news that Ukraine’s military struck two oil pumping stations overnight in Russia and a state of emergency was declared in the Russian city of Novorossiisk, which is Russia’s major seaport on the Black Sea and contains major oil and grain export terminals. The oil market traded mostly sideways in overnight trading, posting a low of $63.25. However, the market bounced off that level and never looked back. The market was further lifted during the session in light of the EIA report showing draws across the board. The market rallied to a high of $65.05 ahead of the close. The November WTI contract settled up $1.58 at $64.99 and the November Brent settled up $1.68 at $69.31. The product markets ended the session higher, with the heating oil market settling up 4.92 cents at $2.3772 and the RB market settling up 1.97 cents at $2.0188. The Kremlin rejected the central arguments for U.S. President Donald Trump’s U-turn on the war in Ukraine. On Tuesday, U.S. President Trump said he believed Ukraine could retake all its land controlled by Russia and that Ukraine should act now with Moscow facing “big” economic problems, in a sudden rhetorical shift in Ukraine’s favor. The Kremlin countered that the Russian economy was stable, despite problems in some sectors caused by sanctions, and that Russian forces’ slow advance in Ukraine was part of a deliberate strategy rather than a sign of weakness. Russian nationalists and political insiders interpreted his shift as a sign that he was washing his hands of the war in Ukraine after his unsuccessful and unrealistic attempts to broker a quick peace deal. They noted that he had not promised any more U.S. help to Kyiv, but rather placed the onus squarely on Ukraine itself and the European Union. The Kremlin said that Russian Foreign Minister Sergei Lavrov would hold talks with U.S. Secretary of State Marco Rubio later on Wednesday. Iran’s Oil Minister, Mohsen Paknejad, said the triggering of the United Nations snapback mechanism won’t add “new burdensome restrictions” on Iran’s oil sales, as Tehran and European powers struggle to reach a deal to prevent the return of U.N. sanctions this week. The Association of the Petroleum Industry of Kurdistan said eight oil companies operating in Iraqi Kurdistan, representing over 90% of production, reached agreements in principle with Iraq’s federal and Kurdish regional government to resume oil exports. IIR Energy said U.S. oil refiners are expected to shut in 1 million bpd of capacity in the week ending September 26th, cutting available refining capacity by 249,000 bpd. Offline capacity is expected to increase to about 1.2 million bpd in the week ending October 3rd.

Oil pulls back from seven-week high - Oil prices edged down on Thursday, retreating from the previous session’s seven-week high, as some investors took profits after U.S. stocks closed lower and in anticipation of slower winter demand as well as the return of Kurdish supplies. Brent futures were down 43 cents, or 0.6%, at $68.88 a barrel by 1310 GMT. U.S. West Texas Intermediate futures lost 48 cents, or 0.7%, to $64.51. Both benchmarks gained 2.5% on Wednesday to reach their highest since August 1, driven by a surprise drop in U.S. weekly crude inventories and concerns that Ukraine’s attacks on Russia’s energy infrastructure could disrupt supplies. “We have a generally risk-off market,” said Giovanni Staunovo, commodity analyst at UBS. Two consecutive down days for U.S. equities are putting pressure on oil prices, he added. Comments by U.S. Federal Reserve Chair Jerome Powell on Tuesday about potentially stretched equity valuations further spooked markets, including oil, said Jorge Montepeque at Onyx Capital Group. Price pressure also came from bearish expectations on supply fundamentals, with more oil expected soon from Iraq and Kurdistan. “The return of Kurdish supplies adds back fears of an oversupply narrative, propelling a pullback in prices that hover near a seven-week high,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. Oil flows from Iraqi Kurdistan were expected to resume in days after eight oil companies struck a deal on Wednesday with Iraq’s federal and Kurdish regional governments. As the peak demand season gradually ends, prices have yet to reflect expectations of mounting oversupply, Haitong Securities said in a report. Underscoring investor caution over demand, J.P. Morgan analysts noted on Wednesday that U.S. gasoline demand has started to pull back, mirroring broader moderation in travel trends.

Oil Swings as NATO and Russian Tensions Escalate | Rigzone - Oil fluctuated in choppy trading as tensions between Russia and NATO intensified, with European leaders warning the Kremlin that Western military alliance is ready to respond with force to violations of its airspace. West Texas Intermediate swung between gains and losses to settle near $65, after earlier falling as much as 1.4%, as European diplomats concluded that a recent Russian incursion into Estonia was a deliberate tactic ordered by Russian commanders. Those comments echo earlier remarks by US President Donald Trump, who on Wednesday said that NATO should shoot down Russian aircrafts that cross into their airspace. Russian flows have been in the spotlight over the past few weeks amid global efforts to pressure Moscow to make peace in Ukraine by targeting its energy assets. Crude received a bump earlier Thursday after Trump told Turkey's Recep Tayyip Erdogan to "stop buying any oil from Russia," just a day after urging Europe to stop purchasing energy from the OPEC+ member, leading oil investors to cover bearish positions. Elsewhere, US Defense Secretary Pete Hegseth ordered an urgent meeting of top military commanders for an unusual meeting early next week, fueling concerns over wider unrest that could imperil global crude flows. Still, the confluence of bearish inputs didn't succeed in breaking out of a narrow range since early August as traders balance a bearish outlook against escalating global tensions. Market watchers led by the International Energy Agency are forecasting excess supply later in the year due to increased output from the Organization of the Petroleum Exporting Countries and its partners, as well as from outside the group. The commodity was down earlier as traders assessed future flows from Iraq's Kurdistan to global supply chains. A landmark agreement to resume exports could return 500,000 barrels a day to the market, Foreign Minister Fuad Hussein said in an interview. The prospect of rising flows from the Kurdistan region, following a two-year export halt, amplifies concerns that the oil market is headed for oversupply. WTI for November delivery slipped 1 cent to settle at $64.98 a barrel in New York. Brent for November edged up 11 cents to settle at $69.42 a barrel.

Russia Will Introduce a Partial Ban on Diesel Exports - The oil market looked ready to post an inside trading day before a late bout of buying pushed the market to its highs and settled higher on news that Russia will introduce a partial ban on diesel exports until the end of the year and extend an existing ban on gasoline exports. The market traded lower in overnight trading and posted a low of $64.06 by mid-morning in light of expectations that oil flows from the Iraqi Kurdistan region would resume in days after eight companies struck a deal with Iraq’s federal and Kurdish regional governments. The crude market, however, bounced off it low and retraced its losses. It posted a high of $65.06 on the close, breaching its resistance at its previous high of $65.05. The November WTI contract settled down 1 cent at $64.98, while the November Brent contract settled up 11 cents at $69.42. The crude market continued to trend higher in the post settlement period, posting a high of $65.34. Meanwhile, the product markets ended the session higher, with the heating oil market settling up 4.93 cents at $2.4265 and the RB market settling down 1.66 cents at $2.0022. Bloomberg reported that Indian officials have again told the Trump administration that a significant reduction in Russian oil imports by India’s refiners would require the U.S to instead allow crude purchases from sanctioned suppliers Iran and Venezuela. A delegation visiting the US this week reiterated the request in meetings with American officials. Indian representatives have emphasized that simultaneously cutting off Indian refiners’ supply from Russia, Iran and Venezuela could lead to a spike in global prices.The North American Aerospace Defense Command (NORAD) scrambled fighter jets on Wednesday to identify and intercept four Russian military planes off Alaska. NORAD detected and tracked two Russian Tu-95s and two Su-35s operating in the Alaskan Air Defense Identification Zone. NORAD said the Russian aircraft remained in international airspace and did not enter U.S. or Canadian sovereign airspace.Iran’s Foreign Ministry said the U.S. saying it wanted a diplomatic solution to Iran’s nuclear program was a “deception”. This follows Iran and the United States signaling a possible softening in nuclear tensions on Wednesday, with Iran insisting it has no ambitions to build nuclear weapons and the U.S. expressing readiness to resume talks aimed at resolving the standoff over its nuclear program. A few hours after Iranian President Masoud Pezeshkian told the U.N. General Assembly that Iran will never seek to build a nuclear bomb, U.S. President Donald Trump’s Middle East Envoy Steve Witkoff said “we have no desire to hurt them”. Two Iraqi oil ministry officials said oil flow from Iraq’s Kurdistan region to Turkey will restart on Saturday. Earlier, Iraq’s Prime Minister Mohammed Shia al-Sudani announced that the federal oil ministry will receive crude produced from fields in the Kurdistan region and export it through the Iraqi-Turkish pipeline in a “historic agreement”. The breakthrough will allow exports to resume of about 230,000 bpd from Iraqi Kurdistan which have been suspended since March 2023.

Oil Prices Rise To Nearly $69 On Mounting Supply Concerns - Oil prices surged on Friday as Moscow moved to restrict fuel exports following Ukrainian strikes on Russia’s critical energy infrastructure, heightening global supply concerns. Brent crude rose 4% to $68.76 per barrel, up from the previous close of $66.12, while U.S. benchmark West Texas Intermediate (WTI) inched up to $65.08 from $65.07. Ukraine has intensified drone attacks on Russian refining and distribution facilities, disrupting operations and fueling shortages. Strikes targeted the Salavat petrochemical complex in Bashkortostan, one of Russia’s largest plants operated by Gazprom, as well as oil depots in the Bryansk and Samara regions. Regional Governor Radiy Khabirov confirmed the Salavat facility was hit early on September 24. Amid these disruptions, Russia is grappling with reduced refining capacity and fuel scarcity. Deputy Prime Minister Aleksandr Novak announced that Moscow would extend its gasoline export ban until year-end and impose restrictions on diesel exports for non-producers over the same period. The measures follow a temporary ban between July 28 and August 31, which failed to halt record fuel price hikes. Domestic fuel prices remain under pressure due to refinery outages and rising demand, particularly from the agricultural sector. Russia, one of the world’s top energy exporters, produces more than 40 million tons of gasoline annually. Adding to upward momentum, U.S. crude stockpiles declined unexpectedly. The U.S. Energy Information Administration reported a 600,000-barrel drawdown last week, bringing commercial inventories to 414.8 million barrels, against forecasts of an 800,000-barrel build. Meanwhile, Iraq’s Kurdistan Regional Government announced the reopening of its oil wells for export under an agreement with oil producers, Iraq’s Oil Ministry, and state-owned SOMO. The KRG’s Ministry of Natural Resources said exports would resume within 48 hours, helping ease some supply concerns and tempering price gains.

Oil gains on Ukraine drone attacks cutting Russian supply - (Reuters) - Oil prices rose on Friday as Ukraine's drone attacks on Russia's energy infrastructure cut the country's fuel exports. Brent futures settled at $70.13 a barrel, up 71 cents, or 1.02%. U.S. West Texas Intermediate (WTI) crude finished at $65.72 a barrel, gaining 74 cents, or 1.14%. Both benchmarks are set to register their biggest increases since mid-June. "Markets continued to be focused on the situation between Russia and Ukraine,". "These drone attacks by Ukraine are beginning to add up." Russia will introduce a partial ban on diesel exports until the end of the year and extend an existing ban on gasoline exports, Deputy Prime Minister Alexander Novak said on Thursday. The drop in refining capacity has left several Russian regions facing shortages of certain grades of fuel. In addition to the drone attacks, U.S. government action was also supportive. "President Trump continues to pressure U.S. allies to reduce Russian imports," "We might see India and Turkey reduce some of their Russian imports." NATO's warning of a response to further violations of member nations' airspace has ratcheted up tensions from the war in Ukraine and raised prospects of additional sanctions on Russia's oil industry, said ANZ analyst Daniel Hynes. On the supply side, crude oil exports are scheduled to resume on Saturday from Iraq's semi-autonomous Kurdistan region, the state news agency said, citing state marketer SOMO, which will transport the oil via pipeline to Turkey’s Ceyhan port. "The market will be watching Kurdish production to see what that will add to supply," Lipow said. On the demand side, U.S. gross domestic product increased at an upwardly revised 3.8% annualized rate in the past quarter, the Commerce Department's Bureau of Economic Analysis said in its latest estimate on Thursday. "If Russia's supply to China and India is changed they'll be looking for supply," Again Capital's Kilduff said. "U.S. economic data has been OK. And with the Fed easing interest rates that will contribute to demand." However, stronger-than-expected economic data could make the U.S. Federal Reserve more cautious about cutting interest rates after a cut of 25 basis points last week, its first since December.

Iraq resumes Kurdish oil exports to Turkey after 2-1/2-year halt (Reuters) - Crude oil flowed on Saturday through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Turkey for the first time in two-and-a-half years, after an interim deal broke the deadlock, Iraq's oil ministry said. The resumption started at 6 a.m. local time (0300 GMT), according to a statement from the ministry. "Operations started at a rapid pace and with complete smoothness without recording any significant technical problems," the ministry said. The agreement between Iraq's federal government, the Kurdistan regional government (KRG) and foreign oil producers operating in the region will see 180,000 to 190,000 barrels per day of oil flow to Turkey's Ceyhan, Iraq's oil minister told Rudaw on Friday. The U.S. had pushed for a restart, which is expected to eventually bring up to 230,000 barrels per day (bpd) of crude back to international markets at a time when OPEC+ is boosting output to gain market share. The Kirkuk-Ceyhan pipeline was halted in March 2023 when the International Chamber of Commerce ordered Turkey to pay Iraq $1.5 billion in damages for unauthorised exports by the Kurdish regional authorities. The preliminary plan, agreed on Wednesday, calls for the KRG to commit to delivering at least 230,000 bpd to Iraq's state oil marketer SOMO, while keeping an additional 50,000 bpd for local use, according to Iraqi officials with knowledge of the agreement. An independent trader will handle sales from the Turkish port of Ceyhan using SOMO's official prices. For each barrel sold, $16 is to be transferred to an escrow account and distributed proportionally to producers, with the rest of the revenue going to SOMO, the officials said. Norway's DNO said it has no immediate plans to export through the pipeline but that its local buyers could still ship its crude through it. The company and its joint venture partner Genel Energy have said the issue of Kurdistan's around $1 billion in arrears to producers, of which DNO is owed about $300 million, needs to be addressed. The eight oil companies, opens new tab that signed the deal and the KRG have agreed to meet within 30 days of exports resuming to work on a mechanism for settling the outstanding debts.

Ukraine, Russia exchange drone strikes ahead of UN General Assembly --Russia and Ukraine exchanged deadly drone strikes ahead of the United Nations General Assembly kicking off in New York this week. “Rescue efforts and rubble clearing continue after the Russian strike on Zaporizhzhia — guided aerial bombs targeted civilian infrastructure, ordinary homes. Fifteen apartment buildings and ten private houses have been damaged,” Ukrainian President Volodymyr Zelensky said in a post on the social platform X early Monday morning. “As of now, three people are confirmed killed. My condolences to their families and loved ones. Donetsk, Dnipro, Sumy, Kyiv, Kharkiv, and Kherson regions also came under drone attacks overnight. Over 140 drones in total were launched, some of them ‘shaheds,’” he added. Shaheds are Iranian-made drones. Sergey Aksyonov, who was appointed by Russia as head of the Crimean peninsula, claimed Ukrainian drones that hit a vacation resort Sunday killed three people and injured 16, The Associated Press reported. Since the start of his second term, President Trump and his administration have pushed for an end to the war in Ukraine, which will reach a four-year mark in February. Trump met this summer with Russian President Vladimir Putin in Alaska and Zelensky in Washington, D.C., looking for a path to peace. Zelensky recently said he expected to meet again with Trump on the sidelines of the U.N. General Assembly. Trump and Zelensky are expected to talk about security guarantees, supported by both the Ukrainians and their European allies. “The UN General Assembly is now effectively beginning its work, with leaders gathering in New York. And it’s for the fourth time in a row that Russia accompanies one of the world’s highest-level annual diplomatic events with killings. That is precisely why it is so important for this diplomatic week to be productive,” Zelensky wrote Monday.

Russian Refinery Hits Spark Diesel Rush, Funds Load Up --Diesel bulls are leaning back into the market as fresh strikes on Russian refining tighten the near-term balance and spur a rush into distillate hedges. According toBloomberg, funds now hold their strongest net-long in European diesel since early 2022, and diesel options activity on ICE has set monthly records, while front-month low-sulphur gasoil trades in the low $700s per metric ton. These moves follow renewed disruption at Gazprom’s Salavat petrochemical complex in Bashkortostan, its second hit in a week, adding to a rolling loss of Russian refining capacity. The supply picture has deteriorated across several Russian hubs since August amid repeated Ukrainian drone strikes. Markets are responding by marking down export availability of diesel and other middle distillates. European paper barrels have responded accordingly, reflecting tighter prompt supply heading into autumn refinery maintenance, according to the Financial Times. Offsetting supply is coming to the market, though. India’s refiners have lifted product exports to multi-year highs, including gasoil, feeding Europe and the Mediterranean and partially cushioning the loss of Russian volumes. But the scale and timing of these barrels remain unsteady due to disruptions in Russia’s internal logistics and refinery runs.At the same time, Moscow is weighing an extension of its gasoline export baninto October amid domestic tightness, with officials signaling that broader fuel-export restrictions remain on the table “if needed”. Any additional curbs, or operational adjustments by refiners reacting to them, would reverberate through regional product balances and freight, especially for ARA-linked diesel benchmarks. U.S. distillate inventories fell by 1.7 million barrels in the week to September 19, leaving stocks about 8% below the five-year average; total commercial petroleum inventories eased by 0.5 million barrels as refineries ran at 93% of capacity.

Ukraine Launches Huge Daytime Attack On Russian Black Sea Fleet At Novorossiysk Port On Wednesday a major daytime drone attack from Ukraine rocked the Russian Black Sea port city of Novorossiysk, which reportedly involved both aerial and sea drones.The city center was hit, and explosions were also witnessed in the water very near the city. The Novorossiysk Hotel, located about 2 kilometers from the port, was also struck along with several buildings and cars. At least 20 cars were on fire, either from a direct hit or falling debris.It appears that docked vessels of Russia's Black Sea Fleet may have been among intended targets, given that earlier in the war Russia hadtransferred much of its fleet from Sevastopol in Crimea to Novorossiysk.BBC reports that "Veniamin Kondratyev, governor of Krasnodar Krai region where the city of Novorossiysk is located, has said on his Telegram channel that at least two people were killed and three were injured in the attacks." Russian media report that a state of emergency has been declared in Novorossiysk, and in Sochi — evacuation from beaches due to the UAV threat. Everything is "going according to plan." pic.twitter.com/Yq1iOo7wg2"Kondratyev accused Ukraine of attacking the city and said five residential buildings were damaged in the attacks," the report continues. "There have also been reports of naval drones being seen in Novorossiysk docks. Footage we’ve verified shows a submersible approaching the port before being fired upon and exploding."

Iran Says It Will Suspend Cooperation With IAEA Due To 'Snapback' Sanctions - Iran’s Supreme National Security Council (SNSC) said on Saturday that the UK, France, and Germany’s effort to re-impose UN Security Council sanctions on Iran may lead Tehran to suspend cooperation with the International Atomic Energy Agency (IAEA).The statement came a day after the UN Security Council voted against a resolution to permanently lift sanctions on Iran. The resolution would have blocked the triggering of the “snapback” mechanism of the 2015 Iran nuclear deal, known as the JCPOA, which will re-impose UN sanctions on Iran on September 28 unless the UK, France, and Germany decide to delay the measures.The three European countries, known as the E3, had asked Iran to restart cooperation with the IAEA and resume negotiations with the US to offset the sanctions. Tehran suspended cooperation with the IAEA in the wake of the US-Israeli bombing campaign against Iran over the agency’s role in providing a pretext for the initial attack and its lack of condemnation of the US and Israeli bombings of Iranian nuclear sites. Tehran also suspects that Israel obtained information about the Iranian nuclear scientists it assassinated from the IAEA.Iran recently signed a new deal with the IAEA to restart cooperation, but it does not appear to have placated the E3 countries. “Despite [Iranian] Foreign Ministry’s cooperation with the Agency and the proposals presented to settle the [nuclear] issue, the actions of European countries have effectively suspended the path of cooperation with the Agency,”Iran’s SNSC said.Regarding talks with the US, Iranian officials have said they would be willing to resume negotiations if they can receive assurances that they won’t be used as cover to launch another war. Israel began the 12-Day War with a surprise attack on June 13, two days before the US and Iran were set to hold another round of talks.The SNSC said the triggering of the snapback sanctions was “ill-considered.” Iranian officials have argued that the E3 doesn’t have the right to impose the sanctions since the US was the party that withdrew from the JCPOA in 2018. Some Iranian officials have warned that if snapback sanctions are re-imposed, Tehran could withdraw from the Non-Proliferation Treaty (NPT), a step that could be used by Israel and the US as a pretext to launch another war, even though Israel is not a signatory to the NPT. Unlike Iran, Israel actually has a secret nuclear weapons program and a stockpile of nuclear weapons that’s not officially acknowledged by the US and Israel.

UN humanitarian chief slams impunity in face of Gaza 'horror' - UN humanitarian chief Tom Fletcher on Wednesday slammed impunity in the face of the "horror" unfolding in Gaza, calling on those with power to stop the "21st-century atrocity." In recent weeks, Israel has launched a major air and ground offensive on Gaza City, exacerbating already dire humanitarian conditions created by the army's bombardment and obstruction of aid. "So we gather once again to share our testimony and our shame, to try to find words to convey the horror... to repeat that something must be done and, I fear, to accept that nothing will," Fletcher said at an event organised by Jordan and Belgium on the sidelines of the UN General Assembly. "A child has been killed on average every hour for almost two years in Gaza, the lucky children sleep in tents" while schools "have become sites of horror, depriving over 700,000 children of their right to education," he said. Children have suffered particularly in Gaza since Israel launched the war, which has been determined to be a genocide, in October 2023. "We are told again and again that this is a price a population somehow has to pay for war," Fletcher said. "Lawyers and historians will argue long and hard about what to call this, and despite bans on international journalists, they will have immense amounts of evidence to consider justice." But until then, "our words will not reach... those scraping through the rubble for food (or) enduring amputations without anesthetic." "I fear that we will gather again to solemnly intone the death toll, to try to find new words to express the horror, to call again for action, but how many more must die, and what further damage will we have done to our shared humanity?" Fletcher added. The US-backed Israeli offensive has forced hundreds of thousands of people to flee Gaza City, the territory's largest urban center. The offensive came as a United Nations probe accused Israel of committing genocide in Gaza. Israel has rejected the findings, saying the probe was "distorted and false." Large parts of Gaza have been laid to waste due to the Israeli offensive, and last month a body backed by the United Nations officially declared famine in part of the territory.

Israeli Foreign Ministry Says It Won't Allow Aid Flotilla To Break Blockade on Gaza - The Israeli Foreign Ministry on Monday issued a threat to the Global Sumud Flotilla, which is attempting to break Israel’s starvation siege on Gaza, warning that it wouldn’t allow the boats to breach the Israeli blockade.The Israeli Foreign Ministry has also labeled the flotilla as “Hamas,” suggesting that Israel may target the boats with military strikes. Earlier this month, two of the boats came under drone attack while they were in port in Tunisia, causing fires and damage but no injuries to the crew.“Statement Regarding the Hamas Flotilla (‘Sumud’): This flotilla, organized by Hamas, is intended to serve Hamas,” the Israeli Foreign Ministry wrote on X. “Israel will not allow vessels to enter an active combat zone and will not allow the breach of a lawful naval blockade.”The ministry said that if the “flotilla participants’ genuine wish is to deliver humanitarian aid rather than serve Hamas, Israel calls on the vessels to dock at the Ashkelon Marina and unload the aid there, from where it will be transferred promptly in a coordinated manner to the Gaza Strip.” But the IDF continues to block food aid and humanitarian goods from entering Gaza despite an ongoing famine in the Palestinian territory.Dozens of boats are participating in the Sumud Flotilla, marking the fourth attempt this year to break Israel’s blockade, and the first time multiple vessels are being used in a single effort. According to a flotilla tracker, a total of 51 boats are heading to Gaza, with the majority currently off the coast of Libya.The first boat to try to break the blockade this year, the Conscience, came under Israeli drone attack off the coast of Malta in May, halting its journey.In June, another boat, the Madleen, made it close to Gaza’s coast before being boarded and seized by Israeli forces and taken into an Israeli port. The third boat, the Hamdala, was also captured by Israeli forces, and the humanitarian aid it was carrying was seized when it attempted to break the blockade in late July.Back in 2010, Israeli forces raided six boats attempting to break the blockade on Gaza, and nine Turkish activists were killed on one of the vessels.

Spain's PM says he will send warship to protect Gaza aid flotilla - Spain's Prime Minister Pedro Sanchez said on Wednesday he will join Italy in sending a military warship to protect an international flotilla seeking to deliver aid to Gaza after it was attacked by drones off Greece. Sanchez told a press conference in New York, where he has been attending the UN General Assembly that the citizens of 45 countries were on board to deliver food to the population of Gaza and express solidarity with their suffering. "The government of Spain insists that international law be respected and that the right of our citizens should be respected to sail through the Mediterranean in safe conditions," he said. "Tomorrow we will dispatch a naval vessel from Cartagena with all necessary resources in case it was necessary to assist the flotilla and carry out a rescue operation." The Global Sumud Flotilla is using about 50 civilian boats to try to break Israel's naval blockade of Gaza, with many lawyers and activists on board, including Swedish climate campaigner Greta Thunberg. The vessels were attacked by 12 drones in international waters 30 nautical miles (56 km) off the Greek island of Gavdos, said Marikaiti Stasinou, a spokesperson for March to Gaza Greece, which is part of the flotilla. Thunberg told Reuters on Monday that they had drones flying over them each night. "This mission is about Gaza, it isn't about us. And no risks that we could take could even come close to the risks the Palestinians are facing every day," Thunberg said in a video call from the ship. Israel has repeatedly criticised the flotilla for its implied support for Hamas - a claim that is unfounded, but made no comment on whether it was responsible for the drones. Israel's genocide in Gaza has killed over 65,000 Palestinians, according to Gaza health authorities, and has spread famine, destroyed most buildings and displaced the population, in many cases multiple times.

Spain To Join Italy in Sending Warship To Assist Gaza Aid Flotilla After Israeli Attack - Spanish Prime Minister Pedro Sanchez announced on Wednesday that Spain will join Italy in sending a military warship to help the Global Sumud Flotilla, which is attempting to deliver aid to starving Palestinians in the besieged Gaza Strip and came under drone attack following threats from the Israeli Foreign Ministry. “Last night, multiple civilian boats were targeted by unmanned drones,” the Global Sumud Flotilla said on Wednesday. “The attacks included the deployment of explosive and incendiary devices, deliberate dispersal of chemical substances onto civilian vessels, disabling of emergency communication devices, and calculated physical damage designed to render the ships unseaworthy and endanger volunteers aboard.”The group added that all of its crew remain safe. According to a flotilla tracker, the flotilla consists of 52 boats, and the majority of them are currently right off the coast of Crete. Two boats previously came under drone attack when they were in Tunisia.Italy was the first country to announce it was deploying a warship to aid the flotilla, citing the presence of Italian citizens on the boats. Italian Defense Minister Guido Crosetto said that to “ensure assistance to the Italian citizens on the flotilla,” he had “authorized the immediate intervention of the Italian Navy’s multi-purpose frigate Fasan.” Sanchez announced his plans to deploy a warship while attending the UN General Assembly in New York. “The government of Spain insists that international law be respected and that the right of our citizens should be respected to sail through the Mediterranean in safe conditions,” he said. “Tomorrow we will dispatch a naval vessel from Cartagena with all necessary resources in case it was necessary to assist the flotilla and carry out a rescue operation,” Sanchez added. According to Ann Wright, a retired US Army colonel and peace activist, at least 22 American citizens, including six veterans, are among the more than 500 unarmed crew members on boats in the flotilla. The US government has stayed quiet about the Israeli attacks on the flotilla boats despite the presence of US citizens.The Sumud Flotilla marks the fourth attempt to break Israel’s starvation blockade on Gaza this year, but the first time that multiple vessels are involved. The first boat to try to break the blockade this year, the Conscience, came under Israeli drone attack off the coast of Malta in May, halting its journey.In June, another boat, the Madleen, made it close to Gaza’s coast before being boarded and seized by Israeli forces and taken into an Israeli port. The third boat, the Hamdala, was also captured by Israeli forces, and the humanitarian aid it was carrying was seized when it attempted to break the blockade in late July. Back in 2010, Israeli forces raided six boats attempting to break the blockade on Gaza, and nine Turkish activists were killed on one of the vessels.

More Attacks On The Gaza Aid Flotilla, And Other Notes From The Edge Of The Narrative Matrix - Caitlin Johnstone - The Global Sumud Flotilla which is bringing aid to break the Israeli siege on Gaza has once again come under attack. Activists say drones are dropping explosive objects which have reportedly burned the arm of one crew member and destroyed the main mast of one of the boats.As Middle East Eye recently noted, US Ambassador to Turkey and Special Envoy to Syria Tom Barrack has admitted that Israel was behind the attacks on flotilla boats in Tunisia which we discussed earlier this month, stating offhand during an interview that “Israel is attacking Tunisia.”This happens as the Israeli government repeatedly issues statements branding the boats a “Hamas Flotilla” and claiming the activists are “pursuing a violent course of action,” something Israel tends to do when preparing to launch attacks on civilians in hospitals or press uniforms. The Israelis will literally launch drone strikes on activist boats for trying to bring formula to starving babies and then turn around and say the world hates them because of their religion. On Tuesday Secretary of State Marco Rubio denounced the move by France, the UK, Canada and Australia to formally recognize the state of Palestine,telling CBS Mornings that “There is no Palestinian state no matter how many papers they put out, and the only time there’ll ever be one is if there is a negotiation with Israel.” It’s so surreal how Israel can come right out and explicitly say there will never, ever be a Palestinian state, and western officials will just keep babbling on about the possibility of Israel and Palestine negotiating a two-state solution as though it never happened.Sure is a crazy coincidence how all of Israel’s defensive actions in Gaza, Syria, Lebanon, Iran, Yemen and the West Bank just so happen to look exactly the same as what it would look like if Israel was trying to massively expand its territory and take control of the middle east. Kamala Harris’ new book reportedly contains an admission that polls found her refusal to oppose the genocide in Gaza likely cost her the election. If I was a Democrat and I knew my refusal to oppose an active genocide was what got Donald Trump elected, I personally would shut the fuck up for a while.All the Democrats had to do was run an anti-genocide candidate. That’s all they needed to do to keep Trump out. It’s the most reasonable request voters could possibly have made of a candidate for the world’s most powerful elected office, and they adamantly refused to do it. In a recent interview with Rachel Maddow, Harris referred to Trump as a “communist dictator”. Democrats and Republicans are always calling each other communists while in real life neither of them will even give Americans a normal healthcare system because that would make the corporations sad.

Netanyahu Fumes as UK, Canada, Australia, and Portugal Announce Recognition of Palestinian State - The UK, Australia, Canada, and Portugal all announced on Sunday their formal recognition of a Palestinian state, a step that comes a day before the opening of the UN General Assembly in New York.“Today, to revive the hope of peace for the Palestinians and Israelis, and a two-state solution, the United Kingdom formally recognises the State of Palestine,” British Prime Minister Keir Starmer said in a post on X.In response to the announcements, Israeli Prime Minister Benjamin Netanyahu vowed that there would never be a Palestinian state and bragged about his work over the years to prevent one.“It’s not going to happen. There will be no Palestinian state to the west of the Jordan River,” Netanyahu said. “For years, I have prevented the creation of that terror state, against tremendous pressure, both domestic and from abroad.The Israeli leader also said Israel would continue expanding Jewish settlements in the Israeli-occupied West Bank. “Moreover, we have doubled the Jewish settlement in Judea and Samaria, and we will continue on this path,” he said.The Trump administration has discouraged its allies from recognizing a Palestinian state and has banned Palestinian Authority officials from attending the General Assembly. Trump has previously threatened a trade deal with Canada over its plans to recognize Palestine. Netanyahu said that he will announce his response to the Western countries recognizing Palestine after he returns from the US. The Israeli leader will attend the General Assembly in New York and is expected to travel to Washington for his fourth White House visit of the year.