largest US oil supply increase in 25 weeks; gasoline production at a 33 week high, distillates production at a 30 week high

US oil prices finished higher for the first time in three weeks following Trump’s threats to impose sanctions on Russian oil, after the US reached a trade agreement with the European Union….after falling 1.3% to $65.16 a barrel last week as a US trade deal with Europe remained elusive and the US approved Chevron's plan to restart oil production in Venezuela, adding to supply, the contract price for the benchmark US light sweet crude for September delivery rose in Asian markets on Monday after the United States reached a trade agreement with the European Union and talks progressed toward extending tariff suspensions with China, easing fears that escalating trade disputes ​would hurt global economic activity and reduce fuel demand, and was further supported during the US session after Trump set a new 10 day deadline for Russia to end its war with Ukraine, and by his warning to Iran that the U.S. would order new U.S. attacks on Iran’s nuclear facilities if Iran attempted to restart the facilities that the U.S. bombed last month, and settled $1.55 or 2.4% higher at $66.71 a barrel on the US-EU trade deal and Trump's shorter deadline for Russia….oil prices held relatively steady in Asia on Tuesday as traders awaited the upcoming decision from the Fed on interest rates, amid uncertainly about global economic prospects following the trade agreement between the US and the EU, then rallied sharply higher in New York after the U.S. Treasury Secretary said China could see high tariffs if it continues to buy Russian oil, and finished the session $2.50 or 3.7% higher at $69.21 a barrel as Trump ramped up pressure on Russia over its war in Ukraine, and on optimism that the trade war between the U.S. and its major trading partners was abating….oil prices held onto those gains in early Asian trading on Wednesday, buoyed by a complex mix of geopolitical risks, tightening trade policies, and anticipation surrounding the U.S. Federal Reserve’s upcoming interest rate decision, then dipped briefly after the EIA reported the largest US crude oil inventory increase in six months, but recovered to settle 79 cents higher at $70.00 a barrel​, as traders focused on developments like Trump’s tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil….oil futures traded flat in Asian markets on Thursday, holding on to gains from earlier in the week, as traders continued to weigh intensifying geopolitical risks and new tariff deals that could reshape global crude flows, then traded lower in New York ahead of Friday’s tariff deadline, as Trump was expected to issue higher final duty rates for most other countries as the Friday deadline approached, and settled 74 cents lower at $69.26 a barrel as traders weighed the extension of an existing trade deal between the U.S. and Mexico, while the surprise​ big build in U.S. crude stocks on Wednesday also dragged on prices….oil traded higher early on Friday morning despite Trump’s higher tariffs on several major trading partners, as reports noted that Trump’s threats to impose 100 per cent secondary tariffs on Russian crude buyers could impact ​oil supplies to the world market, but fell more than $2 a barrel shortly thereafter as a ​much weaker-than-expected U.S. jobs report fed worries about demand, and settled $1.93 or 2.8% lower at $67.33 a barrel on a possible increase in production by OPEC and its allies, but still finished 3.3% higher for the week…

natural gas prices, on the other hand, finished lower for the fifth time in six weeks​, on cooler weather near term and ​on a bearishly large increase in natural gas inventories…after falling 12.8% to $3.110 per MMBTU last week on record production, stagnant demand from LNG plants, and less hot forecasts, the price of the benchmark natural gas contract for August delivery opened down nine-tenths of a cent on Monday and proceeded to cascade lower throughout the session, as production remained steady and cooling demand was forecasted to decline, and settled down 12.2 cents at a three month low of $2.988 per mmBTU​, as traders looked ahead to a potential cooldown to start the new month, and to the expiration of the August futures contract on Tuesday…the August natural gas contract opened 6.4 cents higher on its last day of trading Tuesday, mostly due to a bullish shift in the latest weather forecast, and expired 9.3 cents higher at $3.081 per mmBTU in a technically driven move ahead of expiration, while the more active natural gas contract for September delivery opened up 8 cents on the bullish ​weather forecast but settled 7.8 cents higher at $3.142 per mmBTU….with markets now quoting the price of the benchmark natural gas contract for September delivery, that contract opened 8.9 cents lower on Wednesday, as hefty storage levels and moderating weather forecasts left bullish traders without support, and settled 9.7 cents lower at $3.045 per mmBTU as yet another Freeport LNG outage reversed a relief rally attempt in natural gas…natural gas prices opened 0.4 cents lower Thursday morning and traded near $3.01 ahead of the weekly storage report, then fell to a fresh three-month intraday low of $2.972 as the bearish report hit the wire, but rallied from that level to settle 6.1 cents higher at $3.10 per mmBTU as traders weighed forecasts for hotter August weather against persistent challenges at LNG export facilities….natural gas prices slipped in early trading Friday as robust supply overshadowed projections for strong mid-August cooling demand, and drifted lower through early afternoon trading, with supplies robust and looming heat still several days away, but settled just a penny lower at $3.096 per mmBTU, as weather forecast fog kept prices in a holding pattern….natural gas price quotes thus ended 0.5% lower for the week, while the natural gas contract for September delivery, which had ended the prior week at $3.158 per mmBTU, ended this week 2.0% lower…

The EIA’s natural gas storage report for the week ending July 25th indicated that the amount of working natural gas held in underground storage rose by 48 cubic feet to 3,123 billion cubic feet by the end of the week, which left our natural gas supplies 123 billion cubic feet, or 3.8% less than the 3,246 billion cubic feet of gas that were in storage on July 25th of last year, but 195 billion cubic feet, or 6.7% more than the five-year average of 2,928 billion cubic feet of natural gas that had typically been in working storage as of the 25th of July over the most recent five years….the 48 billion cubic foot injection into US natural gas storage for the cited week was quite a bit more than the 34 billion cubic foot addition to storage that the market was expecting ahead of the report, and it dwarfed the 18 billion cubic foot of gas that were added to natural gas storage during the corresponding week of 2024, while it doubled the average 24 billion cubic foot addition to natural gas storage that has been typical for the same early July week over the past five years…

The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending July 25th indicated that after a big decrease in our oil exports, we had surplus oil to add to our stored crude supplies for the fourteenth time in twenty-five weeks, and for the 31st time in fifty-five weeks, as an increase in oil supplies that the EIA could not account for also contributed….Our imports of crude oil rose by an average of 159,000 barrels per day to average 6,136,000 barrels per day, after falling by an average of 403,000 barrels per day over the prior week, while our exports of crude oil fell by an average of 1,157,000 barrels per day to average 2,698,000 barrels per day, which, when used to offset our imports, meant that the net of our trade of oil worked out to a net import average of 3,438,000 barrels of oil per day during the week ending July 25th, an average of 1,316,000 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 483,000 barrels per day, while during the same week, production of crude from US wells was 41,000 barrels per day higher at 13,314,000 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 17,235,000 barrels per day during the July 25th reporting week…

Meanwhile, US oil refineries reported they were processing an average of 16,911,000 barrels of crude per day during the week ending July 25th, an average of 25,000 fewer 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 1,134,000 barrels of oil per day were being added to the supplies of oil stored in the US, the largest increase since late January … 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 net imports, from transfers, and from oilfield production during the week ending July 25th averaged a rounded 811,000 fewer barrels per day than what was added to storage plus what our oil refineries reported they used during the week. To account for that difference between the apparent supply of oil and the apparent disposition of it, the EIA just plugged a [ +811,000] barrel per day figure onto line 16 of the weekly U.S. Petroleum Balance Sheet, in order to make the reported data for the supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil”, thus indicating there must have been an error or omission of that magnitude in the week’s oil supply & demand figures that we have just transcribed…. …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 1,134,000 barrel per day average increase in our overall crude oil inventories came as an average of 1,100,000 barrels per day were being added to our commercially available stocks of crude oil, while 34,000 barrels per day were being added to our Strategic Petroleum Reserve, extending the nearly continuous additions to the SPR since September 2023, following 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 fell to 6,126,000 barrels per day last week, which was 11.3% less than the 6,906,000 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 41,000 barrels per day higher at 13,314,000 barrels per day as the EIA’s estimate of the output from wells in the lower 48 states was 4,000 barrels per day higher at 12,974,000 barrels per day, while Alaska’s oil production was 37,000 barrels per day higher at 340,000 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 1.6% higher than that of our pre-pandemic production peak, and was also up 37.3% from the pandemic low of 9,700,000 barrels per day that US oil production had fallen to during the third week of February of 2021.

US oil refineries were operating at 95.4% of their capacity while processing those 16,911,000 barrels of crude per day during the week ending July 25th, down a tad from the 95.5% utilization rate of a week earlier, which had been the highest refinery utilization rate since June 2nd, 2023…. the 16,911,000 barrels of oil per day that were refined this week were 4.7% more than the 16,150,000 barrels of crude that were being processed daily during the week ending July 26th of 2024, but were 0.5% less than the 16,991,000 barrels that were being refined during the prepandemic week ending July 26th, 2019, when our refinery utilization rate was at 93.0%, which is within the normal range for this time of year…

Even with the modest decrease in the amount of oil being refined this week, gasoline output from our refineries was quite a bit higher, increasing by 676,000 barrels per day to a thirty-three week high of 10,042,000 barrels per day during the week ending July 25th, after our refineries’ gasoline output had increased by 282,000 barrels per day during the prior week.. This week’s gasoline production was also 0.3% more than the 10,008,000 barrels of gasoline that were being produced daily over the week ending July 26th of last year, but 3.6% less than the gasoline production of 10,416,000 barrels per day during the prepandemic week ending July 26th, 2019….at the same time, our refineries’ production of distillate fuels (diesel fuel and heat oil) increased by 130,000 barrels per day to a thirty​ week high of ​ 5,209,000 barrels per day, after our distillates output had increased by 95,000 barrels per day during the prior week. After those production increases, our distillates output was 4.6% more than the 4,980,000 barrels of distillates that were being produced daily during the week ending July 26th of 2024, and 0.9% more than the 5,164,000 barrels of distillates that were being produced daily during the pre-pandemic week ending July 26th, 2019…

Even with this week’s big increase in our gasoline production, our supplies of gasoline in storage at the end of the week fell for the fifteenth time in twenty-two weeks, decreasing by 2,724,000 barrels to 228,405,000 barrels during the week ending July 25th, after our gasoline inventories had increased by 1,738,000 barrels during the prior week. Our gasoline supplies decreased by more this week because the amount of gasoline supplied to US users rose by 185,000 barrels per day to 9,152,000 barrels per day, and because our exports of gasoline rose by 169,000 barrels per day to 889,000 barrels per day, while our imports of gasoline rose by 85,000 barrels per day to 691,000 barrels per day, ….Even after seventeen gasoline inventory withdrawals over the past twenty-five weeks, our gasoline supplies were 2.1% above last July 26th’s gasoline inventories of 223,757,000 barrels, but were about 1% below the five year average of our gasoline supplies for this time of the year…

With the increase in this week’s distillates production, our supplies of distillate fuels rose for the 13th time in 30 weeks, increasing by 3,635,000 barrels to 113,536,000 barrels during the week ending July 25th, after our distillates supplies had increased by 2,931,000 during the prior week.. Our distillates supplies increased by more this week even though the amount of distillates supplied to US markets, an indicator of domestic demand, rose by 262,000 to 3,605,000 barrels per day, because our exports of distillates fell by 117,000 barrels per to 1,314,000 barrels per day, while our imports of distillates rose by 114,000 barrels per day to 229,000 barrels per day...But with 46 withdrawals from inventories over the past 78 weeks, our distillates supplies at the end of the week were 10.5% below the 126,847,000 barrels of distillates that we had in storage on July 26th of 2024, and are still about 16% below the five year average of our distillates inventories for this time of the year…

Finally, after the decrease in our oil exports, our commercial supplies of crude oil in storage rose for the 15th time in twenty-six weeks, and for the 29th time over the past year, increasing by 7,698,000 barrels over the week, from 418,993,000 barrels on July 18th to 426,691,000 barrels on July 25th, after our commercial crude supplies had decreased by 3,169,000 barrels over the prior week… Even after that big increase, our commercial crude oil inventories were 6% below the recent five-year average of commercial oil supplies for this time of year, while they were about 26% above the average of our available crude oil stocks as of the last weekend of July over the 5 years at the beginning of the past decade, with the big difference between those comparisons arising because it wasn’t until early 2015 that our oil inventories had first topped 400 million barrels. After our commercial crude oil inventories had jumped to record highs during the Covid lockdowns in the Spring of 2020, then jumped again after February 2021’s winter storm Uri froze off US Gulf Coast refining, but then fell sharply due to increased exports to Europe following the onset of the Ukraine war, only to jump again following the Christmas 2022 refinery freeze-offs, our commercial crude supplies have somewhat leveled off since, and as of this July 25th were 1.5% below the 433,049,000 barrels of oil left in commercial storage on July 26th of 2024, and 3.0% less than the 439,771,000 barrels of oil that we had in storage on July 28th of 2023, but were slightly more than the 426,553,000 barrels of oil we had left in commercial storage on July 29th of 2022…

This Week’s Rig Count

The US rig count decreased by two during the week ending August 1st, the thirteenth decrease in fourteen weeks, as five rigs targeting oil were removed, while two rigs targeting natural gas and one miscellaneous rig were added...that left us with the lowest national rig count total since October 2021, even as it included the most natural gas rigs in the field since August 2023…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 August 1st, the second column shows the change in the number of working rigs between last week’s count (July 25th) and this week’s (August 1st) count, the third column shows last week’s July 25th 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 2nd of August, 2024…

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Ohio Democrats Introduce Bill to Ban Fracking Under State Parks - Marcellus Drilling News - In January 2023, Ohio House Bill (HB) 507 became law with the signature of Gov. Mike DeWine (see OH Gov. Signs Bill Expanding Drilling in State Parks, NatGas “Green”). The law allows shale drilling under (but not on top of) Ohio state-owned land, including state parks. The HB 507 law encourages (pushes for) more drilling under state-owned land. So far, we’re aware of exactly one well drilled under a state park (see Drilling Begins Under Salt Fork State Park – “No Signs of Fracking”). Yet Democrats in the Ohio House have just introduced a bill that would ban drilling under state parks.

Dem lawmakers want drilling banned under Ohio state lands, Lake Erie - Two Democratic state lawmakers want to ban any drilling for oil and gas under public state lands or the bed of Lake Erie, although the bill is unlikely to secure backing from the majority party caucus.Last Thursday, Reps. Christine Cockley (D-Columbus) and Tristan Rader (D-Lakewood) introduced House Bill 399, which would bar the director of the Ohio Department of Natural Resources (ODNR) or “any other state authority” from awarding permits or leases to drill under designated parks.In early 2023, Gov. Mike DeWine signed a law clearing hurdles for drilling companies to obtain leases to extract resources from public lands and parks, although drilling under them has been legal since 2011. GOP proponents have said it was done to increase natural gas accessibility and bolster tax revenue, but opponents have decried the decision since.Since his first term, President Donald Trump has been pushing to accelerate access for fracking under federally-protected parks.“I thought we had this agreement across society, Teddy Roosevelt really started this a long time ago where we’re going to set aside a certain amount of land,” Rader said in an interview Tuesday. “There’ll be no commercial activity on that land, it will not be for sale, and it is for everybody to use and to enjoy.”Though he’s against fracking generally, he also worries about how close the infrastructure to do so is to protected lands that draw local naturalists and visiting tourists. “You can only drill so far laterally, right?” Rader said. “You have to put those facilities pretty darn near the park.” ODNR was poised to benefit from more than $30 million in bonus royalty payments from the drilling going on under its parks, but the biennial state budget ties that money to the agency’s already-existing bottom line instead.In June, the legislature cut ODNR’s parks and recreation budget—financed by tax revenue in the General Revenue Fund—by 50% in fiscal year 2026 and 13% in fiscal year 2027, according to Legislative Service Commission documents and then redirected the royalties to fill those holes.Aside from HB 399, Rader plans to push for other efforts he said his colleagues across the aisle may be more willing to sign onto that he believes would “minimize” the harms.

Big Green Sues to Block Leasing & Drilling in OH National Forest Marcellus Drilling News - Did you know that there are federal lands in the Marcellus/Utica? The Wayne National Forest (WNF) is a patchwork of public and private mineral rights that covers over a quarter of a million acres of the Appalachian foothills in southeastern Ohio. For years, the Bureau of Land Management (BLM), under Democrat presidents, blocked new permits and shale drilling in WNF. During the first Trump administration, the BLM began to auction off federal leases and permits. However, Big Green sued, and a federal judge blocked drilling in WNF in 2021, after President Autopen took office. The BLM in the second Trump administration recently announced it has restarted the leasing process in WNF (see Trump BLM Restarts O&G Leasing in Ohio’s Wayne National Forest). Big Green is hoping it can stop any new leasing or drilling with another lawsuit.

New natural gas pipeline to power fuel cell for Central Ohio data center - Columbus Business First -New natural gas pipeline in Central Ohio to power data center via fuel cells, addressing growing energy demand brought on by data centers. A new natural gas pipeline will go up in Central Ohio – and it is set to feed a new fuel-cell facility that will provide on-site electric power to a data center. The Ohio affiliate of Dover, Delaware-based Chesapeake Utilities Corp., Aspire Energy Express, will construct and operate an intrastate pipeline for a data center. RELATED ARTICLES:

• Data centers find workaround to fuel massive energy needs
• New Albany annexes acreage for potential data center
• New data centers eyed for sites in New Albany and Licking County
• PUCO makes decision on AEP data center case

Eastern Gas Files with FERC to Expand Pipe Flows from PA to OH - Marcellus Drilling News - Eastern Gas Transmission and Storage (EGTS), a wholly owned subsidiary of Berkshire Hathaway Energy Company (Warren Buffett’s company), filed a new project with the Federal Energy Regulatory Commission (FERC) on Monday. The project is called the Appalachian Reliability Project (ARP) and is designed to move more natural gas from Pennsylvania to Ohio. ARP will leverage existing EGTS pipeline infrastructure while increasing the capacity on its system through pipeline additions (4 miles of new pipe) and station upgrades. The project will create 550,000 dekatherms/day (550 MMcf/d) of extra transportation capacity from a new receipt point in Armstrong County, PA, for deliveries to Texas Eastern Pipeline in Westmoreland County, PA, and the Rockies Express Pipeline (REX) in Monroe County, OH.

'Major' gas line struck in New Middletown; repairs underway - WFMJ.com -State Route 170 in New Middletown is closed Tuesday morning after crews working on the road struck what the fire chief called a "major gas line."New Middletown Fire Chief Lee Ingold told 21 News that the one lane that had been open for traffic is closed and being rerouted until the leak can be fixed. Enbridge is on scene and working to repair the leak. The repair is expected to be done by 11 am. New Middletown and New Springfield fire departments responded to the accident, with Springfield handling air monitoring and helping with traffic control. A nearby dentist's office evacuated as a precaution.The road work began on State Route 170 in New Middletown in the spring of 2024 and is expected to last about two years.

Contractor hits gas and water lines, stretch of Lewis Ave closed and home evacuated (WTVG) - A home was evacuated and a stretch of Lewis Avenue was closed Friday after crews struck gas and water lines. Six people, including two kids, were evacuated from their home in the 5000 block of Lewis Avenue Friday afternoon, according to Toledo Fire and Rescue officials at the scene. A contractor possibly hit two main lines while working around 4:30 p.m., TFRD said. A timeline for a fix is unclear. Officials turned off the gas and expect the family to be able to get back in the home once it’s ventilated. A stretch of Lewis Avenue, near Laskey Road, was still blocked off just before 6 p.m. Friday.

PA Antis Hate Fossil Fuels, Shale Drilling, and Now…Data Centers - Marcellus Drilling News - The environmental left in Pennsylvania once again shows its true colors as anti-intellectual and anti-progress. Two weeks ago, President Trump and PA U.S. Senator Dave McCormick announced an amazing $92 billion of private (no taxpayer funding) investment in the Keystone State, mainly in the data center sector (see Pittsburgh Energy Event Truly Mind-Blowing, $92B+ Investments for PA). It’s astonishing. It’s astounding. It’s almost unbelievable! Yet, it’s true and it’s happening. The investment will bring with it tens of thousands of jobs and an infusion of money into local and regional economies that will be staggering. Yet a bunch of ninny nannies on the environmental left don’t want it. They reject it. All of it. And (poor things), they have no way to officially object unless the state Department of Environmental Protection (DEP) gives them a way

14 New Shale Well Permits Issued for PA-OH-WV Jul 21 – 27 - - Marcellus Drilling News - For the week of July 21 – 27, the number of permits issued to drill new wells in the Marcellus/Utica decreased from the previous week. There were 14 new permits issued across the three M-U states last week, three fewer than the 17 issued two weeks ago. The Keystone State (PA) issued 13 new permits. Expand Energy received seven new permits, spread across two pads in Wyoming County. EQT received four new permits for a single pad in Lycoming County. Formentera Operations received a single permit in Lycoming County. Rounding out PA, Coterra Energy received a single permit in Susquehanna County. COTERRA ENERGY (CABOT O&G) | EQT CORP | EXPAND ENERGY | JAY-BEE OIL & GAS | LYCOMING COUNTY | PLEASANTS COUNTY | SUSQUEHANNA COUNTY | WYOMING COUNTY (PA)

LG&E and KU Still Trying to Build 2nd Gas-Fired Power Plant -- Marcellus Drilling News - -In December 2022, Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU), both subsidiaries of PPL Corporation, announced a plan to replace 1,500 megawatts of aging coal-fired generation (nearly one-third of Kentucky’s coal fleet) with two 645-MW natural gas combined-cycle units along with several unreliable, intermittent solar projects (see PPL Replacing Coal-Fired Power Plants with NatGas in Louisville, KY). The Kentucky Public Service Commission (PSC) issued its decision on the request in November 2023 (see Kentucky PSC Votes to Retire 2 Coal Plants, Replace w/Gas-Fired). LG&E/KU got some, but nowhere near all of what they requested. It appears that LG&E/KU is making a new attempt at convincing the PSC to reconsider those parts of the plan it denied in 2023—namely, permission to build a second gas-fired power plant, permission to build a selective catalytic reduction facility to lower NOx emissions, and extending the life of a currently-operating coal-fired plant.

Two pipelines, one path: Will FERC approve both? - Two energy giants plan to build natural gas pipelines in the same place — setting the stage for a high-stakes squabble in the Southeast.Both Williams Cos. and Mountain Valley Pipeline are trying to lay new pipe along Williams’ existing Transco line in southern Virginia and North Carolina to meet growing energy demand.The Federal Energy Regulatory Commission could approve both. But Williams has argued that its pipeline is big enough to handle all planned volumes of natural gas — prompting Mountain Valley to bristle at the implication that its Southgate project isn’t necessary.“It seems as though Transco is attempting to undercut MVP Southgate,” Ian Heming, a natural gas analyst at East Daley Analytics, said in a recent interview.That is noteworthy in the world of energy permitting. While FERC is required to consider whether a pipeline is needed, the agency generally defines need as whether companies have committed to buying the gas the line would carry. Williams has cast a broader net, telling FERC in a short filing this month that the company could tack on Southgate’s “incremental” volumes by adding meter tubes and regulation at an existing station.The companies’ push to build the pipelines comes as electricity demand across the United States is forecast to surge in the coming years. That includes the Southeast, where utilities are looking to build new fossil fuel plants to power a growing population and planned data centers. Both Williams’ and Mountain Valley’s projects cite that demand at the heart of their proposals.Both companies are proposing to build about 30 miles of pipe along Williams’ massive Gulf-to-New York Transco gas pipeline system. Both pipelines — MVP Southgate and the Eden Loop segment of Williams’ Southeast Supply Enhancement Project (SSEP) — would start at the same point near Chatham, Virginia, and end near Eden, North Carolina.FERC is planning to release environmental assessments of both projects this fall, with the review for Williams’ SSEP slated for November and the analysis for MVP Southgate scheduled for October. What’s not being considered is the interest of ratepayers, said Shelley Robbins, senior decarbonization manager at the Southern Alliance for Clean Energy. Her group doesn’t think either pipeline is needed — and has safety concerns about plans to have the two lines repeatedly cross each other and the Transco main line. But Robbins said regulators don’t seem to be looking at any advantages of building one pipe instead of two.“In theory, that’s cheaper,” Robbins said.But, she added, “the utilities and the pipeline companies make money building big things.”Building both pipelines would create a 30-mile corridor with up to six high-pressure gas lines running next to each other. The Transco system already includes as many as four parallel pipelines in that area.The MVP Southgate project aims to move gas from the end of the main Mountain Valley pipeline — where it connects to Transco in Virginia — to Eden, North Carolina. Another company is building a 45-mile pipeline from that point east to a planned Duke Energy natural gas-fired power plant near Roxboro, North Carolina.FERC approved Southgate in 2020, but Mountain Valley submitted an application in February to amend the expansion project by shrinking the pipeline’s length and increasing its diameter.The entire length of the proposed Southgate project now runs next to Williams’ Transco pipeline. In total, Williams’ Transco Southeast Supply Enhancement project would add approximately 55 miles of new pipe in two segments in parts of Virginia and North Carolina, as well as new compressor units. One 24-mile segment, the Salem Loop, cuts between the North Carolina cities of Winston-Salem and Greensboro.The other, the 30-mile Eden Loop, straddles the North Carolina-Virginia border and follows the same path of MVP Southgate.

Bipartisan SPEED Act for Permitting Reform Introduced in Congress -Permitting reform—shortening the amount of time and eliminating some of the onerous regulations that stand in the way of permitting new energy projects—has been a hot topic for at least the last three years, if not longer. Before leaving the Senate last year, West Virginia’s then-Senator, Joe Manchin, tried to get a bill passed to address permitting reform (see Barrasso, Manchin Release Bipartisan Energy Permitting Reform Bill). It never advanced. However, it’s baaaaaack! This time, a permitting reform bill has been introduced in the House. And once again, it’s bipartisan.

U.S. Coast Guard Warns On Declaration Of Inspection - The U.S. Coast Guard has issued a Safety Alert following a recent oil spill on the Delaware River. The Alert says the incident starkly underscored the critical need for effective communication when completing the required Declaration of Inspection (DOI) prior to an oil transfer in accordance with Title 33, Code of Federal Regulations (CFR), §156.120 (33 CFR 156.120). Prior to the incident, the facility person in charge (PIC) filled out their section of the DOI and sent the checklist in a bucket hoist to the barge PIC who subsequently completed their portion. The two PICs never met in person nor exchanged any words throughout the DOI preparation process. The investigation revealed that a significant causative factor to the cargo tank overfill and subsequent discharge of at least 100 barrels (4,200 gallons) of oil into the Delaware River was the lack of direct communication between the PICs. To reduce risk and potential environmental harm when transferring hazardous liquids, 33 CFR §156.120(w) lists critical items that must be reviewed and addressed prior to cargo operations. The pretransfer conference required by these regulations allows the vessel and facility representatives to share and validate information. As a best practice, these conferences should be conducted face-to-face (in-person or virtual), ensuring that PICs agree about the information being exchanged and the procedures to be followed. As result of this incident the Coast Guard strongly recommends the following: • Vessel and Facility Operators conduct a safety standdown with their PICs to review the requirements and emphasize the necessity of effective communication when completing the DOI prior to commencing all transfers. • Vessel and Facility Safety Officers conduct unannounced visits to transfer evolutions to observe and validate compliance with 33 CFR Subchapter O requirements.

LNG Demand Expected to Drive Measured U.S. Production Growth Heading into 2026 --Natural gas production is set for a steady but measured climb through early 2026 as climbing LNG feed gas demand creates a counterbalance against sluggish prices and hefty storage injections this summer. chart comparing U.S. LNG feed gas deliveries with Henry Hub, Waha and Texas Eastern M-2, 30 Receipt spot natural gas prices During the first six months of the year, the market was largely colored by the faster-than-expected commissioning of modular blocks at Venture Global Inc.’s Plaquemines LNG and incremental demand boosts from Cheniere Energy Inc.’s Corpus Christi Stage 3 expansion. The added pull on domestic supply sparked a temperate resurgence in rigs and gas volumes, mostly in the western Haynesville Shale. East Daley Analytics’ Jack Weixel, senior director of energy analysis, said ramping feed gas demand brought balance to a market that has been oversupplied for several seasons, pushing production to around 107 Bcf/d in July.

Venture Global Greenlights Third U.S. LNG Terminal as Gulf Coast Buildout Accelerates -- Venture Global Inc. has sanctioned the construction of its third LNG export terminal on the Gulf Coast as it progresses plans to become one of the largest U.S. producers of the super-chilled fuel. NGI's list of U.S. LNG export projects under development.The Virginia-based firm announced a final investment decision (FID) Monday for the first phase of the CP2 LNG project in Calcasieu Pass, LA, after it closed $15.1 billion of financing. The project garnered commitments from 29 international banks, including lead arrangers ING Group NV and Banco Santander SA, amounting to more than $34 billion for the entirety of the project, according to Venture Global

Tourmaline Inks Another Natural Gas Supply Deal Linked to TTF – Three Things to Know About the LNG Market -Sempra Infrastructure has finalized an agreement to supply Jera Co. Inc. with 1.5 million tons/year (Mt/y) of LNG from the second phase of its Port Arthur export project in Texas. The companies signed a tentative heads of agreement in June. Jera, Japan’s largest power producer, would buy the LNG on a free-on-board basis, allowing it to move cargoes anywhere it wants in the world. The first 13 Mt/y phase of Port Arthur is under construction and expected to be online by 2028. Sempra still has to reach a final investment decision on the second 13 Mt/y phase.

US LNG Producers Soar as EU Agrees to $250 Billion in Annual Purchases --Shares of U.S. liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade, Venture Global, and Cheniere Energy jumped between 7% and 8.8%, with the deal bolstering the prospects for American LNG exporters as they expand to meet growing demand for cleaner-burning fuels. The EU, seeking to phase out its dependence on Russian gas, committed to buying $250 billion annually in U.S. LNG as part of the framework trade agreement unveiled on Sunday. The U.S. became the world’s biggest LNG supplier in 2023, surpassing Australia and Qatar, as surging global prices fed demand for more exports, due in part to supply disruptions and sanctions linked to Russia’s 2022 invasion of Ukraine. The agreement imposes a 15% U.S. import tariff on most EU goods, a softer blow than markets had feared. “Terms of the EU-U.S. trade deal were at the forefront, with the 15% tariff level better than feared (30% was mooted previously),” said Ashley Kelty, an analyst at Panmure Liberum. GLJ “This should see less of a drag on industrial activity between the two.” Still, Kelty noted the deal could weigh on gas prices. “The demand for the EU to buy more U.S. energy will see more U.S. LNG imports in the future,” Kelty said, signaling a potential supply glut. Shares of U.S. natural gas producers Expand Energy and EQT Corp were up 1.6% and 3%, respectively, before the bell.

Europe’s Pledge to Buy $750B of American Energy Met With Skepticism – The European Union’s (EU) new trade deal with the United States helped lift faltering natural gas prices on the continent as the week got underway, despite broader questions over its viability. historical graph showing Europe's LNG imports by country of origin. The September Title Transfer Facility (TTF) contract added 14 cents to finish at $11.18/MMBtu on Monday. Intense heat has been supporting global gas prices this summer, but ample supplies have kept them in check. In recent weeks, both spot and futures prices in Asia and Europe have fallen to multi-month lows after maintenance work ended and competition for LNG cargoes has remained limited.

COMMENTARY: EU’s Pledge for $250 billion of US energy Imports is Delusional - There are strong echoes of Donald Trump’s failed trade deal with China from his first term as U.S. president in the framework agreement reached with the European Union. Trump and EU Commission President Ursula von der Leyen announced the deal for a 15% tariff on U.S. imports of EU goods at the U.S. leader’s golf course in Scotland on Sunday. But more important than the 15% tariff rate was the apparent commitment by the EU to massively ramp up energy imports from the United States. The agreement calls for EU imports of U.S. energy, which currently are mainly crude oil and liquefied natural gas (LNG), of $250 billion a year for three years. This is a delusional level of imports that the EU has virtually no chance of meeting, and one that U.S. producers would also struggle to supply. Even if the EU did manage somehow to boost its energy imports from the United States to the $250 billion a year mark, it would also prove massively disruptive for energy flows around the rest of the world. The numbers show the scale of the challenge. The 28 members of the EU imported 3.38 billion barrels of seaborne crude oil in 2024, according to data compiled by energy analysts Kpler. Assuming the 2025 volume stays the same and the price paid per barrel averages around $70, this means the EU will pay about $236.6 billion for its crude. The EU’s imports from the United States were 573 million barrels in 2024, which if replicated this year would be valued at around $40.1 billion. For LNG, the EU imported 82.68 million metric tons in 2024, which would have cost around $51.26 billion assuming an average price of around $12 per million British thermal units (mmBtu). Imports of the super-chilled fuel from the United States were 35.13 million tons in 2024, worth about $21.78 billion. The EU also buys coal from the United States, the bulk being higher-value metallurgical coal used to make steel. Total EU imports of metallurgical coal in 2024 were worth $6.72 billion, assuming an average price of $200 per ton, with those from the United States valued at $2.67 billion. Putting together the value of EU imports of U.S. crude oil, LNG and metallurgical coal gives a 2024 total of around $64.55 billion. This is about 26% of the $250 billion the EU is supposed to spend on U.S. energy a year under the framework agreement. If the EU did ramp up its imports of U.S. crude, LNG and metallurgical coal to $250 billion, it would account for 85% of its total spending on those energy commodities. US EXPORTS Tarco | Delivering Engineered Solutions The United States exported 1.45 billion barrels of crude in 2024, according to Kpler, which would be worth $101.5 billion at a price of $70 a barrel. U.S. shipments of LNG were 87.05 million tons in 2024, which would be worth about $54 billion at an average price of $12 per mmBtu. The U.S. exported 51.53 million tons of metallurgical coal in 2024, worth $10.3 billion at an average price of $200 a ton. Putting together the value of all three energy commodities gives a total of $165.8 billion, meaning that even if the EU bought the entire volume it would still fall well short of the $250 billion. The scale of the delusion probably exceeds what Trump and China agreed in their so-called Phase 1 trade deal in December 2019, under which China was supposed to buy $200 billion of additional U.S. energy by the end of 2021. The reality is that China never even came close to buying that level, and its imports of U.S. energy didn’t even reach what they were before Trump launched his first trade war in 2017. There are a few caveats when looking at the framework agreement between Trump and Von der Leyen. The first is that not all the details are known and the $250 billion of energy is also said to include nuclear fuel, although this will only be a small value even if included. The second is the deal will probably include refined fuels, with U.S. exports to the EU of products such as diesel, being almost 110 million barrels in 2024, worth about $10.9 billion assuming a price of $100 a barrel. But it’s still clear that the commitment to buy $250 billion in U.S. energy is completely unrealistic and unachievable. The smart people in the room must know this, begging the question as to why agree to what is obviously a ridiculous number? What happens when the inevitable failure is realised? Perhaps the EU is hoping for the same outcome as China did with the first trade war with Trump in 2019. Run down the clock, talk nice, and hope the next U.S. president is easier to deal with.

‘Physical Call for Higher U.S. LNG Volumes’ Likely into Early 2026, Says Patterson-UTI Chief - U.S. exploration and production (E&P) customers are still shying away from boosting activity, but “early indications” are that the natural gas basins will be busier into 2026, according to Patterson-UTI Corp. CEO Andy Hendricks. {chart showing NGI's Henry Hub natural gas spot price) Hendricks and his executive team recently discussed second quarter results, offering a smattering of optimism about future drilling and completion work in the Lower 48. “On the natural gas side, we are starting to see early indications from customers that additional activity will start to be added as LNG facilities come online and begin to call for more U.S. natural gas,” Hendricks said.

US natural gas prices fall over 3% on near-record production — U.S. natural gas futures fell over 3% on Monday due to near-record production, but losses were capped by forecasts for extreme heat and a shorter U.S. deadline for Russia to agree to a ceasefire in the war with Ukraine. Front-month gas futures for August delivery on the New York Mercantile Exchange fell 12.2 cents, or 3.9%, to settle at $2.988 per million British thermal units at 03:21 p.m. EDT, its lowest level since late April. The August contract expires on Tuesday. LSEG said average gas output in the Lower 48 has risen to 107.4 billion cubic feet per day so far in July, up from a monthly record high of 106.4 bcfd in June. Meteorologists forecast temperatures in the Lower 48 U.S. states will remain mostly hotter than normal this week. A heat dome is driving record-breaking temperatures across the Southeast, mid-South, and parts of the Midwest. Oxford Economics said in a note that its baseline view assumes ample supply will keep the Henry Hub price below $3.80 per MMBtu through the decade. However, it added that "a significant share of U.S. gas is produced alongside oil, meaning a sustained drop in oil prices could reduce associated gas output and tighten the U.S. market." Venture Global said it had reached a final investment decision and successfully closed the $15.1 billion project financing for the first phase of the CP2 LNG export facility. The CP2 project, which will be the single largest export facility of the superchilled gas in the U.S., is expected to have a peak capacity of 28 million tonnes per annum of liquefied natural gas and is set to deliver its first LNG in 2027. On the trade front, as part of the new U.S.-EU agreement, the European Union has pledged $750 billion in strategic purchases during President Trump’s term, covering oil, gas, nuclear fuel, and chips.

Natural Gas Mid-Year Price Lull Belies Coming LNG, Data Center Demand Surge -- Natural gas forward prices have retreated off 2025 highs after summer power demand failed to live up to lofty expectations and production activity strengthened into mid-year. However, analysts warn the respite could be short-lived as winter weather risks and structural demand growth could tighten market balances in 2026. historical chart showing NGI's natural gas forward price curve at three dates in 2025 NGI’s Henry Hub forward prices for winter 2025-26 remain elevated above $4.00/MMBtu, showing gas bulls still have life after the pullback. December was priced at $4.177 and January 2026 was at $4.486 in late July, with the balance of winter 2025-26 at $4.088. “The forward curve still has some higher prices built in for the winter,” StoneX Financial Inc.’s Thomas Saal, senior vice president of energy, told NGI. “You have November, December, January and February over $4. So they’re not giving it away yet.”

Sluggish Chinese LNG Demand Could Set Stage for Strong Rebound in 2026 - China, the world’s largest LNG importer, is likely to remain on the sidelines for the remainder of the year and continue to keep Asian natural gas demand subdued, but analysts think that could change heading into 2026. NGI chart showing Kpler data of China's annual LNG imports Strong nuclear output and coal-fired power generation have helped meet power load in Asia amid heatwaves this summer. Since the beginning of the year, Asian LNG imports have fallen by 6% to 156.35 million tons (Mt), when compared to the same period in 2024, according to Kpler. Meanwhile, a round of maintenance that just ended and new facilities bringing more LNG to the market, such as LNG Canada, have had the Japan-Korea Marker trading at some of its lowest levels in weeks.

Freeport LNG Outage Reverses Relief Rally Attempt in NatGas -In an EBW Analytics Group report sent to Rigzone by the EBW team today, Eli Rubin, an energy analyst at the company, outlined that “another Freeport LNG outage reverse[d a]… relief rally attempt” in natural gas on Wednesday. The report pointed out that the September natural gas contract closed at $3.405 per million British thermal units (MMBtu) yesterday. It highlighted that this represented a drop of 9.7 cents, or 3.1 percent, compared to Tuesday’s close. “Although the September natural gas contract reached $3.186 [per MMBtu] yesterday, another Freeport LNG outage slashed Gulf Coast physical demand 1.8 billion cubic feet per day and sent the NYMEX front-month down to test the $3.00 per MMBtu psychological level,” Rubin said in the report. The EBW analyst warned in the report that, with “breaking key technical support at $3.06 per MMBtu, mild near-term weather, natural gas storage surpluses vs. the five-year average primed to achieve new heights, and ongoing LNG weakness, September appears positioned for another leg lower in search of support”. Rubin highlighted that Henry Hub at $2.97 per MMBtu yesterday “will remain critical to monitor during near-term weather weakness in potentially helping to define near-term downside risks”. “Consensus expectations anticipate a 36-40 billion cubic foot build with this morning’s EIA [U.S. Energy Information Administration] storage report,” Rubin went on to note in the report. “Following last week’s bullish surprise, a wide range of outcomes is possible - potentially introducing additional volatility risks at the front of the curve,” he added. Rigzone contacted Freeport LNG for comment on EBW’s report. In response, a Freeport LNG spokesperson told Rigzone, “one important thing to be noted here is that the Freeport LNG outage was caused by an external factor; an apparent power outage yesterday that affected the town of Freeport and some of the surrounding communities”. Rigzone has contacted CenterPoint Energy for comment on Freeport LNG’s statement. At the time of writing, CenterPoint Energy has not responded to Rigzone. The company states on its site that it “maintain[s] the wires, poles and electric infrastructure serving more than 2.9 million metered customers in the greater Houston area and in southwestern Indiana”. In an EBW report sent to Rigzone by the EBW team on Wednesday, Rubin noted that the August natural gas contract “rolled off the board at $3.081 … [on Tuesday] with the NYMEX curve bouncing off key technical support”. “While a relief rally attempts to extend in the immediate term, though, September faces challenges from (i) rapidly fading CDDs [cooling degree days], (ii) soft Henry Hub spot prices, (iii) possible production uptick today and tomorrow, and (iv) possible new heights in the storage surplus vs. five-year average,” Rubin added in that report. “Daily cooling demand may plunge six CDDs into Saturday. While weak Henry Hub physical performance during the heat wave appears to limit near-term fundamental upside potential, the possibility of relative physical strength this week could similarly sap downside risks,” Rubin continued. “Despite near-term challenges, natural gas appears modestly oversold on a seasonal basis, the market may increasingly focus on building Week 3 heat, and recently soft LNG may strengthen,” he went on to state in the report. “While this aligns with chances for a technical relief rally, chances for a durable rebound appear fundamentally stronger over the next 30-45 days,” he noted. In that report, EBW highlighted that the September natural gas contract closed at $3.142 per MMBtu on Tuesday. That represented an increase of 7.6 cents, or 2.5 percent, EBW pointed out in that report. The EIA’s next weekly natural gas storage report is scheduled to be released today. It will include data for the week ending July 25.

Yet Another Freeport LNG Outage; Blames Local Power Company -- Marcellus Drilling News - - Freeport LNG has become something of a punchline with respect to the frequent outages experienced at the facility. Except, it’s no laughing matter. Outages at Freeport have happened so frequently that we’ve lost count. Wednesday, the facility was offline again, affecting gas flows to (and from) the facility on Wednesday and Thursday. This time, the reason for the outage was that power to the City of Freeport and surrounding communities, including the LNG plant, was out. Which raises the question, doesn’t Freeport LNG have a backup generator for times like that? Apparently not. When Freeport goes down, it affects natural gas prices here at home and around the world. Yes, this one facility has that kind of impact.

Freeport LNG Gas Flows Still Curtailed After Power Outage, LSEG Data Show - (Reuters) – The Freeport LNG export terminal in Texas was running at about half of normal capacity on Thursday following a power interruption that had put the entire plant offline a day earlier, according to data from financial firm LSEG. Freeport LNG is the third-largest liquefied natural gas (LNG) plant in the U.S. and in the past has influenced LNG prices when it had technical challenges. The facility nominated some 1.1 billion cubic feet of natural gas on Thursday, according to the LSEG data, about half of its typical 2.2 bcf when operating normally. The company told Reuters that all its trains were operating on Thursday, but did not comment on the LSEG data. The company had said in a filing with state regulator, the Texas Commission on Environmental Quality, on Wednesday that all three of its trains had tripped offline due to a power interruption. “The plant operators managed to restore the normal operations of Trains 1, 2, and 3 as quickly and efficiently as possible to minimize vent gas to the flare,” Freeport said in the filing, saying the event lasted around nine hours. Freeport LNG has had frequent outages and in July alone reported seven trips of its LNG plants at its Texas facility, according to TCEQ filings.

Baker Hughes Mega Bid for Chart Industries Focused on Industrials and Data Center Buildout-Houston-based Baker Hughes Co. muscled out a rival offer to snap up Chart Industries Inc. on Tuesday, as it works to expand its global LNG and industrials empire. Three pie charts showing the valuation of Baker Hughes and CHart merger. The definitive agreement to pay Chart $210/share edged out a bid by Flowserve Corp. Chart was trading at around $170/share early Tuesday. Overall, the offer is estimated to be worth around $13.6 billion. “This acquisition is a milestone for Baker Hughes…as we continue to define our position as a leading energy and industrial technology company,” CEO Lorenzo Simonelli said. “We know Chart well, having worked alongside them on many critical energy infrastructure projects…

Op-Ed: The Peak Oil Myth is Back—and It's Still a Myth | Hart Energy - - President Trump’s “drill, baby, drill” agenda to increase daily U.S. oil production by 3 MMbbl to 16.1 MMbbl/d before the end of his second term has been met with much skepticism. But in just the first two and a half years of his first term in 2017-2021, daily production increased by 3.7 MMbbl to 12.9 MMbbl/d, peaking in November 2019. Who knows what might have been possible if the pandemic had not led to a collapse in demand—and thus, supply. While Trump 45 was successful at significantly increasing production, a new consensus seems to be emerging that crude production is peaking—or worse, headed for an outright collapse—during Trump 47. And key industry insiders have that can be construed as questioning how much U.S. shale oil producers have left in the tank.A way of summing up the new consensus is that shale producers have already exploited all the easiest targets. As the targets get harder, it takes higher crude prices than we have now to make production possible.Calling for a peak in oil production has been a national pastime for decades. My colleagues and I always pushed back against it, and we’ve always been right.We’re going to push back again now.Let’s look specifically at the Permian Basin, which is the focus of the current peak-production narrative.Legacy lost production from 23,294 wells completed since Trump 45 left office has quadrupled lost volumes from total existing wells to 428,100 bbl/d in January 2025.In January 2016, lost volumes from existing wells totaled only 104,646 bbl/d.The U.S. Energy Information Administration (EIA) published decline curves for wells in the Permian Basin from 2019 to 2021. It has not updated the data since then, and no update is currently scheduled.The next-best metric to assess wells’ estimated ultimate recovery (EUR) is one-year decline curves.They are much better than 30-day initial production (IP) curves because operators can let pressure build prior to releasing the choke, thereby creating a gusher at abnormally high rates.In 2016, the best independent analysis suggested that EUR for the top five Permian operators in the Spraberry, Bone Springs and Wolfcamp produced 265,000 bbl over their lifetime.About 400 completions were needed to offset lost legacy production—or roughly 5% of 8,167 completions that year.In 2024, the International Energy Agency (IEA) reported that one-year decline curves were 448,000 bbl, which peaked last year on an annual basis.Again, operators need to replace four times more lost legacy production than in 2016, but that equates to only 1,000 completions—not four times 400 to hit 1,600 completions—because of wells’ higher EUR.And while this is roughly 19% of 5,700 completions needed last year, the percentage is higher than it was in Trump 45’s first year in office only because the numerator—overall well completions—is much lower.This is all very complicated, so let me be simple and clear: The industry is getting better at this, so more targets are easy targets.

The Permian's Dirty "Wastewater" Secret Is Bubbling Over - The Permian Basin produces over 5 million barrels of oil daily. With that, the Permian also produces a lot of wastewater, which has started to turn into a problem. Some drillers are even suing others for ruining their reserves.Back in May, the Texas Railroad Commission sent out notices to companies applying for licenses for wastewater disposal wells in the basin, stating that there were ground pressure issues caused by wastewater disposal. The number of new ones was to be restricted.This is one problem that does not have a straightforward solution, at least not a cheap one. For years, drillers in the Permian disposed of their wastewater by injecting it deep into the ground. However, this deep wastewater injection triggered increased seismic activity, as reported by the U.S. Geological Survey. The USGS noted in its report that only a small minority of all wastewater disposal wells in the U.S. shale patch can cause quakes that are noticeable, but, per the Texas Railroad Commission, it’s not only quakes.When the link between deep wastewater disposal wells and seismic activity was reported by the USGS, drillers began to dispose of their wastewater in shallower wells. That was five years ago. Drilling activity over these five years, however, has grown so much that the ground can’t handle the increased volumes of wastewater—so it has started causing problems.Wastewater disposal, the Railroad Commission wrote in the letters, “has resulted in widespread increases in reservoir pressure that may not be in the public interest and may harm mineral and freshwater resources in Texas.” The RRC added that “Drilling hazards, hydrocarbon production losses, uncontrolled flows, ground surface deformation, and seismic activity have been observed,” as citedby Bloomberg.According to one company, wastewater disposal wells can indeed harm production—and reserves. A company called Stateline Operating is suing Devon Energy and water disposal company Aris Water Solutions, saying wastewater from Devon’s operations had ruined Stateline’s reserves, according to a Bloomberg report that cited a filing made in April this year. There is also an El Paso court ruling from April that denies a petition for appeal from Devon Energy and Aris Water Solutions. Per Bloomberg, the lawsuit was originally filed in 2023. According to Stateline Operating, the disposal of wastewater in close proximity to its producing assets by Devon and Aris had caused “permanent damage to Stateline’s wells and production, and irrevocably lost oil and gas in place.” The company is seeking $180 million in damages. “Aris strongly disputes that any of the water disposed in its wells has somehow damaged Stateline Operating’s production,” an attorney for one of the defendants said, as quoted by Bloomberg.Bloomberg’s report presents the problem as potentially turning drillers on each other because one company’s wastewater may be ruining another company’s oil assets. Yet there is a more direct and immediate problem: costs. If deep wastewater wells are not an option and now shallow wells are not an option either, then it’s either recycling or less drilling. Recycling adds to costs. Less drilling means less oil sales. The Railroad Commission has already instituted limits on water pressure levels at disposal wells because of “the physical limitations of the disposal reservoirs.”

Oil Rig Count Falls Again as Frac Crews Vanish -The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday as operators continue to scale back.The total rig count in the US fell by 2 rigs for the second week in a row, landing at 540, according to Baker Hughes, down 46 from this same time last year.The number of oil rigs fell by 5 to 410, down by 72 compared to this time last year. The number of gas rigs rose by 2 this week, coming in at 124 for a gain of 26 active gas rigs from this time last year. The miscellaneous rig count also gained a rig, for a total of 6.The latest EIA data showed that weekly U.S. crude oil production rose in the week ending July 25, from 13.273 million bpd to 13.314 million bpd, breaking four consecutive weeks of falling production.Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell by 6 during the week of July 25, to 168. It is the fewest number of active frac crews since 2021. The count is now 47 below where it was on March 21.Drilling activity in the Permian basin saw another loss this week, losing 1 rig. The Permian now has 259 rigs—a figure that is 44 fewer than this same time last year. The count in the Eagle Ford saw stayed the same at 39 rigs, which is 11 fewer than this time last year.At 12:47 p.m., ET, the WTI benchmark was trading down $2.10 per barrel (-3.03%) on the day at $67.16—nearly $2 per barrel above last week’s levels. TheBrent benchmark was trading down $2.21 (-3.08%) on the day at $69.49.

Enbridge rides on utilities, gas segments strength to top estimates (Reuters) - Canadian pipeline operator Enbridge said on Friday its recent commercial process to gauge oil shippers' interest in an expansion of its Flanagan South pipeline was oversubscribed, indicating strong demand for additional oil transport capacity from Canada to the U.S. Gulf Coast.The success of the Flanagan South open season — an industry term for the binding process pipeline companies use to notify shippers of available capacity and solicit bids — brings Enbridge closer to formally sanctioning its proposed expansion of its Mainline network, CEO Greg Ebel said on a conference call. He said Enbridge plans to make a final investment decision on the first phase of the project, which would add 150,000 barrels of capacity to the Mainline system, before the end of this year.Enbridge's Mainline is the largest pipeline system in North America, with the capacity to move 3 million barrels per day of crude from Western Canada to markets in Eastern Canada and the U.S. Midwest. Flanagan South is a 954-km (593-mile) connector pipeline running from Illinois to Cushing, Oklahoma, and is part of the larger Mainline network.The Mainline system was in apportionment — a term that means demand has exceeded available pipeline capacity — for six of the first eight months of 2025, Ebel said.Canadian oil shipments to the U.S. are exempt from tariffs, and output from Canada's oil sands continues to rise. A recent report from S&P Global estimated Canada's oil sands will produce 3.8 million bpd of crude by 2030, a 15% increase from current levels.Canada's Trans Mountain pipeline, which ships oil from Alberta to British Columbia's west coast, where it can be exported overseas, is eyeing its own capacity increases.Polls in Canada — the world's fourth-largest oil producer — have shown an uptick in domestic support for a new oil pipeline to overseas markets, but no private company has indicated interest in building such a project. Ebel said on Friday a new pipeline is unlikely unless the federal government repeals some of its environmental policies, such as a proposed cap on greenhouse gas emissions from the oil sands as well as an existing ban on oil tankers off British Columbia's northern coast.

Standard Chartered Sees Higher Long-Term Oil Prices As Shale Costs Rise --Oil prices are set to trend higher in the coming years, according to Standard Chartered, as the economics of U.S. shale have shifted significantly,according to OilPrice.com.While crude has hovered near $70/bbl — close to the 20-year average of $73.38 — StanChart notes that breakeven costs in the shale patch have climbed sharply. “The average breakeven price for Permian producers is now edging back toward the mid-$60s, up from the mid-$50s just two years ago,” the bank said, attributing the rise to higher costs for steel, labor, and frac materials, in part due to U.S. tariffs.Analysts at Rystad Energy and Wood Mackenzie share the view that today’s oil prices are unsustainably low for shale. Rystad estimates breakeven prices for new horizontal wells in key plays near $68/bbl, while WoodMac warns that without a firmer price floor, “the rig count will absolutely fall.” Both firms point to tight capital budgets, cautious reinvestment, and a continued investor focus on returns rather than growth.OilPrice.com reports that the outlook comes as crude prices hit six-week highs. Brent crude for September rose 1.2% to $73.34/bbl, while WTI gained 1.5% to $70.24, driven by geopolitics and trade developments. President Trump extended his deadline for Russia to reach a ceasefire with Ukraine to Aug. 3 from July 14, warning of additional sanctions and tariffs if talks fail. “The new deadline caught many analysts by surprise and, if enforced, could tighten Russian crude and fuel supplies to the global market,” BOK Financial Securities said.Oil prices also found support from a U.S.-EU trade agreement that avoided escalation into a full trade war. Under the deal, EU exports to the U.S. will face tariffs capped at 15%, providing relief to markets worried about a broader slowdown in trade.Still, gains were tempered by a surprise U.S. crude stock build. The Energy Information Administration reported commercial crude inventories rose 7.7 million barrels in the week ending July 25 to 426.7 million barrels. While stocks remain 6% below the five-year seasonal average, the weekly jump was far larger than the 1.54 million-barrel increase reported earlier by the American Petroleum Institute, catching traders off guard.Meanwhile, U.S. drilling activity continues to contract. The Baker Hughes rig count shows oil rigs falling for the 13th consecutive week to a 46-month low of 415, down 68 rigs year-to-date. Texas saw the steepest declines, with drilling in the Eagle Ford formation down five rigs to 34, while Permian activity slipped in both the Delaware and Midland basins.Bloomberg reports separately that fracking activity in the Permian Basin is slowing faster than expected as tariff uncertainty and rising OPEC+ production weigh on demand. ProPetro Holding CEO Sam Sledge said only about 70 frack crews remain active in the world’s top shale region, down from roughly 100 earlier this year.“The completions market in the Permian Basin continues to face challenges,” Sledge told analysts, citing idle capacity driven by weaker market conditions. ProPetro shares fell as much as 21% after a surprise second-quarter loss, with the company now planning 10–11 crews this quarter and potential cuts ahead.The forecast echoes Halliburton, which said last week it will sideline equipment amid worsening U.S. shale conditions.With U.S. output under pressure and global geopolitical risks mounting, Standard Chartered’s bullish view reflects a tightening supply picture. Many analysts see sustained prices above current levels as essential to stabilize U.S. production — a dynamic that may be shaping the Trump administration’s increasingly hard stance on Russia.

Five hurt, part of Highway 60 in Johnstown shut down by gas fire — Five people were taken to the hospital after a gas fire on Highway 60 in Johnstown that sent flames 20 to 40 feet into the air Thursday morning, according to first responders. The gas fire shut down the highway between County Roads 13 and 15 and prompted a shelter in place order than has since been lifted. Xcel Energy told Denver7 it had scheduled work in the area of Highway 60 and Meadowlark Drive in Johnstown Thursday. Front Range Fire Rescue said the five people injured were workers, but didn't specify who they worked for. They had non-life-threatening injuries, the agency said. A one-mile shelter-in-place order was issued to people in the area and evacuation orders were given to residents closest to the flames. Front Range Fire Rescue lifted all orders, as of 12:45 p.m. Front Range Fire Rescue said it first received word of the fire at 11:09 a.m., and first responders arrived on scene about two minutes later. The fire was extinguished by 12 p.m. However, roads remain closed until further notice, according to Front Range Fire Rescue.

Gas explosion in Colorado injures five and shuts down highway near Johnstown — A gas line exploded Thursday morning on Colorado 60 near Johnstown, sending five people to the hospital with non-life-threatening injuries and closing a mile-long stretch of the highway for several hours.Front Range Fire Rescue District Chief Ryan Roberts said in a Facebook video that the line that exploded at about 11:09 a.m. had been dug out during ongoing gas line work in the area. A fire that followed the explosion burned for about 30 minutes before crews brought it under control.One small shed was damaged in the incident, as were a couple of trucks belonging to workers, but no homes were involved, Roberts said. It’s not clear which company owned the gas line or was working in the area, but Roberts noted a large number of Xcel trucks in the area during the Facebook video. Xcel did not immediately respond to a call for comment on Thursday afternoon.Five people were taken by ambulance to a hospital with injuries that were not life-threatening. Roberts did not know the ages of those taken to the hospital.A half-mile shelter-in-place warning was issued, and emergency personnel went door-to-door evacuating nearby homes. Roberts said all evacuations were lifted by 12:30 p.m.Crews from the Greeley Fire Department, Windsor Severance Fire Protection District and Mountain View Fire Rescue responded and helped get the fire under control by 11:45 a.m. In total, 17 units and 35 fire and EMS personnel were on scene, Roberts said.Fire investigators with both Front Range Fire Protection District and the Colorado Division of Fire Prevention and Control are on scene investigating the cause of the explosion, Roberts said.

More oil production to restart offshore of Santa Barbara County -- Months after offshore oil production resumed at one platform off the Santa Barbara County coastline, plans are in the works to start production at two additional offshore facilities. Sable Offshore plans to restart oil production at all three of its Central Coast offshore facilities by the end of 2025 as part of the Trump administration’s energy dominance initiative. The goal of the initiative is to achieve United States energy independence and lower energy prices by expanding production and exports. On July 25, the U.S. Department of the Interior announced that Sable is working to restart production at Platform Heritage by October, which will put two platforms in production. In 2015, a pipe owned by Plains All American Pipeline ruptured near Refugio State Beach in Santa Barbara County, causing more than 100,000 gallons of oil to spill. About 21,000 gallons flowed into a culvert and then into a ditch that drains into the ocean. The spill spread over 9 miles of mostly sandy beaches. The spill led to the closure of the three offshore drilling platforms and the pipeline, which are now owned by Sable. In May, Sable resumed oil production in federal waters offshore of Santa Barbara County. It started extracting oil from one of three platforms that had been closed since the 2015 spill. The resumption of offshore oil production began just a month after the California Coastal Commission fined Sable $18 million and ordered a halt to their work for not obtaining necessary permits. The company disputes the Coastal Commission’s finding, arguing it has all the required permits for its operations. Environmental groups, including the Center for Biological Diversity, have criticized the offshore oil production restart, citing risks to sensitive habits and species. Local residents have expressed opposition to the timing of the restart coinciding with 10th anniversary of the Refugio oil spill. On July 23, a Santa Barbara County Superior Court judge issued a partial preliminary injunction ordering Sable to inform the court after it receives all necessary permits to begin operations of the Santa Ynez pipeline. Sable is then required to wait 10 days before it can utilize the pipeline, during which opponents can appeal the decision to the court.

Interior yanks Biden plan on Alaska energy development - The Trump administration on Monday unraveled an effort begun during Joe Biden’s presidency to study and seek public input about whether additional protections are warranted for sensitive landscapes on Alaska’s North Slope. The Interior Department rescinded a request for information, published in July 2024, asking for feedback from stakeholders on whether protection-designated areas in the National Petroleum Reserve-Alaska needed to have their boundaries adjusted, whether new areas should be considered for protection and if there were “significant resource values” that had until then been missed.The NPR-A allows oil and gas drilling in portions of the reserve but also has “special areas” that have broad environmental protections for their sensitive habitats.Interior also rescinded a report on the public comments received about the NPR-A, which included determinations by the Bureau of Land Management that “subsistence” be recognized as a “significant resource value” in the special areas, and noting that proposed expansions of several currently designated special areas “are suitable for designation and merit further consideration.”

Alaska plans seismic tests for oil in ANWR - An Alaska state investment authority is looking to conduct seismic tests in the Arctic National Wildlife Refuge, setting up a clash between oil and gas supporters and environmentalists who oppose new oil wells. The Alaska Industrial Development and Export Authority (AIDEA), which finances a range of economic projects, has posted a request for proposals for a “phased, multi-year 3D seismic acquisition program” in Section 1002 of ANWR. Section 1002 includes about 1.6 million acres of ANWR that do not have wilderness designation. A request for proposals was published on AIDEA’s permitting website on July 24, according to a public listing, with responses due Monday. Oil and gas supporters in Alaska have been pushing for exploration in ANWR for decades, citing seismic testing from the 1980s that found significant deposits of oil and gas. During President Donald Trump’s first term in office, Congress authorized a leasing program in the Section 1002 area, which the state investment agency used to bid on nine tracts in December 2020.

Ovintiv Snaps Up First JKM Contract for Montney Natural Gas to Diversify from AECO -As LNG exports begin in Western Canada, Denver-based Ovintiv Inc. has secured its first natural gas supply contract linked to pricing at Asia’s Japan Korea Marker (JKM). The independent exploration and production company also works across the Anadarko and Permian basins. However, the portfolio in the gassy Montney Shale in Western Canada drew most of the spotlight in the second quarter results. Executive Vice President Meghan Eilers, who oversees midstream and marketing, said the JKM deal with an undisclosed client “is particularly exciting as it gives Ovintiv its first exposure to LNG pricing.”

LNG Canada Encounters Problems as It Begins Production Phase, Sources Say (Reuters) — Shell-led LNG Canada is experiencing technical problems as it ramps up production at its liquefied natural gas plant at Kitimat, with one LNG tanker diverting away from the facility without the superchilled fuel in recent days, according to four sources and LSEG ship tracking data. The plant is the first major LNG export facility in Canada and the first on the west coast of North America, providing direct access to Asia, the world's largest LNG market. The facility is expected to convert about 2 billion cubic feet of gas per day (Bcf/d) to LNG when fully operational, which market participants have hoped will boost Canadian natural gas prices. Western Canadian natural gas prices remain depressed, however, due to a persistent supply glut that has not yet been drawn down by fresh demand from LNG Canada's July 1 startup. The daily spot price at the Alberta Energy Company (AECO) storage hub closed at $0.22 per MMBtu on Tuesday, compared to the U.S. Henry Hub benchmark price of $3.12, according to LSEG data. LNG Canada, which took almost seven years to be built, has been operating at less than half the capacity of its first plant, also called a train, two of the four sources said. The facility's Train 1 has experienced technical issues with a gas turbine and with a Refrigerant Production Unit (RPU), according to two other industry sources. The sources all spoke on condition of anonymity because the information was not public. In response, a LNG Canada spokesperson said a new-build facility at the joint venture's size and scale may face operational setbacks as it ramps up production and stabilizes. There has been at least one diversion by Shell of an empty LNG vessel to Peru, while other tankers remain close to the facility, LSEG ship tracking data showed. Ferrol Knutsen, a 170,520 cubic meters LNG tanker, was signaling that it was headed to the Kitimat port but then changed directions and is now off the coast of California on its way to Peru, according to LSEG ship tracking data. LNG Canada is a joint venture between Shell, Malaysia's Petronas, PetroChina, Japan's Mitsubishi Corp. and South Korea's KOGAS. When fully operational, LNG Canada will have a capacity to export 14 million metric tonnes per annum (mtpa), according to company statements. So far the facility has exported four cargoes, including its first shipment on July 1. Another shipment is expected in the coming days, the LNG Canada spokesperson said. The pace of exports from the plant will increase as it moves through early operations and into a steady shipping cadence, the spokesperson said.

Global Natural Gas Prices Finally ‘Steadying’ After Wild Ride in 2022, Say Shell Execs -Global LNG markets have returned to more “normal” trading similar to the period before early 2022, when Russia invaded Ukraine and caused natural gas prices to hit astronomical levels, Shell plc’s top executives said Thursday. Shell's map showing LNG Canada's advantaged geographical position to supply natural gas to Asia CEO Wael Sawan and CFO Sinead Gorman discussed second quarter results and shared their insights on the markets during a webcast from London. As Shell is the top LNG trader in the world, investors were keen to learn more about how the integrated gas (IG) arm was faring. “It feels much more like the new representative of the norm,” Gorman said. “Volatility has changed. If you were to look back to 2019 and then look back to just the war, you could see a difference. We're now back to pre-war in terms of volatility.”

Europe’s Gas Market Heats Up as Asian Competition Looms, TTF Gains Across Fall Contracts — The Offtake -A look at the global natural gas and LNG markets by the numbers

• 50 cents/MMBtu: European gas prices have rallied this week, mostly driven by the threat of competition in Asia, according to trading firm Mind Energy. In a recent note, analysts wrote that sweltering summer heat in East Asia has helped drive a three-day rally in Title Transfer Facility (TTF) prices. European buyers were trying to keep the price premium and stick to storage filling timelines, the firm said. September TTF has risen roughly 50 cents/MMBtu since Friday (July 25), followed by greater gains in monthly contracts through November.
• 8.8 magnitude: LNG traffic and spot prices in East Asia stabilized after a record earthquake in eastern Russia raised tsunami alerts throughout the Pacific. Some Japanese LNG importers preemptively cleared vessels from port after the 8.8 magnitude quake was reported Tuesday night. No damages to import infrastructure or prolonged delays in shipping were reported by Wednesday afternoon. East Asia LNG prices ticked up above the $12/MMBtu range as cooling demand remained high, but have been partially capped by heightened coal consumption and additional spot cargoes from commissioning terminals like LNG Canada.

Oil spilled near Scandinavian Beach in Dillingham clears -An oil spill near Scandinavian beach and the boat harbor in Dillingham, first reported to authorities last Tuesday, has dissipated. That’s according to officials from the Alaska Department of Environmental Conservation. Howard Minor, an environmental program specialist for DEC, traveled to Dillingham on Friday to investigate the spill and coordinate possible responses. He says when he arrived on Friday, there was an oil sheen on the water in the harbor and on Scandinavian beach, but by the time he left on Saturday afternoon, it had diminished. “During that entire time frame, it was about 70-75 degrees and mostly sunny,” Minor said. “And by that Saturday, there was little to no indication of oil sheening on the beach.” Minor says sun and heat can help break up and dissipate the oil naturally. He says, based on his observations, the water is safe to harvest for subsistence. “Of course, I would recommend people fishing in that area inspect their lines,” Minor said. “But I do not see any indication that there was any pollution out there.” Minor says they do not know what the source of the spill was or how much oil went into the water. He says there were reports of a vessel listing in the area on Tuesday, but the department has not confirmed which boat it was or whether or not that was the source.

Trump Envoy Says This Time Oil Sanctions On Russia Will 'Bite' Keith Kellogg, Trump's special envoy to Russia and Ukraine, has freshly warned in newly published comments that oil sanctions will have a serious and hard-hitting economic impact if properly enforced - though they haven't been up till now, he suggested. His prediction comes after President Trump's announcement early this week that he would shorten Russia’s deadline to negotiate an end to the war in Ukraine down to ten days from the previous 50. "We haven’t really applied full pressure on the oil sector yet," Kellogg said on The Record With Greta Van Susteren. "Russia’s a petrostate, exporting around 7 million barrels of oil daily, much of it through what’s called the ‘dark fleet,’" he continued. Noting that India and China remain Russia's two biggest oil customers, he described that the revenue from these exports helps finance the war in Ukraine and fund "huge bonuses" for soldiers being recruited as Russia expends manpower in a war of attrition. The proposed sanctions, including 100% tariff on countries purchasing Russian oil, will "start to bite"... "If that happens—and if Russian oligarchs start seeing the effects, especially with Russian sovereign assets largely held in Belgium—Putin will start feeling the pressure not just from within his military, but also from the oligarchs and internally," Kellogg said. He gaged the current level of sanctions as moderate, rating them at about "six out of ten" while admitting that enforcement remains weak, which he put at a "three out of ten." Kellog called for strengthening enforcement if Washington hopes to make the sanctions more effective. Meanwhile, the Kremlin has shrugged off these new threats and Trump's revised timeline, which is clearly aimed at drastically ratcheting the pressure on Moscow.

Oil Spill Reported in Andijan Region Canal — An oil spill occurred in the canal of the village of Raish in the Bulakbashi district of Andijan region, sparking a wide public response after footage from the site quickly spread on social media. According to the Andijan Regional Ecology Department, the incident was caused by an accident at an oil processing facility. On 29 July, specialists from the department, together with representatives of other relevant organizations, conducted an inspection and confirmed that the accident had taken place at a Sanoat Energetika Guruhi (Saneg) site during oil processing operations. “The incident has been fully contained. Documentation has been filed for a formal inspection of Sanoat Energetika Guruhi in accordance with established procedures,” the official statement read. Authorities said additional information on the environmental impact and remedial measures will be provided following the inspection. Sanoat Energetika Guruhi (Saneg, SEG) is Uzbekistan’s largest private oil and gas company, holding subsoil use rights for 103 oil and gas fields previously managed by Uzbekneftegaz. The company accounts for around 80 percent of the country’s oil production. Saneg is part of the Enera Group, whose assets include the Samarkand Tourist Center, the Humo Arena ice complex, Samarkand International Airport operator Air Marakanda, transport and logistics company TEG Central Asia, renewable energy developer Tepelen Group, Jizzax Organic agro-industrial complex, Samarkand International University of Technology (SIUT), logistics company ADL-Ulanish, and IT company OsiyoTech.

Chevron Nigeria Debunks Oil Spill Claims In Ondo State, Reaffirms Environmental Commitment - Reaffirms Environmental Commitment Chevron Nigeria Limited (CNL), operator of the joint venture with the Nigerian National Petroleum Company Limited (NNPCL), has addressed recent media reports alleging an oil spill at its Berth Offshore Platform (BOP) located in the western operations area of Ondo State. In a firm response, CNL clarified that there is no ongoing oil spill at the BOP facility and described the allegations as unfounded. “CNL confirms that the allegation of oil spill in CNL’s BOP in Ondo State is not true,” the company stated. The organization emphasized its dedication to environmental protection, adding that its operations are carried out with strict adherence to regulatory guidelines and with respect for local communities and ecosystems. Furthermore, CNL reiterated its long-standing commitment to the socio-economic development and empowerment of communities neighboring its operations. This includes ongoing investments in people, infrastructure, and community programs aimed at fostering growth and sustainability. CNL continues to operate with integrity, ensuring safety, environmental stewardship, and community partnership remain central to its business practices.

Oman: EA dealing with oil spill in Salalah, Dhofar Governorate -The Environment Authority (EA), is dealing with an oil spill on a beach in Salalah, Dhofar Governorate. The Environment Authority received reports of an oil spill on a beach in Salalah, Dhofar Governorate. Subsequently, the Authority began field surveys of the affected areas, in preparation for cleanup operations in coordination with relevant authorities. "The Authority confirms that it is closely monitoring the situation in cooperation with the relevant authorities to complete verification procedures for the source of this oil and take the necessary environmental and regulatory measures in this regard," a statement said.8:19 AM

ADNOC Drilling reports strong H1 2025 results with $692 million net profit -- ADNOC Drilling Company has announced record-breaking financial results for the second quarter and first half of 2025, driven by fleet expansion, strong rig utilization, and robust growth in oilfield services (OFS). The company also reaffirmed its commitment to shareholder returns and continued regional expansion. In the first half of 2025, ADNOC Drilling reported revenue of $2.37 billion, up 30 percent year-on-year, while EBITDA reached $1.08 billion, marking a 19 percent increase. Net profit rose 21 percent to $692 million, as the company delivered solid performance across all segments and maintained strong profitability. In the second quarter of 2025, ADNOC Drilling’s board of directors approved a $217 million second quarterly dividend (approximately 5 fils per share), reinforcing the company’s progressive dividend policy. In the first half of 2025, ADNOC Drilling reported revenue of $2.37 billion, up 30 percent year-on-year Read: ADNOC’s 24.9 percent shareholding in OMV to be acquired by XRG The dividend will be paid in the second half of August to shareholders of record as of August 8, 2025. With two dividends declared so far this year and a third expected later in 2025, ADNOC Drilling continues to deliver reliable and growing returns to shareholders. Abdulla Ateya Al Messabi, ADNOC Drilling CEO, said: “Our record first half 2025 results once again demonstrate the strength, resilience, and scalability of ADNOC Drilling. We continue to deliver outstanding financial performance, dependable shareholder returns and disciplined regional expansion, all underpinned by our commitment to deploying AI and advanced technologies. “With this momentum, we are firmly on track to achieving our full-year growth targets. ADNOC Drilling has consistently demonstrated its ability to grow in any phase of the energy cycle. With high and visible cash flows, growing earnings and strong visibility of future returns, we remain confident in our ability to continue delivering long-term value to our shareholders.” adnoc drilling In the second quarter of 2025, ADNOC Drilling’s board of directors approved a $217 million second quarterly dividend

Kazakhstan Eyes Increased Oil Exports via BTC Pipeline - Kazakhstan and Turkey discussed a potential increase of Kazakh oil exports via the Baku-Tbilisi-Ceyhan (BTC) oil pipeline to Turkey during the visit of Kazakhstan’s President Kassym-Jomart Tokayev to Ankara. Tokayev and his Turkish counterpart Recep Tayyip Erdogan discussed increased cooperation in the energy sector, including higher Kazakh oil exports via the BTC pipeline, the office of the Kazakh president said. Kazakhstan raised its oil exports via BTC by 12% to about 785,000 tons, or about 34,000 barrels per day (bpd), in the first half of the year. “We discussed the potential of higher exports and welcome Turkiye Petroleum’s intent to work on the Kazakh market,” Tokayev said. “We are also interested in working with Turkish companies and using their competence in diversifying energy sources and power plant construction,” the president added. Turkey, for its part, is boosting domestic natural gas production in its Black Sea waters and is looking to expand its international partnerships in oil and gas exploration in Bulgaria’s Black Sea, in the Caspian Sea region, and in Iraq. For landlocked Kazakhstan, raising oil exports via the BTC pipeline to Turkey’s Mediterranean port of Ceyhan would lead to higher volumes, circumventing the biggest export route out of the country—pipelines to Russia’s ports on the Black Sea and the Baltic Sea. The Russian Black Sea ports are Kazakhstan’s main crude oil export outlet, handling more than half of all its exports. Kazakhstan’s crude flows are not subject to Western sanctions despite the fact that they use Russian port infrastructure. The Caspian Pipeline Consortium (CPC) operates the pipeline that transports oil from northwest Kazakhstan to Russia’s Black Sea port of Novorossiysk, a key hub for Kazakhstan’s oil exports. The port of Novorossiysk handles most of Kazakhstan’s crude exports from giant oilfields in Kazakhstan operated by international oil firms, including U.S. supermajor Chevron.

OPEC+ to hike petrol output to 548 000 bpd in August - Saudi Arabia, Russia and six other key members of the OPEC+ alliance on Saturday said they would further increase oil output in August to 548 000 barrels per day. Analysts had expected the alliance to decide on another output increase of 411 000 bpd -- the same target approved for May, June and July. The group said in a statement that "a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories" led to the decision to further hike output. Jorge Leon of Rystad Energy told AFP that "OPEC+ keeps surprising the market - this latest hike was even larger than expected and sends a clear message, for anyone still in doubt: the group is firmly shifting toward a market share strategy. "Two big questions now hang over the market: First, once the full 2.2 million barrels per day of voluntary cuts are unwound, will OPEC+ target the next tier of 1.66 million barrels? And second, is there enough demand to absorb it? "With prices holding comfortably above $60 and a turbulent geopolitical backdrop - especially given the fragile ceasefire in the Middle East, and broader risks in Ukraine and Libya - the answer to both questions might well be 'yes'." UBS analyst Giovanni Staunovo said that "effectively Kazakhstan and Iraq still overproducing their higher quotas is a factor supporting the cut unwind decision" on Saturday. The meeting comes after a 12-day conflict between Iran and Israel, which briefly sent prices above $80 a barrel amid concerns over a possible closing of the strategic Strait of Hormuz, a chokepoint for about one-fifth of the world's oil supply. The wider OPEC+ group - comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies - began output cuts in 2022 in a bid to prop up prices. But in a policy shift, eight alliance members spearheaded by Saudi Arabia surprised markets by announcing they would significantly raise production from May, sending oil prices plummeting. Oil prices have been hovering around a low $65-$70 (R1 232) per barrel.

Global Oil Prices Rise Amid Trade Optimism and Supply Uncertainty --Oil prices rose on Monday following signs of easing global trade tensions, as the United States reached a trade agreement with the European Union and talks progressed toward extending tariff suspensions with China. These developments helped ease fears that escalating trade disputes could hurt global economic activity and reduce fuel demand. By 03:36 GMT, Brent crude futures had increased by 20 cents (0.29%) to $68.64 per barrel, while U.S. West Texas Intermediate (WTI) rose 15 cents (0.23%) to $65.31 per barrel. Market analyst Tony Sycamore from IG noted that the U.S.–EU trade framework and potential tariff suspension with China are supporting global markets and oil prices. “With the looming risk of a prolonged trade war, calming down the August tariff deadlines has triggered a positive market response,” he said. The U.S.–EU agreement, reached Sunday, imposes 15% tariffs on most EU goods—half the threatened rate—averting a broader trade war between the two major economic powers, who collectively represent nearly one-third of global trade. This has the potential to stabilize oil demand globally. Meanwhile, U.S. and Chinese negotiators were set to meet in Stockholm on Monday, aiming to extend a trade truce ahead of the August 12 deadline that could otherwise reinstate high tariffs. Oil prices had fallen to three-week lows last Friday amid global trade uncertainty and anticipated increases in Venezuelan oil output. Venezuela’s state oil company, PDVSA, is preparing to resume operations in its joint ventures under licensing terms similar to those granted during the Biden administration. This follows expectations that former President Donald Trump, if re-elected, may reauthorize oil-for-services contracts. Despite Monday’s modest rebound, gains were limited due to speculation that OPEC+ might ease production limits further. The OPEC+ Joint Market Monitoring Committee was scheduled to meet Monday at 12:00 GMT. According to four OPEC+ delegates, it is unlikely that the eight core members will propose changes to the current plan to increase output by 548,000 barrels per day in August, although one source noted it was still too early to be certain. Analysts at ING expect OPEC+ to fully unwind the 2.2 million barrels per day of voluntary supply cuts by end of September, beginning with at least 280,000 bpd in September alone. However, there remains room for more aggressive increases as the group seeks to regain market share, particularly amid rising summer demand. JPMorgan analysts reported that global oil demand rose by 600,000 bpd in July compared to the previous year, while global inventories increased by 1.6 million bpd. In the Middle East, tensions escalated as Yemen’s Houthi movement declared on Sunday its intention to target vessels of companies dealing with Israeli ports, regardless of nationality. This marks the start of what they called the fourth phase of military operations against Israel in response to the Gaza conflict. Despite supply uncertainties, geopolitical risks, and shifting trade dynamics, oil markets remain volatile and sensitive to both macroeconomic and regional developments.

The U.S. and European Union Struck a Trade Deal on Monday - The oil market on Monday traded higher after the U.S. and the European Union struck a trade deal, removing some market uncertainty. The U.S.-EU framework trade pact sets an import tariff of 15% on most EU goods, while U.S. President Trump said the deal calls for $750 billion of EU purchases of U.S. energy in the coming years. There was also a possible extension of the U.S.-China tariff pause, with U.S. and Chinese officials meeting on Monday ahead of an August 12th deadline. The market was further supported by U.S. President Donald Trump setting a new 10-12 day deadline for Russia to end its war with Ukraine and his warning to Iran that the U.S. would order new U.S. attacks on Iran’s nuclear facilities if Iran attempted to restart facilities that the U.S. bombed last month. The crude market posted a low of $65.05 on the opening before it began to retrace Friday’s losses. The market breached its previous high of $66.74 as it rallied to a high of $67.06 amid the supportive news. However, the market erased some of its gains and settled in a sideways trading range during the remainder of the session. The September WTI contract settled up $1.55 at $66.71 and the September Brent contract settled up $1.55 at $70.04. The product markets ended the session in positive territory, with the heating oil market settling up 2.04 cents at $2.4266 and the RB market settling up 3.82 cents at $2.1352. U.S. President Donald Trump said he was setting a new 10 or 12-day deadline for Russia over its war in Ukraine, underscoring his frustration with Russian President Vladimir Putin for prolonging fighting between the two sides. During a meeting with British Prime Minister Keir Starmer, President Trump said he was disappointed in Putin and indicated he was not interested in more talks with Russia’s President. President Trump previously threatened new sanctions on Russia and buyers of its exports unless an agreement is reached by early September.U.S. President Donald Trump warned that he would order new U.S. attacks on Iran’s nuclear facilities should Tehran try to restart facilities that the United States bombed last month. Iran, which denies seeking to develop a nuclear weapon, has insisted it will not give up domestic uranium enrichment despite the bombings of three nuclear sites. President Trump told reporters that Iran has been sending out “nasty signals” and any effort to restart its nuclear program will be immediately quashed.On Monday, an OPEC+ panel stressed the need for full compliance with oil production agreements, ahead of Sunday’s separate gathering of eight OPEC+ members to decide on increasing oil output for September. Ministers from the Joint Ministerial Monitoring Committee convened online for brief talks. The JMMC asked countries thatare not fully compliant to submit updated compensation plans by August 18th. The eight countries will hold a separate meeting on August 3rd and remain likely to agree to a further 548,000 bpd increase for September. The next JMMC meeting is scheduled for October 1st.IIR Energy said U.S. oil refiners are expected to shut in about 171,000 bpd of capacity in the week ending August 1st, unchanged from the previous week. Offline capacity is expected to remain at the same level in the week ending August 8th.

Oil rises 2% on US-EU trade deal, Trump's shorter deadline for Russia (Reuters) - Oil prices rose 2% on Monday after a trade deal between the U.S. and the European Union, and U.S. President Donald Trump's announcement that he would shorten the deadline for Russia to end its war in Ukraine or face sanctions. Brent crude futures were up $1.60, or 2.3%, at $70.04 a barrel. U.S. West Texas Intermediate crude rose $1.55, or 2.4%, to $66.71. Brent touched its highest price in 10 days after Trump said he was reducing the 50-day deadline he gave Russia over its war in Ukraine to 10-12 days. The deal between the U.S. and EU and a possible extension of the U.S.-China tariff pause are also supporting global financial markets and oil prices, said Tony Sycamore, a market analyst at IG. The framework trade pact with the EU announced on Sunday sets a 15% U.S. import tariff on most EU goods. Trump also said the deal called for $750 billion of EU purchases of U.S. energy in the coming years. "Europe is going to have to give up a big percentage of everything they’re getting from Russia," "Not only does it (the trade pact) give U.S. producers a huge boost with this commitment, it also puts more pressure on (Russian President Vladimir) Putin to come to the table." Senior U.S. and Chinese officials are meeting in Stockholm on Monday to try to extend their tariff truce before an August 12 deadline. The U.S.-EU deal removed another layer of uncertainty and the focus seems to be shifting back towards fundamentals, said Tamas Varga, an analyst at PVM, adding that a strong dollar and falling Indian oil imports have weighed on crude prices. On the supply side, an OPEC+ panel on Monday stressed the need for full compliance with oil production agreements, ahead of Sunday's separate gathering of eight OPEC+ members to decide on increasing oil output for September. ING expects OPEC+, the group that includes the Organization of the Petroleum Exporting Countries and allies such as Russia, to at least complete the full return of 2.2 million barrels per day of additional voluntary supply cuts by the end of September.

Oil Prices Steady Amid Economic Uncertainty and Anticipation of U.S. Interest Rate Decision - Oil prices held steady on Tuesday as markets remained cautious about global economic prospects following a trade agreement between the United States and the European Union, while investors awaited the upcoming decision from the U.S. Federal Reserve on interest rates. Brent crude futures rose by one cent, reaching $70.05 per barrel at 06:10 GMT, while West Texas Intermediate (WTI) crude edged down two cents to $66.69 per barrel. Both benchmarks had closed the previous session up by more than 2%, with Brent reaching a recent high. Although the trade deal between Washington and Brussels includes a 15% tariff on most European goods, it helped avert a full-blown trade war that could have endangered a third of global trade and weakened fuel demand. The agreement also outlines a commitment by the EU to purchase $750 billion worth of U.S. energy over the coming years—a target analysts describe as nearly impossible—in addition to $600 billion in European investments in the U.S. during President Donald Trump’s second term. According to an analytical note from ANZ Bank, “While the agreement provided relief to global markets amid persistent uncertainty, the timeline for implementing the investment commitments remains vague. We believe the 15% tariff will challenge eurozone economic growth but is unlikely to trigger a recession.” Meanwhile, senior economic officials from the U.S. and China met in Stockholm on Monday for more than five hours of discussions aimed at resolving ongoing economic disputes, with talks expected to resume on Tuesday. Oil market participants are also closely watching the Federal Open Market Committee (FOMC) meeting on July 29–30, amid expectations that interest rates will remain unchanged. However, analysts suggest the Fed may adopt a more dovish tone due to declining inflation indicators, according to Priyanka Sachdeva, market analyst at Phillip Nova. Sachdeva added, “Momentum is skewed toward the upside in the short term, but the market remains vulnerable to volatility from surprise central bank moves or failed trade negotiations.” In another development, companies involved in global green hydrogen projects have begun canceling or scaling back investments, signaling that reliance on fossil fuels may persist longer than globally anticipated. Additionally, U.S. President Donald Trump on Monday gave Russia a new deadline of ‘10 to 12 days’ to make progress in ending the war in Ukraine, threatening new sanctions on Moscow and on countries that continue buying Russian exports if no progress is made, according to Reuters.

The Market Reacts to the U.S. and European Union Signing a Trade Framework -- The oil market on Tuesday rallied sharply higher after the U.S. Treasury Secretary said China could see high tariffs if it continues to buy Russian oil. The market posted a low of $66.53 in overnight trading before it continued to trend higher as concerns over a trade war between the U.S. and its trading partners was abating after the U.S. and European Union signed a trade framework on Sunday. The market was further supported as U.S. President Donald Trump increased pressure on Russia to end the war in Ukraine. President Trump said he would begin imposing tariffs and other measures on Russia in ten days if Russia did not make progress in ending the war in Ukraine. The market extended its gains to over $2.70 and retraced more than 50% of its move from a high of $75.95 to a low of $62.84 as it rallied to a high of $69.76 on the news of U.S. Treasury Secretary’s warning to China. The September WTI contract settled up $2.50 to $69.21 and the September Brent contract settled up $2.47 at $72.51. The product markets ended the session higher, with the heating oil market settling up 3.72 cents at $2.4638 and the RB market settling up 8.32 cents at $2.2184. U.S. President Donald Trump said that he was not seeking a summit with Chinese President Xi Jinping, but added that he may visit China at Xi’s invitation, which President Trump said had been extended. China’s top trade negotiator, Li Chenggang, said China and the United States will push for the continued pause of U.S. reciprocal tariffs on Chinese goods as well as China’s countermeasures. He said during their negotiations on Monday and Tuesday, the two sides reviewed the consensus reached in previous rounds of trade talks in Geneva and London. He said the two sides will continue to maintain communication and have “timely exchanges” on trade and economic issues. U.S. Commerce Secretary, Howard Lutnick, said U.S. President Donald Trump will make his trade deal decisions this week even as separate negotiations with China and the European Union continue, ahead of President Trump’s August 1st deadline. Kuwait’s Oil Minister, Tariq Suleiman Al-Roumi, said he was optimistic about the oil market’s fundamentals and that OPEC+ efforts aim for market balance. The Environmental Protection Agency will rescind the long-standing finding that greenhouse gas emissions endanger human health, as well as tailpipe emission standards for vehicles. The American Fuel and Petrochemical Manufacturers criticized the Trump administration’s biofuel policies in a letter to top Republican lawmakers. The letter also reflects a growing divide between U.S. oil producers and refiners, an alliance that has fractured in recent years over biofuels policy. The letter said current energy policies will negatively affect U.S. oil refiners, consumers and President Donald Trump’s “energy dominance agenda.” The letter said the EPA’s recent proposal to increase the amount of biofuels that oil refiners must blend into their fuel mix will put compliance costs around the federal rule near $70 billion. A new section in the proposal that reduces the value of imported biofuel feedstocks also will raise compliance costs. The letter also criticized the EPA’s handling of waivers for small refiners that exempt them from the biofuel blending obligations; the EPA’s decision to allow temporary nationwide summertime sales of gasoline with a higher ethanol content; and tariffs on imported renewable feedstocks.

Oil prices rally on US pressure on Russia, trade deal optimism - Oil prices gained more than 3% on Tuesday as President Donald Trump ramped up pressure on Russia over its war in Ukraine and on optimism that a trade war between the U.S. and its major trading partners was abating. Brent crude futures settled $2.47, or 3.53%, higher at $72.51 a barrel while U.S. West Texas Intermediate crude gained $2.50, or 3.75%, to settle at $69.21. Both contracts settled at their highest since June 20. On Tuesday, Trump said he would start imposing tariffs and other measures on Russia "10 days from today" if Moscow did not make progress toward ending the war in Ukraine. "We've amped it up. We have a hard deadline of 10 days," "And there's a suggestion that other countries are going to join us." Also on Tuesday, U.S. Treasury Secretary Scott Bessent said he had told Chinese officials that, given U.S. secondary tariff legislation on sanctioned Russian oil, China could face high tariffs if Beijing continued its Russian oil purchases. Bessent was speaking after two days of bilateral talks aimed at resolving longstanding economic disputes and stepping back from an escalating trade war between the world's two biggest economies. Also supporting oil prices, the trade agreement between the U.S. and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand. "There is definitely some optimism around the trade deals," "It's not perfect, especially for the Europeans, but it is better than it could have been by a long shot." The agreement also calls for $750 billion of EU purchases of U.S. energy over the next three years, which analysts say the bloc has virtually no chance of meeting, while European companies are to invest $600 billion in the U.S. over Trump's term. Market participants also await the outcome of the U.S. Federal Reserve policy meeting on Tuesday and Wednesday. The Fed is widely expected to hold rates steady but could signal a dovish tilt due to signs of cooling inflation

Oil Prices Remain Elevated as Traders Brace for Volatile Week | OilPrice.com --Oil prices held onto recent gains in early Asian trading on Wednesday, buoyed by a complex mix of geopolitical risks, tightening trade policies, and anticipation surrounding the U.S. Federal Reserve’s upcoming interest rate decision. After surging more than 3% on Tuesday, both major crude benchmarks saw modest gains in early Asian trade. At the time of writing, WTI crude was up slightly at $69.24 per barrel, while Brent crude also edged higher to $72.66 per barrel, marking their highest levels since June 22. The Tuesday rally was largely triggered by mounting pressure from the United States on Moscow to end the war in Ukraine, with former President Donald Trump issuing a shortened 10-12 day ultimatum for Russia to show meaningful progress or face new secondary sanctions. These measures would include 100% tariffs on trading partners continuing to import Russian oil, a move that ING analysts said “would lead to a dramatic shift in the oil market.” Such tariffs are expected to deter major importers like China and India. While China would be more likely to resist U.S. pressure, India has signaled its willingness to comply, potentially putting as much as 2.3 million barrels per day of Russian exports at risk. Simultaneously, the United States and European Union managed to avert a full-blown trade war with a deal that introduced 15% U.S. tariffs on certain EU imports, relieving some concerns over global economic growth and offering oil prices additional support. Meanwhile, in Venezuela, foreign oil partners are still waiting on U.S. approvals to resume sanctioned operations—a potential wildcard for global supply dynamics if those barrels re-enter the market. The latest American Petroleum Institute (API) data also cast a shadow over the recent rally. According to the API, U.S. crude inventories unexpectedly rose by 1.5 million barrels in the week ending July 25, against expectations for a 2.5 million-barrel draw. This surprise build suggests demand softness or refining bottlenecks in the world’s largest fuel consumer. The market now awaits official inventory data from the U.S. Energy Information Administration, due later today, for confirmation. Oil traders remain cautious ahead of the Federal Reserve’s interest rate decision later on Wednesday. While the Fed is widely expected to hold rates steady, the accompanying statement and economic projections could influence market sentiment and the U.S. dollar—an important factor for oil prices. A stronger dollar, which gained ahead of the Fed decision, tends to put downward pressure on crude by making it more expensive for foreign buyers. Other economic data due this week includes nonfarm payrolls on Friday, China’s PMI numbers on Thursday, and the Bank of Japan’s interest rate decision, all of which could influence global energy demand projections. Oil prices are set for another volatile week with geopolitical and economic catalysts sure to shift sentiment several times in the coming days.

WTI Dips After Biggest Crude Build In 6 Months - Oil prices were steady early on Wednesday, rising for a third session even as API reported an unexpected rise in US crude inventories.Oil prices have been supported by U.S. threats to impose secondary sanctions of buyers of Russian oil after U.S. President Donald Trump this week cut his deadline for Russia to reach a ceasefire in its war on Ukraine from 50 days to 10 to 12 days."Displaying frustration with the lack of tangible progress in peace talks between Russia and Ukraine, the US President has shortened his ultimatum for the aggressor from 50 days to 10-12. The prevailing assumption is that, after this period, new sanctions, including measures targeting Russia's energy sector, will be introduced ... The geopolitical risk surrounding key oil-producing regions has therefore risen," PVM Oil Associates noted.Still, the geopolitical risk is countered by rising supply. With Western hemisphere production also increasing, OPEC+ is returning 2.2-million barrels per day of production cuts to market in monthly tranches that began in May, with the full return expected to be complete in September.The question for traders this morning is simple - will the official data confirm API? API:

• Crude +1.54mm (-2.5mm exp)
• Cushing
• Gasoline -1.74mm
• Distillates +4.18mm

DOE:

• Crude +7.698mm - biggest build since January
• Cushing +690k - biggest build since March
• Gasoline -2.724mm
• Distillates +3.635mm

Against expectations of a small drawdown, the official data showed a large build in crude stocks last week (the biggest since January and far bigger than the API-reported level). Cushing stocks rose for the fourth week in a row while gasoline inventories fell for the third week in a row...Graphs Source: Bloomberg. The Trump admin added 238k barrels to the SPR last week (after two weeks of drawdowns), adding to the largest rise in commercial crude stocks since January.Despite the ongoing plunge in the rig count, US crude production remains near record highs...WTI Crude was largely unmoved by the DOE data coming slightly off the highs of the day...

Oil rises over 1% as investors weigh Trump's Russia stance, tariff threats (Reuters) - Oil prices settled 1% higher on Wednesday as investors focused on developments on U.S. President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil. The Brent crude September contract, which was set to expire on Thursday, closed 73 cents, 1.01%, higher at $73.24. U.S. West Texas Intermediate crude was up 79 cents, or 1.14%, at $70, with investors largely shrugging off mixed U.S. data on crude and fuel inventories. Both contracts had fallen nearly 1% earlier in the day. The more active Brent October contract settled 79 cents, or 1.1% higher, at $72.47. On Tuesday, Trump said he would start imposing measures on Russia, such as secondary tariffs of 100% on trading partners, if it did not make progress on ending the war in Ukraine within 10 to 12 days, moving up from an earlier 50-day deadline. He imposed a 25% tariff on goods imported from India starting August 1, along with an unspecified penalty for buying Russian weapons and oil. The U.S. also warned China, the largest buyer of Russian oil, that it could face huge tariffs if it kept buying. JP Morgan analysts wrote that while China was unlikely to comply with U.S. sanctions, India has signaled it would do so, which could affect 2.3 million barrels per day (bpd) of Russian oil exports. "Traders seem more focused on the tariffs (related to Russia) and the compliance by India is being taken as a positive towards crude prices," Meanwhile, U.S. crude inventories rose by 7.7 million barrels, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel draw.[EIA/S] U.S. gasoline stocks fell by 2.7 million barrels, exceeding expectations for a 600,000-barrel draw. Distillate stockpiles, which include diesel and heating oil, rose by 3.6 million barrels, higher than forecasts for a 300,000-barrel build. U.S. economic growth also rebounded more than expected in the second quarter, but that measurement grossly overstated the economy's health as declining imports accounted for the bulk of the improvement and domestic demand increased at its slowest pace in 2-1/2 years. The Federal Reserve held interest rates steady in a split decision that gave little indication of when borrowing costs might be lowered. Fed Chairman Jerome Powell also added it was too soon to say whether the central bank will cut its interest rate target in September, as financial markets expect.

Oil Prices Surge As Trump Warns India Over Russian Crude Imports -Oil prices surged to a six-week high after former U.S. President Donald Trump threatened punitive trade measures against India for continuing to import crude oil and military equipment from Russia. In a post on his Truth Social platform, Trump announced that his administration would impose 25% tariffs on Indian imports, along with an unspecified penalty for India’s continued dealings with Moscow. He accused India of undermining global efforts to isolate Russia over its ongoing war in Ukraine and criticized the country’s high tariff regime. “India is a friend, but its tariffs are far too high—among the highest in the world,” Trump wrote. “They’re buying oil and weapons from Russia when everyone wants Russia to STOP THE KILLING IN UKRAINE.” Trump said the measures would take effect from August 1, aligning with the U.S. deadline for concluding a new bilateral trade deal. In 2024, the United States recorded a $45.8 billion trade deficit with India. In response, the Indian government reiterated its commitment to finalizing a “fair, balanced, and mutually beneficial bilateral trade agreement.” The geopolitical tension pushed Brent crude to trade near $73 per barrel, up nearly 7% this week, while West Texas Intermediate (WTI) hovered just below $70. Meanwhile, data from the U.S. Energy Information Administration (EIA) on Wednesday showed a surprise build-up in commercial crude inventories, which rose by 7.7 million barrels to 426.7 million barrels in the week ending July 25. Analysts had expected a drawdown of about 2.3 million barrels. The EIA also reported:

• Strategic Petroleum Reserves rose by 200,000 barrels to 402.7 million barrels.
• Gasoline inventories declined by 2.7 million barrels to228.4 million barrels.
• U.S. crude oil production increased by 41,000 barrels per day (bpd) to 13.31 million bpd.
• Crude imports rose by 159,000 bpd to 6.14 million bpd.
• Exports dropped by 1.16 million bpd to 2.7 million bpd.

According to the EIA’s latest Short-Term Energy Outlook, U.S. crude oil output is projected to average 13.37 million bpd in 2025.The combination of geopolitical risk and shifting fundamentals in the U.S. oil market is likely to keep prices volatile in the near term, analysts said.

Oil Dips on Inflation, Geopolitical Jitters -- Oil fell as broader markets weakened on worse-than-expected US inflation data and crude traders cashed out after prices reached a six-week high. While West Texas Intermediate slipped 1.1% on Thursday to settle below $70 a barrel, snapping a three day rally, prices are largely still range-bound as traders await clearer signals on balances for supply and demand. “Investors are just being cautious not to overextend the rally until we have more clarity on: one OPEC, two Russia — through the weekend,” as well as the looming Aug. 1 US tariff deadline, said Frank Monkam, head of macro trading at Buffalo Bayou Commodities. US President Donald Trump said he would impose a tariff on India’s exports and a penalty for its energy purchases from Russia from Aug. 1, the latest in a series of comments in which he expressed his anger at the lack of ceasefire in Ukraine. While the market impact of disrupting Indian purchases could be significant, as Moscow would have to find new buyers if it loses one of its largest customers, the relatively muted price movements offer a sign that there’s little expectation Trump will follow through for now. It’s the latest sign of an oil market that increasingly only reacts when there is a meaningful disruption to supply. While Trump has repeatedly threatened steps that might hurt output in producer nations from Venezuela to Iran and Russia since taking office, there’s so far not been a substantial hit to global supply, even when the US bombed Iran’s nuclear facilities. India’s refiners are seeking clarity from the government in New Delhi. A senior executive at a major processor said his company would try and source more crude from the Middle East and Africa, while also looking to the government for guidance on how it should proceed. “Finding a replacement of Russian crude on the global market would be difficult,” Goldman Sachs analysts including Yulia Zhestkova Grigsby wrote in a report. “Although the exact details of potential economic penalties remain unclear, investors focus on the risks from a potential 100% tariff on countries that import Russian oil.” Trump’s threat came hours before the US issued its most sweeping Iran-related sanctions in seven years, targeting an international shipping network controlled by prominent oil trader Hossein Shamkhani, whose father is a senior adviser to Supreme Leader Ayatollah Ali Khamenei. While those designations marked the biggest escalation in measures since Trump returned to office, US officials said they don’t expect the restrictions to lead to any sustained disruption to global oil markets, noting that much of the oil sold by the network goes to China. Collectively, the measures are a reminder of the type of headline-driven volatility oil traders are currently having to grapple with. Trump has also imposed an Aug. 1 deadline for nations to settle on trade deals with the US — with South Korea and the European Union recently reaching agreements. Those risks have made it harder for some of the world’s top physical traders to make money. Shell Plc’s Chief Executive Officer Wael Sawan said on Thursday that his company had adopted a risk-off approach in crude in the previous quarter as a result of the larger swings, echoing comments from the bosses of other oil majors in recent weeks. Oil Prices WTI for September delivery fell 1.1% to settle at $69.26 a barrel. Brent for October dipped 1.1% to settle at $71.70 a barrel.

Oil prices ease as market weighs US, Mexico trade deal extension - Oil prices fell on Thursday as investors weighed the extension of an existing trade deal between the U.S. and Mexico, while a surprise build in U.S. crude stocks on Wednesday also dragged on prices. Brent crude futures declined by 71 cents, or 0.97%, to close at $72.53 a barrel. U.S. West Texas Intermediate crude for September fell 74 cents, or 1.06%, to settle at $69.26. Both benchmarks had recorded 1% gains on Wednesday. U.S. President Donald Trump said on Thursday he and Mexican President Claudia Sheinbaum had agreed to extend an existing trade deal between their two countries for 90 days and to continue talks over that period with the goal of signing a new deal. "Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum, and Copper. Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many," Trump said in a Truth Social post. News of the extension weighed on crude futures, said John Kilduff, partner at Again Capital in New York. "Overall the tariffs are negative for oil demand going forward, and this situation with Mexico kicks the can down the road," Kilduff said. U.S. crude oil inventories rose by 7.7 million barrels to 426.7 million barrels in the week ending July 25, driven by lower exports, the Energy Information Administration said on Wednesday. Analysts had expected a draw of 1.3 million barrels. Gasoline stocks fell by 2.7 million barrels to 228.4 million barrels, far exceeding forecasts for a draw of 600,000 barrels. "U.S. inventory data showed a surprise build in crude stocks, but a bigger-than-expected gasoline draw supported the view of strong driving season demand, resulting in neutral impact on the oil market," said Fujitomi Securities analyst Toshitaka Tazawa. The threat of U.S. sanctions on Russia has helped support oil prices this week. On Monday, Trump said he would start imposing measures on Russia, including 100% secondary tariffs on its trading partners, if it did not make progress on ending the war in Ukraine within 10-12 days, moving up an earlier 50-day deadline. The U.S. has also warned China, the largest buyer of Russian oil, that it could face huge tariffs if it continued its purchases. India's state refiners have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters, as Trump has warned countries not to purchase oil from Moscow. On Wednesday, the U.S. Treasury Department announced fresh sanctions on more than 115 Iran-linked individuals, entities and vessels, stepping up the Trump administration's maximum pressure campaign after bombing Iranian nuclear sites in June.

Oil ticks up amid tariff fallout, Russian supply risks --Oil prices nudged higher in Friday’s Asian session, as traders weighed the economic impact of fresh United States tariffs against heightened geopolitical risks to global crude supplies. By 3:15 pm AEST (5:15 am GMT), Brent crude futures were up 20 cents, or 0.3%, at $71.90 per barrel. U.S. West Texas Intermediate (WTI) crude gained 18 cents, or 0.3%, to trade at $69.44. The modest rebound followed a decline of around 1% on Thursday as markets absorbed the potential demand implications of sweeping new U.S. tariffs. Despite the day’s muted move, Brent is on track for a weekly gain of 4.9%, while WTI is set to rise 6.4%. The gains follow U.S. President Donald Trump’s threat earlier in the week to impose tariffs on countries purchasing Russian crude - particularly targeting major importers China and India - in a bid to pressure Moscow over its ongoing war in Ukraine. However, by Friday, investor focus had shifted to Trump’s executive order introducing a wide range of new tariffs, ranging from 10% to 41%, on imports from dozens of countries, including Canada, India, and Taiwan. The measures are set to take effect from 1 August after those trading partners failed to reach new agreements with Washington. In a client note, ANZ analysts said: “The market is cautious heading into the weekend’s OPEC meeting. Ever since OPEC announced it would aggressively unwind voluntary production cuts, expectations of a slump in prices have been building. "Instead, OPEC’s move has been timed perfectly to match with a seasonal bounce in demand.” There are also signs that the existing U.S. tariffs are beginning to affect inflationary pressures. Data released Thursday showed that U.S. personal consumption expenditures price rose slightly in June compared to the previous month, with tariffs driving up prices on imported items such as household furniture and recreational products. The inflationary uptick has reinforced views that the Federal Reserve may now delay interest rate cuts until at least October. Persistently high interest rates could weigh on oil demand by slowing economic growth and raising borrowing costs. Nonetheless, concerns over potential supply disruptions remain a counterweight. The Trump administration’s renewed threat of imposing 100% secondary tariffs on buyers of Russian crude has added support to oil prices, amid fears it could reduce flows and tighten global supply.

Oil Futures Dip on Tariff War and Unemployment Data- Oil futures dropped Friday morning following punitive tariffs imposed by the United States on nations that had not reached an agreement with the Trump administration by the deadline set for today. The bearish sentiment was also supported by a slight increase in unemployment in July. The front-month NYMEX WTI futures contract dropped by $0.79 to $68.47 bbl, while the September ICE Brent futures contract decreased by $0.88 to $70.82 bbl. The August RBOB futures contract fell by $0.0400 to $2.1339 gallon, while the ULSD futures contract for August delivery dropped by $0.0518 to $2.3441 gallon. The U.S. dollar rose by 1.048 points to 98.695 against a basket of foreign currencies. After a 90-day pause announced in April, the United States has imposed additional tariffs ranging from 30% to 50% on several nations -- including India, Brazil and Canada, among others. Deals with Mexico and China remain pending. The escalation of a trade war is expected to affect global economic growth and add inflationary pressure to the U.S. economy. This morning, the Bureau of Labor Statistics reported that nonfarm employment growth in the United States in July rose by 73,000, below market expectations for job gains around 150,000, and reflecting ongoing softness in labor demand since April. The U.S. unemployment rate was unchanged at 4.2% in July, holding in a 4.0% to 4.2% range since May 2024. The labor force participation rate at 62.2% and the employment-population ratio at 59.6% were both little changed last month. Separately, starting today, OPEC+ countries -- including Saudi Arabia, Iraq, Kuwait, Russia, the UAE, Algeria, Oman and Kazakhstan -- are expected to increase their crude output by 548,000 bpd starting today, in addition to their 411,000-bpd output increase set in July. These actions are expected to put additional downward pressure on oil future price.

Oil falls $2 a barrel on worries about OPEC+ supply, US jobs data (Reuters) - Oil prices fell $2 a barrel on Friday because of jitters about a possible increase in production by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand. Brent crude futures settled at $69.67 a barrel, down $2.03, or 2.83%. U.S. West Texas Intermediate crude finished at $67.33 a barrel, down $1.93, or 2.79%. Brent finished the week with a gain near 6%, while WTI rose 6.29%. Three people familiar with discussions among OPEC members and allied producers said the group may reach an agreement as early as Sunday to boost production by 548,000 barrels per day in September. A fourth source familiar with OPEC+ talks said discussions on volume were ongoing and the hike could be smaller. The U.S. Labor Department said the country added 73,000 jobs in July, lower than economists had forecast, raising the national unemployment rate to 4.2% from 4.1%. "We can blame U.S. President Donald Trump with the tariffs or we can blame the Federal Reserve for not raising interest rates," s "It looks like the Fed misjudged their decision on Wednesday." On Wednesday, the Fed voted to keep interest rates unchanged, drawing criticism from Trump and a chorus of Republican legislators. Oil traders have focused for much of the week on the potential impact of U.S. tariffs, with tariff rates on U.S. trading partners largely set to take effect from next Friday. Trump signed an executive order on Thursday imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign territories that failed to reach trade deals by his Aug. 1 deadline, including Canada, India and Taiwan. Partners that managed to secure trade agreements include the European Union, South Korea, Japan and Great Britain. "We think the resolution of trade deals to the satisfaction of the market – more or less, barring a few exceptions – has been the key driver for oil price bullishness in recent days," . Prices were also supported this week by Trump's threats to impose 100% secondary tariffs on Russian crude buyers as he seeks to pressure Russia into halting its war in Ukraine. This has stoked concern over potential disruption to oil trade flows and the removal of some oil from the market. On Thursday, JP Morgan analysts said Trump's threatened penalties on China and India over their purchases of Russian oil potentially put 2.75 million barrels per day (bpd) of Russian seaborne oil exports at risk. China and India are the world's second and third-largest crude consumers respectively.

US LNG Producers Soar as EU Agrees to $250 Billion in Annual Purchases --Shares of U.S. liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade, Venture Global, and Cheniere Energy jumped between 7% and 8.8%, with the deal bolstering the prospects for American LNG exporters as they expand to meet growing demand for cleaner-burning fuels. The EU, seeking to phase out its dependence on Russian gas, committed to buying $250 billion annually in U.S. LNG as part of the framework trade agreement unveiled on Sunday. The U.S. became the world’s biggest LNG supplier in 2023, surpassing Australia and Qatar, as surging global prices fed demand for more exports, due in part to supply disruptions and sanctions linked to Russia’s 2022 invasion of Ukraine. The agreement imposes a 15% U.S. import tariff on most EU goods, a softer blow than markets had feared. “Terms of the EU-U.S. trade deal were at the forefront, with the 15% tariff level better than feared (30% was mooted previously),” said Ashley Kelty, an analyst at Panmure Liberum. GLJ “This should see less of a drag on industrial activity between the two.” Still, Kelty noted the deal could weigh on gas prices. “The demand for the EU to buy more U.S. energy will see more U.S. LNG imports in the future,” Kelty said, signaling a potential supply glut. Shares of U.S. natural gas producers Expand Energy and EQT Corp were up 1.6% and 3%, respectively, before the bell.

Iran Deporting Millions Of Afghan Migrants After Capturing Alleged Israeli Spies -It would seem that mass deportations in the name of national security is not an issue limited to western countries. Over the past few weeks Iran has drawn the attention of the UN and a number of humanitarian NGOs after initiated a nationwide program to remove all Afghan migrants without proper legal documentation from their borders, relocating them back to Afghanistan. Nearly 1 million migrants have been deported in the past month alone according to estimates by Iranian Interior Minister Eskandar Momeni. That's around half of the 2 million Afghans currently residing in the country. Iran’s government spokeswoman Fatemeh Mohajerani stated at the beginning of the relocation effort:“We’ve always striven to be good hosts, but national security is a priority.” The deportations are a response to detrimental intelligence leaks and acts of sabotage within Iran during recent conflict with Israel. Iranian authorities report the capture of a number of Afghan refugees involved in the transportation and piloting of drones, the gathering of sensitive intelligence and the planting of bombs. They assert that migrants are easier for the Israelis to bribe.In a well-publicized case, Iranian authorities in the city of Rey arrested an Afghan university student accusing him of links to the Mossad and alleging he was caught in possession of sensitive material on bomb-making, drone mechanics and surveillance operations.State television aired reports of arrested Afghan citizens “confessing” to being Israeli agents. In one such report, broadcast on June 26, showed the questioning of several suspects, mostly Afghans, being accused of plotting to bomb a power station in southeast Tehran.It is possible that the mass deportations represent nothing more than an effort to divert blame for Iranian intelligence failures onto a convenient scapegoat. However, migrant groups have historically been easy targets for manipulation and conversion by foreign enemies and Iran's caution is a logical response. Open borders have long been used by intelligence agencies as a means to plant "sleeper agents" within nations they plan to go to war with.For example, several Iranians have been recently apprehended trying to sneak across the US border, some of them with national security ties. The Taliban government has urged Iran to stop the exodus, calling for a gradual process instead. Taliban officials say the dignity of the migrants must be respected, though, it is likely that the Afghan economy could be crippled by a surge of a million or more refugees in such a short span of time and the Taliban have limited means of humanitarian support.

Israeli Forces Kill 103 Palestinians in Gaza Over 24 Hours - Gaza’s Health Ministry said on Wednesday that Israeli forces killed 103 Palestinians and wounded 399 over the previous 24 hours as relentless US-backed Israeli attacks continue across the Strip.The Health Ministry said that another body of a Palestinian killed in a previous Israeli attack was recovered from the rubble. “A number of victims are still under the rubble and in the streets, as ambulance and civil defense crews are unable to reach them until now,” the ministry wrote on Telegram.The ministry said that the majority of the dead were killed while attempting to reach food aid. It said that it recorded the death of 60, and another 195 were wounded. Since the US-backed Gaza Humanitarian Foundation (GHF) began operating in May, the ministry has recorded the deaths of 1,239 aid seekers and the injuries of 8,152.Palestinians were killed on Wednesday while trying to reach UN aid trucks and distribution sites run by the GHF. According to The Associated Press, the al-Shifa Hospital said it received the bodies of 12 people who were killed when Israeli forces fired on a crowd awaiting aid trucks coming from the Zikim crossing in northern Gaza.

Israel kills 106 Palestinians in a day of attacks on Gaza as people starve

• Al Jazeera correspondent has described a “bloody Friday in Gaza” where Israeli attacks killed 106 people across the war-torn enclave.
• The Palestinian Red Crescent Society said 12 people were killed and 90 wounded when Israeli forces targeted civilians who had gathered to wait for aid trucks southwest of Gaza City.

Twenty More Palestinians Starve to Death in Gaza in Three Days Due to Israeli Blockade - At least 20 Palestinians have starved to death in Gaza over the past three days due to the US-backed Israeli blockade, according to daily press releases from Gaza’s Health Ministry.In its latest release on Sunday, the Health Ministry said it recorded six malnutrition deaths over the past 24 hours, including two children. The ministry said that the total number of starvation deaths has reached 133, including 37 children.Medics and experts told The Washington Post that the number of starvation deaths listed by the Health Ministry is likely a significant undercount since malnutrition is rarely listed as the primary cause of death, and that once mass hunger sets in, fatalities may rise exponentially.The starvation deaths in Gaza have led to an increase in international pressure on Israel to ease its blockade and restrictions on aid deliveries. For days, Israel, with help from the US, was claiming that it was the UN’s fault that more aid wasn’t being delivered. But on Sunday, Israel announced that it would take steps to facilitate more aid deliveries, making it clear that Israeli restrictions were the impediment.

Global Hunger Monitor Says 'Worst Case Scenario of Famine Playing Out in Gaza' -- The Integrated Food Security Phase Classification (IPC), a global hunger monitor, said in an alert on Tuesday that the “worst-case scenario of famine is currently playing out in the Gaza Strip” due to the US-backed Israeli siege on the Palestinian territory.The alert comes as Gaza’s Health Ministry has reported dozens of starvation deaths over the past week, and photos of emaciated children have increased international pressure on Israel to ease the blockade.“Mounting evidence shows that widespread starvation, malnutrition, and disease are driving a rise in hunger-related deaths. Latest data indicates that Famine thresholds have been reached for food consumption in most of the Gaza Strip and for acute malnutrition in Gaza City,” the IPC said.The IPC said that the unrestricted flow of humanitarian aid and a ceasefire were needed to prevent further catastrophe. “Immediate action must be taken to alleviate the catastrophic suffering of people in Gaza. This includes scaling up the flow of goods, restoring basic services, and ensuring safe, unimpeded access to sufficient life-saving assistance. None of this is possible unless there is a ceasefire,” the monitor said.The IPC also criticized the US and Israeli-backed Gaza Humanitarian Foundation (GHF), which established four aid distribution sites in Gaza that have turned into death traps for hungry Palestinians and have done nothing to feed people in northern Gaza.“Reaching these distribution points requires long, high-risk journeys, with unequal access across governorates. Operating on a first-come, first-served basis, the most vulnerable groups are largely unable to access this food,” the IPC said.The IPC’s alert stops short of a formal famine declaration since the group lacks access to make that determination, but independent experts say it’s clear famine is already taking place. “Just as a family physician can often diagnose a patient she’s familiar with based on visible symptoms without having to send samples to the lab and wait for results, so too we can interpret Gaza’s symptoms. This is famine,” Alex de Waal, author of “Mass Starvation: The History and Future of Famine,” told The Associated Press.

Two Israeli Human Rights Groups Say Israel Is Committing Genocide in Gaza - Two leading Israeli human rights organizations — B’Tselem and Physicians for Human Rights-Israel (PHRI) — issued reports on Monday that conclude Israel is committing the crime of genocide against the Palestinians in Gaza.The reports mark the first time Israeli rights groups have stated that Israel is conducting genocide, a conclusion that’s been reached by many other international rights organizations and genocide scholars.“An examination of Israel’s policy in the Gaza Strip and its horrific outcomes, together with statements by senior Israeli politicians and military commanders about the goals of the attack, leads to the unequivocal conclusion that Israel is taking coordinated action to intentionally destroy Palestinian society in the Gaza Strip. In other words: Israel is committing genocide against the Palestinians in the Gaza Strip,” B’Tselemsaid in its report titled “Our Genocide.”The PHRI report said the evidence shows “a deliberate and systematic dismantling of Gaza’s health and life-sustaining systems through targeted attacks on hospitals, obstruction of medical aid and evacuations, and the killing and detention of healthcare personnel.”PHRI said Israel’s action fit the criteria for genocide under international law. It said Israel is committing three “core acts” that are defined in the Genocide Convention, including “killing members of the group, causing them serious bodily or mental harm, and deliberately inflicting on them conditions of life calculated to bring about the group’s destruction in whole or in part.”B’Tselem strongly condemned Hamas’s October 7 attack on southern Israel but said it didn’t justify Israel’s genocidal assault in Gaza. “Our analysis shows how the Israeli government has cynically exploited the trauma experienced by many Israelis and used it to carry out genocide and ethnic cleansing in the Gaza Strip,” the group said. “One crime does not justify another – certainly not the mass killing of civilians or an attempt to erase and destroy an entire group.”Yuli Novak, the executive director of B’Tselem, warned that the genocide could be spread to the Palestinians in the Israeli-occupied West Bank. “The lives of all Palestinians, from the Jordan River to the Mediterranean Sea, are being treated as worthless. They can be starved, killed, displaced – and the situation keeps getting worse,” she said.

Israeli Settlers March to Gaza Border, Say the Palestinian Territory Will Be 'Ours Forever' - Hundreds of Israeli settlers marched to the Gaza border on Wednesday, calling for Jewish settlement in the Palestinian territory, a demonstration that comes amid reports that the Netanyahu government is considering annexation.According to AFP, demonstrators marching toward the border chanted “Gaza, ours forever” and declared that the “way to defeat Hamas is to take back our land.” Daniella Weiss, leader of the radical settler Nachala movement, said she had families ready to move in.“As a movement, 1,000 families — you see them today marching — we are ready to move now, as things stand, and to live in tents,” Weiss said. “We are ready with our children to move into the Gaza area right away, because we believe this is the way to bring quiet, peace, to put an end to Hamas.”Weiss was interviewed in a recently released documentary by Louis Theroux titled “The Settlers,” where she bragged about her work over the years in establishing and expanding illegal Jewish settlements in the West Bank. Weiss has been explicit that her hopes for Gaza entail the ethnic cleansing of the Palestinian population.“In less than a year, each one of you can call me and ask me if I succeeded in fulfilling my dream,” Weiss said at a “resettle Gaza” conference in October 2024. “Actually, you don’t even have to call me. You will witness how Jews go to Gaza and Arabs disappear from Gaza.”

Putin says Russia’s hypersonic missile has entered service and will be deployed in Belarus (AP) — President Vladimir Putin said Friday that Russia has started production of its newest hypersonic missiles and reaffirmed its plans to deploy them to ally Belarus later this year. Sitting alongside Belarus President Alexander Lukashenko on Valaam Island near St. Petersburg, Putin said the military already has selected deployment sites in Belarus for the Oreshnik intermediate range ballistic missile. “Preparatory work is ongoing, and most likely we will be done with it before the year’s end,” Putin said, adding that the first series of Oreshniks and their systems have been produced and entered military service. Russia first used the Oreshnik, which is Russian for “hazelnut tree,” against Ukraine in November, when it fired the experimental weapon at a factory in Dnipro that built missiles when Ukraine was part of the Soviet Union. Putin has praised the Oreshnik’s capabilities, saying its multiple warheads that plunge to a target at speeds up to Mach 10 are immune to being intercepted and are so powerful that the use of several of them in one conventional strike could be as devastating as a nuclear attack. He warned the West that Moscow could use it against Ukraine’s NATO allies who allowed Kyiv to use their longer-range missiles to strike inside Russia. Russia’s missile forces chief has declared that Oreshnik, which can carry conventional or nuclear warheads, has a range allowing it to reach all of Europe.