Brent crude futures fell 0.60% to $113.77 and WTI dropped 1.35% as markets stabilized following a volatile session sparked by military conflict in the Strait of Hormuz.
JPMorgan analysts project OECD oil inventories will reach critical operational minimums between May 9 and May 30 as the Strait of Hormuz remains closed.
JPMorgan analysts expect OECD oil inventories to hit operational minimums by late May as the Strait of Hormuz remains closed.
PacifiCorp became the first utility outside California to join CAISO’s extended day-ahead market.
Brent hit $119.94 a barrel and WTI reached $107.51 as traders priced in a longer Gulf supply outage.
The UAE said April 28 it would leave OPEC after nearly six decades, while promising any extra output would come gradually with demand.
The UAE said it will leave OPEC after nearly six decades, freeing Abu Dhabi to manage extra output outside cartel quotas.
The UAE said it would raise output beyond OPEC limits in a gradual and measured manner.
The UAE said it will leave OPEC next month, removing about 12% of the cartel’s output before the war shock.
The IEA said damage to Qatar’s LNG facilities could keep gas markets tight for 2 years and delay the next supply wave.
The Iran war and the closure of the Strait of Hormuz have reset energy markets, with about 20% of global oil and gas flows disrupted.
Brent crude fell 10% to $90 a barrel after Iran said the Strait of Hormuz was “completely open,” then rebounded 5% after an attack on an Indian tanker.