After Trump's threats to attack Iran, the price of oil in the near-term has reached a record high compared with later deliveries.
U.S. crude futures for immediate next-month delivery hit their highest-ever premium on Thursday as traders scrambled to secure barrels following Donald Trump's pledge to?continue?attacking Iran. Backwardation, or the trading of immediate delivery barrels at a higher price than barrels due to arrive in future months, indicates traders are expecting a tighter supply in the near term. WTI crude futures contracts for May were traded up to $16.70 higher per barrel than the contract for June during the session. The contract reached a session peak of $113.97 per barrel on Thursday, before settling down at $111.42. The U.S.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.
Baker Hughes, a?energy services firm?, said on Thursday that U.S. firms added to the number of oil and gas rigs operating for the first time since three weeks. The number of oil and 'gas rigs, an early indicator for future production, increased by five in the week ending April 2. Baker Hughes reported that despite this week's increase in rigs the total count is still 42 rigs or 7.1% lower than this time last year. Baker Hughes reported that oil rigs increased by two this week to 411, while gas rigs increased by three to 130. Oil and gas rig counts declined by about 7% in 2025.
Sources say that RPT-Italy will get LNG from QatarEnergy's US Golden Pass in June
Two sources with knowledge of the matter have confirmed that Italy will start receiving liquefied gas (LNG), from a facility called 'Golden Pass LNG,' in the United States. This is a joint venture between QatarEnergy, Exxon Mobil and other companies. Two sources familiar with the LNG market have said that the LNG tankers coming from the United States would help Italy fill a potential supply gap caused by disruptions in Qatar due to the U.S./Israeli war on Iran. They said that although Italy already receives LNG from the United States, these cargoes will be the first LNG to arrive from Golden Pass facilities located in Texas?to Italy's Adriatic LNG Terminal.
Sources say that Italy will get LNG from QatarEnergy's US Golden Pass in June.
Two sources with knowledge of the matter have confirmed that Italy will start receiving liquefied natural gas (LNG), from the Golden Pass LNG plant in 'the United States. This is a joint venture between QatarEnergy & Exxon Mobil. Sources with knowledge of the LNG markets said that the?LNG?tankers coming from the United States would help Italy fill a potential supply gap caused by disruptions in Qatar due to the U.S./Israeli war on Iran. The United States already supplies LNG to Italy, but this cargo would be the first LNG that comes from Golden Pass facilities located in Texas and will arrive at the Adriatic LNG terminal. LSEG, a financial firm, reported that U.S.
Carol Howle named as BP's deputy CEO to oversee portfolio reviews and strategy
Carol Howle was named BP's 'deputy CEO' on Thursday. She will oversee the company’s ongoing portfolio re-evaluation and strategy developments. Howle will return to her previous role as head for supply, trading, and shipping. She was interim chief executive until Meg O'Neill took over the top position on Wednesday. BP is undergoing a major strategic shift, after pivoting to a focus 'on oil and natural gas a year back following an ill fated foray into'renewables. It has slashed billions from renewable energy projects and pledged to sell $20?billion worth of assets by the year 2027. They have also reduced debt?and cost.
Verbio CEO: Middle East war drives demand for local biofuel
Verbio's chief executive said that the rising fuel prices are "extraordinarily advantageous" for its biofuel producer. The company is experiencing a rise in demand as countries and companies look to cut energy costs and secure supplies. Verbio, a German company, produces biomethane, bioethanol, and other renewable fuels from local organic materials such as agricultural wastes and food scraps. It is thus protected from the negative impacts of the Middle East Conflict. It has production facilities in Europe, North America, and Asia. Claus Sauter, CEO of?
As the Middle East conflict shakes markets, global companies are delaying IPOs and cutting dividends.
The Middle East conflict is affecting global financial markets. It has also affected logistics and hampered the supply of raw materials that are essential to many industries. In alphabetical order, here is a list of some of the companies that have reacted to the crisis by delaying their initial public offering or withdrawing dividend proposals. The Swedish outdoor technology firm has withdrawn its dividend proposal for SEK 1,00 ($0.11) per share and instead proposed no dividend?for 2025. The company said that geopolitical events had heightened economic uncertainty, and there were signs of a weaker demand and trading environment than expected.
India may reduce import duties and exports to ensure local supply
India's director of foreign trade announced on Thursday that it would reduce import duties or regulate exports to ensure adequate supplies at home for a number of?essential goods whose availability has been restricted due to the war in the Middle East. The conflict that began in February when the United States and Israel attacked Iran has closed the Strait of Hormuz. This is the usual route of about 20% of world oil. As a result of the conflict, energy costs and freight rates have risen and global supply chain are being put under severe strain. Director General of Foreign Trade, Lav Agarwal, said that the Indian government is looking at reducing import?duties?
Follow This activist shareholder to broaden climate campaign against BP
Follow This, a group of European investors led primarily by Follow This, urged BP to abandon plans to scrap?climate reporting commitments on Thursday and called for shareholders to vote against this move at the?oil firm's annual meeting later?this?month. Investors published an 'open letter' opposing a BP backed resolution which would rescind the two decisions taken in 2015 and 2019. These required detailed climate strategy, emissions reporting and linked climate performance with executive pay. BP must have at least 75% of shareholders support in order to cancel the commitments.
Sources say that OPEC+ is likely to increase oil production on Sunday.
Two OPEC+ source said that OPEC+ will likely consider a new oil production increase at their meeting on Sunday. This would allow key producers to 'add more barrels' if the Strait of Hormuz reopens, the world’s most important oil route which is currently closed by the U.S./Israeli war against Iran. OPEC+ decided to 'adjust' its output to 206,000 barrels a day in April at their?last meeting, held on March 1. This was after the group had kept output constant during the first quarter due to concerns about oversupply. The U.S./Israeli war against Iran also began to disrupt oil supplies from Middle East countries.
Energy ministry reports that Morocco has enough diesel to last for 51 days.
The 'energy' ministry announced on Thursday that Morocco, which is heavily dependent on imports, has enough diesel to last for 51 days or 55 days respectively, and that gas and coal supplies are?secured until the end of the month. The war in the Middle East has caused an unprecedented disruption in energy supplies, leading to record gains in crude oil prices. This is especially painful for Morocco because it has no refining capacity at home. After the U.S.-Israeli attacks on Iran, which occurred at the end?of February, tensions in the region increased. To maintain prices, the Moroccan government has reinstated diesel subsidies for taxis, trucks, and buses.
EUROPE GAS-European Gas Prices Rise as Hopes Fade on Quick End to Iran War
Standard Dutch and British wholesale prices for gas rose on Thursday morning, after U.S. president Donald Trump pledged'more aggressive strikes against Iran, without committing to any specific timeline to end the war, worrying investors who were worried about 'prolonged disruptions to global supply. The benchmark Dutch front month contract at the TTF Hub opened 6.25% higher, at 50.48 Euros per Megawatt Hour (MWh), but then trimmed gains to 3.56%, at 49.20 Euros/MWh or around $16.62/mmBtu by 0853 GMT. ICE data revealed this. Data from ICE showed that the British?April contract rose 3.57% to 124.98 pence/therm after opening?5.9% higher.
Britain's greenhouse gases emissions dropped 2% in the last year
The government's preliminary data?on Thursday showed that Britain's greenhouse gases emissions dropped?by 2 percent last year as emissions from industry fell. Britain's goal is to achieve net zero emissions in 2050. This will require an increase in renewable energy and the switch to cleaner electric cars. Department for Energy Security and Net Zero estimated that greenhouse gas emissions would total 367 million metric tonnes of carbon dioxide equivalent by 2025. This is a 7 million ton decrease from 2024. DESNZ reported that the industrial sector saw the biggest drop in emissions…
Fears of a prolonged Middle East conflict has caused most Gulf stocks to retreat.
The major Gulf stock markets dropped in the early hours of trading on Thursday, after Donald Trump said that the U.S. will continue to attack?Iran without indicating a definite end date. In a late-night prime-time speech, Trump stated that the U.S. was planning to launch aggressive attacks on Iran in the coming two to three week period and were close to achieving their main strategic goals?in this conflict. Emaar Properties, the blue-chip developer that is Dubai's largest shareholding company, saw its shares fall 1.6%. Abu Dhabi Commercial Bank's 1.4% drop in value caused the index to fall 0.9%.
India reduces import taxes on petrochemicals in order to support local industry
India has abolished import taxes on petrochemicals that are used to make plastics, pharmaceuticals and other goods. This is after the government invoked emergency powers and diverted local chemicals for the production of cooking gases due to the shortages caused by war in Iran. According to a statement released by the government on Thursday, the import tax exemption for 40 products will be valid until June 30. Manish Sejwal is a senior vice president on the oil trading team of Rystad Energy. India is a net exporter of these petrochemical products, though it produces them at home using feedstocks like liquefied petrol gas, naphtha and ethane. After the U.S.
Oil shock resilience in march - or just smoke and mirrors? Mike Dolan
The energy shock caused by the Iran war is unprecedented. So far, the real economy has been hit hard. The fact that the only immediate information available is market sentiment, pricing or anecdotes makes it difficult to invest in a sudden crisis such as the Middle East conflict. When reliable data about the economic impact of a crisis finally appears, the crisis has often already passed. The most immediate shock was in the energy markets and prices. Brent crude futures have surged to $100 per barrel. This is a record monthly gain. U.S. crude oil jumped 52% in march, the biggest increase since the COVID-19 Pandemic.
New Zealand signs agreement to support the additional storage of diesel
New Zealand's government announced on Thursday that it would spend NZ$21.6m ($12.42m) on the rapid expansion of diesel storage at Marsden Point, in the 'North Island'. The move is part of its efforts to protect the country from fuel shortages caused by the Iran War. The funding will help facility owner Channel Infrastructure NZ increase its diesel storage by approximately 90 million litres, according to the statement. According to the company, Channel Infrastructure has 290 millions litres in use and another 350 million litres in tanks. Regional…
Baker Hughes' drilling equipment company HMH is valued at $815m amid market turmoil
HMH Holding, a provider of drilling equipment, was valued at 815 million dollars?after its shares dropped 5.5% on Wednesday in its Nasdaq début?amid fragile sentiments and persistent geopolitical uncertainties. Houston-based Akastor, a joint venture between Norway's Akastor and oilfield services firm Baker Hughes, has pushed forward with its long-sought New York IPO despite the Middle East conflict boosting oil prices. Brent crude futures are up 67% in the last year, but they were down 1.9% on Wednesday. Lukas Mühlbauer, Research Associate at IPOX, said: "Listing now can be beneficial because investors pay more attention to energy-related?names.
Egypt increases local wheat purchase price in a bid to shore up its reserves
Egypt's finance minister announced a 2,500 pound ($46.76), per 150 kg?ardeb, increase for the harvest of this year. The move is part of a broader effort to increase the stocks?of strategic commodities in response to the Iran War. The wheat price range was previously fixed between 2,250-2350 pounds, depending on the quality. Ahmed Kouchouk, Finance Minister, did not specify if the same range would apply during harvest which is due to begin in two weeks. At the same press conference as the Prime Minister, Mostafa?Madbouly stated that Egypt's strategic goods reserves - including wheat, vegetable oil, corn, oil, and?gas- were sufficient to meet six months of need.
Gas prices in Europe fall after Trump announces US withdrawal from Iran War
The benchmark Dutch and British wholesale gasoline prices dropped 'on Wednesday afternoon, after U.S. president Donald Trump said the United States would end their war against Iran 'fairly soon. But could return for "spot strikes" if necessary. ICE data revealed that the benchmark Dutch front-month contract for TTF hub had fallen 6.81% to 47.30 euros (MWh) or $16.16/mmBtu by 1612 GMT. ICE data showed that the British April contract had fallen by 6.57% to 119.69 pence/therm. When asked when the United States will consider the Iran War over, Trump replied: "I can't tell exactly... Trump said that he would also?state in an address to the nation at primetime, scheduled for 9 p.m.