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.
Russell: The war between Iran and the ROI is both a boon and a danger to Australia's LNG.
The U.S.-Israeli war against Iran changed the global market of?liquefied gas (LNG), giving a boost to the producers outside the Middle East. This boost will likely last for many years after the conflict ends. Australia is one of the biggest beneficiaries, having last year dropped to third place in the world for super-chilled fuel exports behind the United States of America and Qatar. The 'effective closure of the Strait of Hormuz' has stopped Qatar from exporting?LNG, which means that it is likely to lose its second place this year back to Australia, even if the waterway is reopened and shipments resume. Asian spot prices are a short-term boost for Australia's LNG producers.
China, well-positioned in a tight global market sells record LNG volumes
Chinese firms are reselling record amounts of LNG to cash in on the soaring spot prices. China has plenty of 'domestic gas and pipeline gas' to meet its weakened demand, unlike other Asian buyers who scramble to replace supplies that were cut off due to the Iran War. China, the world's largest importer of LNG, reloaded between 8 and 10 cargoes during March, a record monthly total, according to analysts ICIS, Kpler, and Vortexa. Kpler data showed that China reloaded 1,31 million metric tonnes of LNG so far this year. Of these, 10 were delivered to South Korea and five to Thailand, while the rest went to Japan, India, and the Philippines.
Russell: The war between Iran and the ROI is both a boon and a danger to Australia's LNG.
The U.S.-Israeli war against Iran changed the global market of liquefied gas (LNG), giving a boost to producers outside the Middle East. This boost will likely last for many years after the conflict is over. Australia is one of the biggest beneficiaries, having slipped last year to third place in the world's exports of super-chilled gasoline behind the United States of America and Qatar. The Strait of 'Hormuz is effectively closed, and Qatar has no LNG exports. This means that Qatar will likely fall to second place behind Australia in this year even if it reopens the 'narrow waterway. Asian spot prices are a short-term boost for Australia's LNG producers.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, an energy services firm, said that U.S. firms have 'cut back on the number of oil & /natural gas rigs for a second consecutive week for the first time since mid-January. The number of oil and gas rigs, a good indicator of future production, dropped by nine in the week ending March 27 to 543, the lowest level since January 16. Baker?Hughes stated that this week's decrease puts the total number of rigs down by 49 rigs or 8.3% from this time last year. Baker Hughes reported that oil rigs dropped?by five to 409 in this week. This is their lowest level since the week ending February 27. Gas?rigs also fell by four to 127. As U.S.
After a month of high energy prices, Big Oil will reap billions in profits from the war with Iran
While Big Oil executives met this week to discuss the largest-ever disruption to global energy supply due to the conflict in Iran, they didn't address one aspect of the impact: the multi-billion-dollar windfall that they will make because of the soaring price for the energy they are selling. Brent crude, the global benchmark oil, has averaged $97 per barrel so far in March. This is up 33% compared to $69 in February. It's even higher than $65 in January. The U.S. and Israeli war against Iran, which began?on 28 February, has halted a quarter of the world supply of oil that flows through the 'Strait of 'Hormuz. In some places, natural gas prices have increased even further.
Philippines suspends spot electricity sales due to Middle East conflict
The Philippines announced on Thursday that it had suspended the sale of electricity at spot prices until further notice due to fuel supply risks and price volatility caused by Iran's war. The suspension was ordered by a decree declaring a national energy emergency in order to deal with fallout of the war, including disruptions in fuel procurement. The Energy Regulatory Commission (ERC) of the country said that it expected to finalise its modified pricing scheme by April 1. This suspension is in line with plans announced by Energy Secretary Sharon Garin in an article published this month…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the second week running.
Baker Hughes, an energy services company, said in a closely-followed report on Friday that U.S. firms added oil and natural gas rigs this week for the second time in a row. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending March 13 to reach 553 - its highest level since November 2025. Baker Hughes reported that despite this week's increase in rigs the total count is still?39 or 7% lower than this time last year. Baker Hughes reported that oil rigs increased by a?1 to 412 in this week. This is their highest level since early February. Gas rigs also rose by one to 133.
Glencore hopes to revive Rio Tinto's deal with coal prices turning
Three investors who met with the leaders of both companies in Australia this week said that Glencore CEO Gary "Nagle" hopes the recent rise in coal prices can help Rio Tinto return to the table for a new attempt at creating the largest mining company. Both companies were in discussions?earlier in the year? to create a $240 billion company. The two were in talks earlier this year to create a $240?billion company. The companies stated that discussions ended in February with no agreement due to disagreements over valuation. Rio Tinto and Glencore are not allowed to resume talks for six months under UK regulations.
Helium prices rise as Qatar LNG shutdown exposes fragile supply chains
The Iran war has caused disruptions in Qatar's natural-gas processing, which have pushed helium prices up sharply. This exposes the fragility of this small but important market that supports industries ranging from semiconductors to imaging. According to Phil Kornbluth of Kornbluth Helium Consulting's president, the spot price for helium has?doubled in recent months as buyers scrambled to secure supplies. QatarEnergy - the second largest LNG exporter in the world - announced a production stop at its 77 million ton per annum (mtpa),?facility, last week. It also declared force majeure for LNG shipments due to the conflict. Helium is a by-product of the natural gas processing process.
Russell: Quality is important as coal prices rise amid LNG spikes on Iran War
The rise in spot prices of liquefied gas (LNG), but only in higher-quality grades, has led to a price increase for seaborne thermal coal. Last week, the spot price of LNG in Asia nearly doubled as the market digested a loss of almost 20% of global supply of super-chilled fuel after U.S. and Israeli attacks on Iran effectively closed the Strait of Hormuz. This cut off Qatar's LNG. The price of British thermal units (mmBtu), which is the unit used to measure energy, jumped 116% in a week ending March 6th. Gas-to-coal switchovers in Japan and South Korea are possible due to the surge in LNG prices.
Oil majors are still stuck on the sidelines as Iran's war increases oil prices.
Oil prices rose to their highest level since 2022 on Monday, but the shares of major producers such as Shell and Exxon Mobil are still only seeing modest gains'since the U.S. - Israel war on Iran 'broke out last month. This suggests that traders believe the pain in the market could be temporary. The iShares Global Energy ETF, which tracks global energy companies, is up about 2%. Crude oil futures are up more than 40% since Israel launched its joint airstrikes with the U.S. on February 28. This suggests that any gains made from higher prices are temporary or will be offset by lower production.
Venture Global promises on-time LNG delivery amid Middle East conflict
Venture Global LNG, a U.S. developer of liquefied natural gas (LNG), has informed customers that its Plaquemines plant in Louisiana is under construction. The letter was seen by the. Venture Global LNG, a Virginia-based firm, wrote to customers of Plaquemines Phase 1 on Friday and stated that it will begin long-term deliveries on October 31, despite a rise in global gas prices due to the U.S. and Israeli war against Iran. The letter stated that "as of today, Phase 1 is on schedule" as global energy markets react critically to developments in Iran and the Middle East.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in four-weeks.
Energy services firm Baker Hughes reported on Friday that U.S. energy firms added oil and gas rigs this week for the first time since four weeks. Baker Hughes reported that despite this week's increase in rigs the total count is still 41 rigs or 7% lower than this time last year. Baker Hughes reported that oil rigs increased by four this week to 411, the highest since early February. Gas rigs, on the other hand, fell by two, to 132, which is their lowest level since early February. As U.S. crude oil prices fell, energy firms focused more on boosting shareholder returns, paying down debt, and reducing their debt than increasing production.
Futures on the TSX are muted due to Middle East conflict
The futures that track Canada's main index of stocks were relatively muted on Thursday, even though gold and oil prices rose. Investors are cautious due to the Middle East conflict. As of 5:34 a.m., March?futures were down 0.02% on the 'S&P/TSX 'composite index. ET. Israel launched a massive wave of attacks on 'Tehran, after Iranian missiles had sent millions of Israelis running into bomb shelters. Wall Street's S&P 500 E-mini Futures and Nasdaq100 E-minis were flat. Gold spot prices rose 0.4%, despite a stronger dollar and concerns about the Federal Reserve’s monetary policies. Silver prices rose by 0.6% while copper prices dropped.
Asia LNG price spike opens arbitrage to West to replace Qatari LNG supply
Analysts said that Asia's liquefied gas prices have risen, creating arbitrage opportunities for traders who want to ship cargoes to the east from the Atlantic in order to replace the Qatari supply which was lost during the U.S. - Iran?war. As the Middle East conflict reduces shipments, and Qatar's output is halted, cargo diverts could increase competition between the Atlantic basin and the Pacific basin. According to Kpler's data, Asian buyers account for more than 80% of Qatar's LNG sales. He added that the U.S. arb front month has increased to favor Asia deliveries, and the Norwegian arb for Asia has opened up again, the first since 2023.
Sources: India cuts gas supply to industries following Qatar outage
Four industry sources with knowledge of the situation said that Indian companies reduced their natural gas supply to industries on Tuesday in anticipation of a tighter Middle East supply after top producer Qatar stopped production. Qatar stopped its production of liquefied gas on Monday as Iran continued to attack Gulf countries in response to Israeli and U.S. attacks against it. These attacks have also stopped oil and gas shipments through the Strait of Hormuz. This has pushed up energy prices globally and increased shipping costs. India is the fourth largest LNG buyer in the world. It imports a large amount of LNG from the Middle East.
Sources: India cuts gas supply to industries following Qatar outage
Four industry sources said that Indian companies reduced their natural gas supply to industries on Tuesday in anticipation of a 'tighter supply' from the Middle East, after Qatar, the top producer, halted its production. Qatar stopped its production of liquefied gas on Monday as Iran continued to attack Gulf countries in response to Israeli and U.S. attacks against it. The attacks have also caused a halt to oil and gas shipping through the Strait of Hormuz and increased?global energy costs and shipping fees. India, which is the fourth largest LNG buyer in the world, relies heavily on Middle East imports.
Baker Hughes reports that US oil and gas drillers have cut back on rigs in the US for the first time in six-weeks.
Baker Hughes, an energy services company, said that the U.S. cut back on the number of natural gas and oil rigs for the first time since six weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending February 27. This is the lowest level since late January. Baker Hughes reported that the total number of rigs is down 43 or 7% from this time last week. Baker Hughes reported that?oil?rigs dropped by two this week to 407, their lowest level since December. Gas?rigs increased by one, to 134, the highest level since July 2023.
The impact of renewable energy on spot prices
The European spot electricity contract for Friday was cancelled on the assumption that "demand" would continue to decline while "renewable generation" is expected to increase. By 0923 GMT, the German baseload for the day ahead was down 12.9% to 66.75?euros ($78.47). The French equivalent contract fell?37.3% to 12.85 euros/MWh. LSEG data revealed that German wind generation is expected to increase by 3.5 gigawatts, to 27.3 GW. French wind output will drop by 3.9 GW at 10 GW. The data also showed that the German solar power sector has grown by nearly?1 GW.