North America

BP has received a windfall from the Middle East conflict, thanks to higher gas and oil prices. This will help Meg O'Neill in her efforts to stabilize the ship. The Iran War has made the future of energy less predictable and has complicated BP's attempts to chart a course for the long term. BP is today 'on a much firmer footing than it was in February when it reduced planned capital expenditure for 2026 due to growing concerns about looming oil and?gas surpluses that would impact on prices and earnings. This narrative was flipped on its head when the Iran...

The Iran war has triggered record oil refining earnings that have boosted Big Oil's profits, giving new life to a business which many investors had written off. Refining is expected to produce strong returns over the next few years. However, structural changes in oil demand will cause its star to fade. Refining is the least glamorous part of the oil industry, despite its critical role in the global energy chain. Western oil majors have been steadily retreating from the sector for the last two decades. They were 'deterred' by high operating expenses, notoriously volatile profit margins, increasing carbon costs, and...

The Iran war has triggered record oil refining earnings that are reviving the Big Oil business. Many investors had written it off. The sector is expected to deliver strong returns over the next few years. However, structural changes in oil demand will cause refining to lose its shine quickly. Refining is the least glamorous part of the oil industry, despite its critical role in the global supply chain. Western oil majors have been steadily retreating from the sector in the past 20 years, due to high operating costs, volatile margins, rising carbon costs, and increasing competition from state-backed refining companies...

?China has been viewed as the main driver of future LNG demand by producers for years. This helped justify billions in investment infrastructure from?the U.S. Gulf Coast up to Qatar. China's appetite is waning for super-chilled fuel, even though producers are preparing a new wave of supply in the coming years. This could undermine the viability of future projects that rely on long-term needs of imports from Asia and Europe. The Iran 'war' has triggered a second global LNG supply crisis in four years, following Russia's invasion of Ukraine?in 2022. This is reinforcing China's push to prioritize domestic gas, pipeline...

Energy markets are stuck in a limbo of uncertainty that is not easy to escape. Buyers are increasingly concerned about the reliability and security of Gulf supply, which is creating a new alarming norm for producers in the region. The energy sector in the Middle East is more vulnerable and weaker than ever before, five months after Israel and the United States launched their military attacks against Iran. Energy infrastructure is under attack, and shipping routes are becoming increasingly restricted. Importers are also avoiding supplies from the region which accounted for about a fifth in global oil -and liquefied natural...

Europe is less vulnerable to disruptions in energy supplies since the Russia crisis of 2022, but the region still faces a new threat: high energy costs that are destroying the industrial base on the continent. Europe has fared relatively well so far in the global energy crunch caused by the Iran War that began on 28 February. This is largely due to massive investments made in LNG terminals, mandatory storage, and an increased reliance on U.S. Liquefied Natural Gas. The price of?gas in Europe has risen but the region is not yet in crisis mode, like it was after Russia...

The energy supply in Europe is alarmingly vulnerable as conflicts in the Middle East, Russia and the Middle East tighten the global markets for heating oil and liquefied gas. This has pushed inventories down to dangerously low levels. According to official statistics, natural gas and heating oil make up the majority of Europe's residential heating. Gas accounts for approximately 30% of heating demand, while heating oil makes up roughly 10%. Both fuel markets are likely to be under extreme strain in Europe after years of energy shocks. Gas vulnerability in the region is largely a result of a dramatic?transformation in...

Europe is facing a "death Valley" of high energy prices over the next decade, which threatens to erode their industrial base even if they achieve their ambitious plan?to increase electricity consumption by 2040. The European Commission announced on Friday an Electrification Action Plan aiming to increase electricity's share in final energy consumption from 23% today to 48 % by 2040. An interim reference goal of 32 % by 2030 was set as an initial target. The strategy aims to accelerate electrification in transport, buildings, and industry. It also tackles one of Europe's largest energy paradoxes - electricity is often more...

Europe is facing a "death Valley" of high energy prices over the next decade, which threatens to erode their industrial base even if they achieve their ambitious plan to double electricity by 2040. The European Commission announced on Friday an Electrification Action Plan aimed to increase electricity's share of final energy consumption, from 23% to 46% in 2040. An interim reference target is 32% by 2030. The strategy aims to accelerate electrification in transport, buildings and industry while also tackling Europe's largest energy paradox -- "electricity can be more expensive than fossil fuels that policymakers would like consumers and businesses...

China surprised the oil industry during the Iran War, using powerful levers in order to protect itself from the "biggest shock" in energy for decades. It established itself as an independent, opaque and massive force on the global energy market. China's?measures to counter the energy supply shock - slashing crude imports, limiting exports of refined petroleum products and drawing from domestic stocks - culminated in decades long campaign to reduce heavy?dependence upon overseas energy supplies. This gives a hint at how future crises could unfold. China's assertive strategy may be a sign of a future where blind spots in the...

Venture Global, an American LNG producer, said that the average liquefaction fee in the second quarter was up?69% from the previous three months. This is due to the higher global LNG prices after the Iran War disrupted the supply through the Strait of Hormuz. According to a regulatory filing, the U.S. exporter of liquefied gas realized an implied weighted-average fixed liquefaction rate of $6.45 for?million British Thermal Units (MMBtu). This is up from $3.82 in the first quarter. Damage to Qatar's liquefaction plants curtailed LNG exports and sent LNG prices sharply higher. Venture Global's?weighted-average liquefaction charge reflects both the higher...

According to preliminary data on ship tracking from LSEG, for the first time in almost two years, less than half of U.S. exports of LNG last'month went to Europe. Stronger prices in Asia, and record imports to Egypt, diverted cargoes. This is the first time that Europe hasn't taken the majority of U.S. LNG exports since July 2024. European buyers who need to replenish storage before the winter season have been waiting for better pricing. Last month, Asian spot prices were higher than those in Europe. This encouraged exporters to reroute shipments to the east. LSEG data showed that the...

The Caspian Pipeline Consortium suspended operations several times this week due to safety concerns and a shortage of tankers. This is because the main export route for Kazakh crude has been hit by drone attacks. Since the middle of the last month, the loadings of the pipeline have been disrupted. The pipeline carries around 1.8% of the global oil supply, from Kazakhstan to Russia’s Black Sea Coast. This adds to the supply disruptions linked to the U.S. and Israeli war against Iran. Sources said that the pipeline was only temporarily reopened this week and closed on Wednesday. Shipowners are reluctant...

Fire investigators found that electrical sparks from a Southern California Edison transmission tower out of service caused the 2025 wildfire, which killed 19 people and destroyed thousands homes near Los Angeles. The findings, published in a 55 page report by the Los Angeles County Fire Department, could have major legal implications for the utility company, owned and operated by Edison International. It faces potential liability claims of billions of dollar arising from the fire, also known as the Eaton Fire. The report notes that other factors, such as fierce winds at the time of the fire, contributed to the conflagration...

Williams Pipeline Company announced on Monday that it will buy Momentum Midstream. The company is betting on the growing demand for LNG export facilities and power generation along with industrial users in the U.S. Gulf Coast. The deal, which includes approximately $3.5 billion cash, assumed debt, and about $2 billion of?Williams shares, will increase Williams' presence in the Haynesville Shale Basin, a major supplier of natural gas to Gulf Coast LNG Terminals. U.S. Pipeline companies benefit from the booming oil and natural gas production in?the Permian basin and from rising natural gas demand due to record LNG exports. They also...

Williams announced on Monday that it would buy Momentum Midstream, for $5.5 billion. It also said that its profit outlook for the full year was to be raised. The company will expand its natural gas network within the Haynesville Shale in order to meet growing Gulf Coast demand for liquefied gas and electricity. The deal, according to the pipeline operator, is valued up to $5.5 Billion. This includes $3.5 Billion in cash and debt as well as approximately $2 Billion in Williams equity. Williams now has more than 4,000 miles of pipe in the Haynesville area, and 1 million acres...

Ukraine's forces have struck Russia's energy infrastructure, which Kyiv claims is an attempt to deny Russia resources for funding its military. Here is a list of recent attacks and their impact, starting with the most recent: SARATOV On August 2, the Ukrainian military attacked Rosneft's Saratov oil refining plant in southwest Russia. Two sources claim that the Saratov oil refining plant in Russia stopped oil processing July 9 due to damage caused by a drone attack. The plant will process 5.8 million tons of oil in 2024. VOLGOGRAD On July 31, a drone attack in the southern Volgograd region of...

A source familiar with the operational data said that Kazakhstan's crude oil and gas condensate?production?fell from 2,16 million barrels per days in June to?about 1,85 million barrels a day or 7,6 million metric tonnes in July 2026. Sources said that the decline in oil exports was due to disruptions on the Caspian Pipeline Consortium (CPC), the main route of export for Kazakh crude. Kazakhstan's oil output is heavily dependent on the CPC. It has no other real options to export the vast majority of its oil output elsewhere. Last month, oil exports via CPC were interrupted several times. Loadings at...

Cuba's electricity grid collapsed late Sunday night, according to the state-owned grid operator. This plunged a ten-million-person island into darkness, as blackouts are becoming more frequent. The island's energy infrastructure is being further strained by a U.S. oil blockade. In its posts on X or Facebook, the Union Electrica de 'Cuba did not provide any further information about the situation. Cuba is struggling to secure fuel imports, and this has increased the pressure on its power system. The country?lost its main source of fuel following an oil blockade by U.S. president Donald Trump after Washington ousted Venezuelan President Nicolas Maduro...

Serbia has received another waiver from the United States to allow its Russian-owned oil firm NIS to continue importing crude until August 28, said energy minister Dubravka Djedovic Handanovic on Friday. The U.S. Office of Foreign Assets Control has granted a waiver to NIS which operates Serbia's sole oil refinery. This will give NIS more time as Hungary's MOL oil and gas firm negotiates with the Russian majority share in the company. "Thirty-days is good news. NIS will have enough time to buy and bring in enough crude oil," Djedovic handanovic said during a live broadcast by state television RTS....

Chevron exceeded analyst expectations for second-quarter earnings?on Friday. It reported its highest quarterly profit for at least six-years as the U.S./Israeli war against Iran disrupted world energy markets and boosted?profits?for the largest oil companies. LSEG data shows that adjusted earnings of $12 billion or $6.06 a share beats the average analyst forecast of $5.56 a share. Chevron's shares rose about 2% during premarket trading. The results were similar to those of European oil giants TotalEnergies, Shell and others who also reported record profits in the second quarter. Higher oil prices were a major factor. ExxonMobil's quarterly profit missed analyst expectations...

Canadian pipeline ?operator Enbridge said on Friday it was ?postponing the 250,000-barrel-per-day second phase of its Mainline crude pipeline ?network, partly due ?to Canadian oil ?producers ?not committing to significant output increases. The project would have led to an increase in the export of Canadian crude oil to U.S. refining plants. Enbridge CEO Greg Ebel stated that the company would focus on the 100,000 bpd Flanagan South Expansion and its 50,000bpd Southern Access Extension. These will increase capacity to two secondary pipelines which connect to the Mainline and transport crude to several U.S. refineries centers and the Gulf Coast. Ebel...

Two sources said on Friday that Tengizchevroil has resumed oil exports through the Georgian port of Batumi for the first time since March. Caspian Pipeline Consortium is responsible for more than 80% (of Kazakhstan's oil exports), with the majority of the oil coming from the Caspian field of?Tengiz and Karachaganak. Drone attacks and adverse weather conditions have forced the suspension of CPC. This has forced TCO to use alternative routes, which are more expensive. The consortium reported that the CPC halted crude oil deliveries on Thursday at its Black Sea terminal near Novorossiysk after a drone attacked tankers. Approximately 20,000...

Enbridge beat expectations for the second-quarter adjusted profits?on Friday as the Canadian pipeline operator benefitted from higher volumes of liquids transported through its Mainline system. Enbridge has been able to maintain steady growth despite geopolitical tensions, commodity price volatility and increased demand for utility infrastructure, natural gas and power for data centers. Its Mainline System, which moves almost half of the crude oil in the United States?reported a second-quarter core adjusted profit of C$1,57 billion ($1.12billion), an increase from C$1.5billion a year ago. The largest pipeline system in North America transports light and heavy crude oil, natural gases liquids, and...