Author: omc_admin

Following the collapse of geopolitical risk premium in oil prices, oil is back to trading on supply, demand, and OPEC+ expectations.The Israel-Iran ceasefire and the lack of subsequent retaliatory attacks has drained oil markets of the elevated geopolitical risk that saw Brent near $80 per barrel last week, only to post a $9 per barrel week-on-week drop and trade around $68 per barrel on Friday. Now that the Middle East is relatively calm, there are two main price-defining events ahead – OPEC+ with its July 06 meeting and Donald Trump with his July 09 tariff war deadline.Shell Denies BP Takeover…

BP chief executive Murray Auchincloss laughed off the question when asked this year if everything at the struggling oil company was up for sale. “I don’t know,” he responded. “Nobody ever comes up with the right price.”His efforts to restore the fortunes of the 116 year-old group and preserve its independence received a boost this week when its UK rival Shell declared it had “no intention” of pursuing a deal that would have created a supermajor to rival ExxonMobil. Yet while Shell is now barred from making a new offer before Christmas, unless BP initiates talks or another suitor emerges,…

Shell PLC and Equinor ASA have named their United Kingdom North Sea joint venture Adura, which they announced December as the biggest independent producer on the UK’s side of the sea. “Work continues towards securing regulatory approvals, with launch of the IJV [incorporated JV] expected by the end of this year”, Norway’s majority state-owned Equinor said in an online statement. Adura, which will be equally owned, combines the two companies’ offshore assets in the UK, where Shell currently produces over 100,000 barrels of oil equivalent a day (boed) and Equinor about 38,000 boed. “Adura is expected to produce over 140,000 barrels…

After days of blistering heat, the nation’s sweaty East Coast got to open windows, step outside and get temporary relief on Friday as temperatures plummeted as much as 40 degrees and humidity dropped alongside.At least 68 record highs were set and more than 20 places logged triple-digit heat from Sunday through Wednesday before a cold front from the north broke a heat dome’s grip on the region Friday. Boston, which hit a record 102 Fahrenheit (about 39 Celsius) on Tuesday, was at 61 (about 16 Celsius) on Friday.That blast of cool comfort brought temperatures as much as 10 to 15…

The cost of shipping Middle East crude to customers in Asia collapsed on Thursday, the latest sign of oil markets returning to normal after conflict eased in the world’s top petroleum-exporting region. Charter rates slumped by 17% to 55.50 industry-standard Worldscale points, according to data from the Baltic Exchange in London. It works out at roughly $1.60 a barrel. “Risk premiums have naturally faded,” said Fredrik Dybwad, an analyst at Fearnley Securities AS. “There is ample vessel availability, and considering normal seasonality, rates should naturally find a lower level.” Shipping prices soared two weeks ago amid concern Iran might disrupt…

In an EBW Analytics Group report sent to Rigzone by the EBW team on Friday, Eli Rubin, an energy analyst at the company, highlighted an “implosion over the past week” in the July natural gas contract. “The July natural gas contract rolled off the board at $3.261 yesterday – a 72.8¢ (-18 percent) implosion over the past week as the heat wave failed to sufficiently lift physical cash prices at Henry Hub,” Rubin said in the report. “Yesterday’s 96 billion cubic foot bearish Energy Information Administration (EIA) injection, while largely a make-up for last week’s bullish surprise, further weighed on prices,”…

Facebook, Instagram, and WhatsApp owner Meta and clean energy developer Invenergy announced that they have signed a series of agreements, providing Meta with nearly 800 MW of renewable energy from new wind and solar projects in the U.S. to support its operations and data center growth. Under the new agreement, electricity from four new projects in Ohio, Arkansas, and Texas will deliver 791 MW of electricity to local grids, with Meta receiving clean energy credits associated with the new generation capacity. Three of the projects, including two solar energy centers in Ohio and one in Arkansas, are expected to begin…

Pioneering Framework: DBS, OCBC, and UOB, in partnership with CISL, release an industry-first study to assess nature-related financial risks, focusing on the food and agriculture sector. Strategic Sector Focus: The study highlights palm oil as a pilot case to evaluate biodiversity loss, droughts, and ecosystem degradation impacts on credit risk. Call to Action: Findings underscore the need for better data, localized analysis, and collaboration to integrate nature risks into corporate lending strategies. In an unprecedented industry collaboration, DBS, OCBC, and UOB, with support from the Monetary Authority of Singapore (MAS), have launched a report to help banks assess the financial…

Crude oil markets endured a sharp four-day selloff from June 22-26, driven by collapsing geopolitical risk premiums and mounting global supply. The steep decline wiped out nearly all the gains from mid-June’s heightened Middle East tensions, as traders recalibrated around fresh supply-side realities and emerging demand concerns.Iran-Israel Ceasefire Removes Key Supply RiskOil’s abrupt decline was catalyzed by a ceasefire agreement between Israel and Iran, announced late Monday by U.S. President Donald Trump. Though Israel accused Iran of violating terms shortly after, the truce held. For traders, this effectively neutralized the immediate threat of disruption to Persian Gulf flows, particularly through…

(Oil Price) – Global energy demand rose by 2% last year with all sources of energy seeing upticks, the Energy Institute said in the latest edition of its annual Statistical Review of World Energy, previously compiled by BP. Oil, gas, and coal consumption increased modestly, at 1%, with oil demand specifically falling in China, by 1.2%. Global bas demand, however, expanded by 2.5%, the Energy Institute reported, while India saw a substantial increase in coal demand. Now, the subcontinent consumes as much coal as the former Soviet Union, now known as the Commonwealth of Independent States, Southern and Central America, North America, and…