Author: omc_admin
Russia hiked its fuel oil and vacuum gasoil (VGO) exports to India and Turkey in May as buyers preferred to purchase more fuel oil amid falling prices, according to shipping and trade data reviewed by Reuters.Russia’s oil products have been banned in the EU and other Western countries since 2023, so Moscow redirected most of the shipments to Asia and the Middle East.Saudi Arabia has emerged as the top buyer of Russia’s fuel oil as it is taking advantage of discounted prices to use the fuel for summer electricity generation.But Russian exports to Saudi Arabia dropped by 17% in May…
Fuel producers just scored a green light from the nation’s highest court to go after California’s aggressive emissions standards. In a 7-2 decision Friday, the U.S. Supreme Court ruled that energy companies like Valero’s Diamond Alternative Energy do, in fact, have standing to challenge the EPA’s 2022 decision that allowed California to impose tougher emissions and electric vehicle mandates than the federal baseline.Justice Brett Kavanaugh, writing for the majority, said plainly: “The government generally may not target a business or industry through stringent and allegedly unlawful regulation, and then evade the resulting lawsuits by claiming that the targets… should be…
By Julianne Geiger – Jun 20, 2025, 12:12 PM CDT The total number of active drilling rigs for oil and gas in the United States fell yet again this week, according to new data that Baker Hughes published on Friday, following a 4-rig decrease in each of the two weeks prior.The total rig count in the US fell by 1 to 554 rigs, according to Baker Hughes, down 34 from this same time last year.The number of oil rigs fell by 1 to 438 after falling by 3 during the previous week—and down by 47 compared to this time last…
Geopolitical Uncertainty While expectations for Brent oil are forecasting a downward trend over time, crude oil futures climbed more than 4% on Wednesday, June 11, 2025, as President Trump expressed his doubt over whether the US and Iran would reach a nuclear deal. The implications regarding the demand for oil during geopolitical conflicts mean that speculative traders can increase their bets on Brent at the prospect of escalating tensions. The news that the US is preparing to evacuate all non-essential personnel from its embassy in Baghdad fueled further bets on crude oil. Despite a spike in demand, Brent oil futures…
(Investing)– Brent prices fell sharply Friday, giving back some recent gains after the White House signaled that U.S. President Donald Trump will delay a decision on entering the Iran-Israel war for two weeks. At 07:50 ET (11:50 GMT), fell 3.7% to $75.96 a barrel, while , which did not settle on Thursday due to a U.S. holiday, dropped 0.9% to $72.86 a barrel. Crude prices were still sitting on a third straight week of gains, as few signs of deescalation in the Middle Eastern conflict kept traders on edge over potential supply disruptions. Trump to decide on Iran strike in two weeks The White…
The scorching hot sun is setting on advertising’s annual shindig in the south of France, Cannes Lions, for another year.At the sprawling event, there was a level of thematic whiplash. In the span of an hour on the main stage in the Palais you go from hearing about the creation of the iconic Snickers “You’re only you when you’re hungry” campaign to hearing a speech from human-rights activist Sonita Alizadeh on the humanitarian crisis of child brides in Iran and Afghanistan. Festival goers could catch a Mark Ronson DJ set on Spotify Beach. Dave Benett/Getty Images for Spotify There was…
Geopolitical risk raced back into oil markets last week with Israel’s strikes on Iran, and Donald Trump’s uncertainty about how he will react is only going to create more volatility in oil prices.Friday, June 20th, 2025 The unpredictable nature of the Israel-Iran conflict has seen Brent bounce in a wide range of $70.56 to $79.04 per barrel this week, set for a slightly bearish closing around $77 per barrel after the Trump administration pushed out the timeline of its potential involvement in the Gulf. US Federal Reserve decisions, OPEC+ policy, Chinese imports – all the usual bullish factors – have been…
Refiners in Asia have asked for additional oil supply under term contracts this summer as the conflict between Israel and Iran is hiking premiums for spot supply, Reuters reported on Friday, citing sources in the oil trade industry.As hostilities escalate, spot premiums for oil supply from the Middle East jumped this week to the highest level in four months, to more than $3 per barrel.Meanwhile, the official selling prices (OSPs) that Middle Eastern exporters set for their term supply for loading the following month are currently lower than the soaring spot premiums.The oil and tanker markets fear that the conflict…
Talks aimed at de-escalating the week-long war between Israel and Iran got under way in Geneva on Friday after US President Donald Trump signaled he would give diplomacy a chance before deciding whether to intervene militarily. Iranian Foreign Minister Abbas Araghchi is meeting counterparts from the UK, France and Germany to discuss what he called “nuclear and regional issues” around the ongoing conflict. French President Emmanuel Macron is among those leaders urging Iran to return to negotiations over its nuclear program. Oil prices fell following a report from Reuters that Iran is ready to discuss limitations on uranium enrichment, but…
(Bloomberg) – Oil slumped after President Donald Trump signaled a decision on whether to strike Iran will be made within two weeks, easing fears about an imminent attack from the U.S. “Easing fears of U.S. strikes, the absence of major oil supply disruptions, and ongoing demand risks can push crude prices lower,” commented Nikos Tzabouras, Senior Market Analyst at Tradu.com. “However, the current environment favors elevated prices and keeps the road open to new 2025 highs. Hostilities between Israel and Iran have entered their second week and the prospect of U.S. involvement persists, sustaining geopolitical uncertainty and supply risks.” Brent…