Original reporting on global oil and gas markets: WTI and Brent crude price moves, OPEC+ policy, rig counts, pipeline approvals, LNG offtake deals, upstream M&A, refining margins, offshore developments, and the regulatory landscape from Alberta to the North Sea. Edited by Oil Authority, refreshed throughout the trading day.
Goldman targets $90 Brent by December while BMI holds $100-plus for months. Monday's $106 settlement and $20 geopolitical risk premium divide Wall Street.
Devon sold 68,000 boed of Eagle Ford shale to Crescent for $4.2B at $61,765 per flowing barrel, completing its post-Coterra Delaware Basin portfolio reset.
EU gas facilities at 73% capacity, with network operators warning of a sub-30% winter floor, while TTF at $26/MMBtu opens a $23 per MMBtu gap over Henry Hub.
US oil rigs rose to 462, a 17-month high, as the Permian added 4 to 274, while WCS crude's $25.55 discount to WTI reached its widest since 2023.
Brent crude settled at $104.28/bbl Thursday as Hurricane Isaias shut in 63% of Gulf of Mexico oil and Iran's Hormuz attacks hit a daily pace.
Hess Midstream acquires Chevron's DJ Basin assets for $200M, cutting units by 40%, as Chevron books a $3B-$4B loss and halves its Bakken midstream costs.
Cenovus pays US$91,111 per flowing barrel for Athabasca Oil's Leismer and Corner SAGD assets, accelerating the Corner project three years in a C$5.7B deal.
Centalion paid $1.5B for Silver Hill's 300 MMcfd Haynesville position days after rebranding from Gunvor, per WSJ, valuing each Mcfd at $5,000.
US drilling rigs slipped to 598 as gas rigs fell for the second straight week from a 3-year high, even as WTI crude settled at $91.11 Friday.
Tamarack Valley and Headwater merge for C$10B to form Canada's top Clearwater oil producer, targeting 80,000 boe/d at a $37/bbl free-cash-flow breakeven.
G7 releases 100 million barrels from strategic reserves, dragging Brent crude to $99.68 per barrel, its first sub-$100 settle since September.
Three simultaneous supply shocks: China banned fuel exports, Russia extended its diesel ban, and tankers were struck in Hormuz. Brent settles at $102.70.
Alberta crude hit 4.4 MMbpd in 2025 and oil capex reached $32.4B, a decade high. The AER's new 10-year outlook targets record oil sands output in 2026.
Standard Chartered says Brent's $17.59 risk premium over Goldman's $85 target is now structural. US SPR hits a 44-year low at 283.8 million barrels.
AFPM and 30 US groups warned Trump Monday that a diesel export ban would cut refinery throughput 12% and raise retail diesel prices, citing S&P Global.
Trump advisers study a potential diesel export ban as US pump prices hit $6.53/gallon. Morgan Stanley warns a ban would push prices higher, not lower.
Baker Hughes counted 599 active US rigs on Friday, the highest since May 2024, as WTI crude oil settled at $92.41, down $7.12 from the prior week.
WTI crude settled at $92.44 Friday, down 7.4% on the week, while the Brent-WTI spread hit $11.93, compressing netbacks for Alberta oil sands producers.
Brent surged $3.52 to a $106.60 ICE settlement after Houthi missiles hit Saudi oil infrastructure. WTI at $94.35 widens the Brent-WTI gap to $12.25 per barrel.
Strait of Hormuz recorded just 3 commodity transits Wednesday, driving Brent to $103.10 and widening the WCS-Brent discount to $24.93 per barrel.
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Exploration & production. Spud reports, completions, well results, and reserve updates from the Permian, Montney, Marcellus, Eagle Ford, Bakken, Duvernay, and offshore basins, sourced from AER, NDIC, BC-ER, Sodir, and RRC filings.
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