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.
Western Canadian Select sits $12 under WTI at $56.23 as Trans Mountain runs near its 890,000 bpd ceiling, tightening the discount for CNRL and Suncor.
Alberta unveils a southern route for its 1-million-bpd Pacific pipeline as Trans Mountain hits apportionment and WCS crude holds a $12.46 discount to WTI.
Delfin Midstream took FID on America's first floating LNG terminal off Louisiana as Wood Mackenzie warns the cheap Henry Hub gas era is ending.
TotalEnergies divests its non-operated 8.5% Marjoram stake to Japan's INPEX for $350 million, implying a $4.1 billion field valuation in Sarawak.
Ottawa and BC will fast-track four coastal LNG projects, adding 31.4 million tonnes of Pacific export capacity toward Canada's 100 Mtpa goal.
TotalEnergies exits its minority non-operated Marjoram gas field stake in Malaysia to Japan's INPEX for $350 million in an asset realignment.
Goldman Sachs warns a 2027 oil supply surplus is inevitable as EIA models OPEC+ output surging 5.8 million bpd while Brent crude slips to $71.
Henry Hub fell to $3.16 while TTF climbed to 43.79 EUR per MWh on July 2, widening the gross US LNG export spread to an estimated $11.47 per MMBtu.
US crude output eased to 13.81 million bpd in late June, as 12 consecutive inventory draws pushed stocks to a 16-month low. Brent slips below $71.
Shell Offshore sells Coulomb and Na Kika deepwater assets to Talos Energy and Ridgewood for $1.7 billion as Shell pivots toward Canadian Montney gas.
WTI crude fell to $68.08 and Brent to $71.18 on July 1 as analysts found tankers exiting the Strait of Hormuz carry stranded oil, not new Iranian production.
Matador Resources' San Mateo Midstream is buying Cardinal Midstream from EnCap Flatrock for $752 million, crossing 1 Bcf/d of Delaware Basin gas processing.
Imperial Oil paid $120,000 after 5.2 million litres of Kearl oilsands wastewater escaped undetected for one week. The AER withdrew eight of nine charges.
Shell acquires ARC Resources for CAD $22 billion, adding 374,000 boe/day of Montney production. Shareholders vote in mid-July for H2 2026 close.
Eni and Mercuria sign a 50:50 Geneva joint venture to trade oil, LNG, gas and biofuels globally, marking a 2027 launch pending regulatory clearance.
Shell divests Na Kika deepwater stake to Talos and Ridgewood for $1.7 billion. BP holds a 30-day buyout right that could reshape the transaction.
Brent crude settled at $73.44 Tuesday, opening a $21 gap with EIA's June $95 forecast as Strait of Hormuz reopens and Morgan Stanley cuts to $75.
For the first time on record, no Brent crude cargoes are scheduled to load in August, as the original North Sea field falls to just 23,000 bpd.
EIA data released June 30 confirms US crude output hit a record 13.934 million bpd in April, beating the agency's own 2026 average forecast by 234,000 bpd.
BC Premier David Eby is in Beijing pitching LNG Canada Phase 2 to PetroChina ahead of a final investment decision worth $28 billion in provincial revenue.
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