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China Crude Restocking Lifts WCS to $89.40 as WTI Settles at $104.20; Goldman's $85 Q4 Target Now $22.63 Below Brent Settlement
China's crude restocking push lifts WCS to $89.40 as WTI settles at $104.20, netting Alberta oil sands operators $13.53 per barrel more than September 1.
Brent Crosses $102 as US Sinks Five Iranian Tankers and Goldman's Q4 Forecast Falls $17 Below Spot
Brent crude hit $102.14 Wednesday as the US-Iran tanker war escalated, pushing Goldman's just-raised $85 Q4 target $17 below current spot prices.
Houthis Strike Saudi Arabia Energy Sites in 2026's Heaviest Attack, Goldman Raises Brent Target to $85
Goldman raises Brent target to $85 as Houthis strike Saudi energy sites in heaviest 2026 attack, wounding 73 and halting Jazan refinery operations.
Brent Crude Settles at $95.24, 19% Above Goldman's $80 Q4 Target, as US-Iran Clashes Cut Strait of Hormuz Tankers to 5 per Day
Brent settled at $95.24 Wednesday as US-Iran clashes cut Hormuz to 5 tankers, putting Goldman Sachs' $80 Q4 oil price target 19% behind spot.
WTI Tops $90 Per Barrel on Larak Island Strikes as WCS Climbs to $75.87 for Canadian Oil Sands
WTI topped $90 per barrel Tuesday as US strikes on Larak Island reversed a three-session slide, lifting WCS to $76 for Canadian oil sands producers.
Brent Crude Rebounds to $90.69 Settlement as Hormuz Flows Hit 15 Million bpd; Goldman Sachs Q4 Cap at $80 Would Cost Alberta Producers $15 CAD Per Barrel
Brent settled at $90.69 on Monday's ICE close. Goldman Sachs caps Q4 at $80, threatening a $15 CAD/bbl revenue drop for Alberta crude producers.
Brent Crude Falls More Than 5% to $89.31 as Persian Gulf Exports Triple to 15 Million Barrels Per Day, WTI Closes at $83.40
Brent crude fell more than 5% to $89.31 per barrel Friday as Persian Gulf oil exports tripled from March lows, stripping out the Iran conflict premium.
IEA and OPEC Split by 2.18 Million Barrels Per Day on 2026 Oil Demand as US Crude Stocks Reach Five-Year Average
IEA projects 2026 oil demand falling 1.6 mb/d while OPEC sees growth of 580,000 bpd; the 2.18 mb/d gap reflects diverging assumptions on Hormuz.
IRGC Announces Iran-Oman Revenue-Sharing Pact for Hormuz; US Conditions Block Strait Reopening
Iran's IRGC claims a Hormuz revenue-sharing deal with Oman, but US sanctions compliance remains the threshold for restoring the 20 mb/d waterway.
US Crude Output at 13.843 Million Barrels Per Day as Brent-WTI Spread Widens to $6.19 on Hormuz Disruptions
US crude output climbed to 13.843 million bbl/d as Hormuz disruptions opened a $6.19 Brent-WTI spread; the SPR drew 3.7 million barrels in a week.
OPEC+ Adds 188,000 bpd for September, Completing 2026 Quota Reversal While Kazakhstan's Tengizchevroil Compliance Gap Exceeds 500,000 bpd
OPEC+ adds 188,000 bpd for September as Chevron's $46.7B Tengiz expansion keeps Kazakhstan 500,000 barrels per day short of monthly OPEC+ compliance targets.
Goldman Sachs Slashes Q4 2026 Brent Forecast to $80, Widening the Gap With Wood Mackenzie at $90 as WCS Settles at $70.01
Goldman Sachs cut Q4 2026 Brent to $80/bbl while Wood Mackenzie holds at $90, a $10 gap driven by Hormuz recovery timing as WCS settles at $70.01.
Henry Hub Natural Gas Rises 3.3% to $2.86 as US LNG Export Demand Surges on European Supply Deficit
Henry Hub rose 3.3% to $2.86 per MMBtu on Wednesday as European TTF's 103% surge since the QatarEnergy force majeure lifts US LNG export economics.
EIA Reports 95,000-Barrel Crude Build for August 21 Week, Defying API's 4.2 Million-Barrel Figure
EIA's official crude tally shows a 95,000-barrel build for the week ending August 21, far below API's 4.2 million-barrel figure and the 0.6 million consensus.
Brent Crude Falls to $87.20 as Iran-Oman Corridor Talks Extend Oil's Three-Session Slide
Brent fell to $87.20 per barrel Wednesday as Iran-Oman Hormuz corridor talks extended oil losses to a third straight session, down from $93 at peak tensions.
API Crude Build Tops 4.2 Million Barrels, Double Analyst Forecasts, as WTI Settles at $82.36
US crude inventories rose 4.2M barrels last week, double analyst forecasts, dragging WTI to settle at $82.36 as the SPR holds at 293 million barrels.
US Treasury Spares Chinese Banks in Iran Sanctions Expansion, Brent Falls 2.83% to $89.56 in Second Consecutive Session
US Treasury Iran sanctions excluded Chinese banks, Brent fell 3% to $89.56 for a second day. Pakistan mediates as Iran threatens retaliation through Hormuz.
US Iran Sanctions Drive Brent Below $92, Snapping Two-Week Rally as Goldman Projects $80 to $120 Range
Bessent's Iran sanctions pushed Brent below $92 on Monday, snapping a two-week rally. Goldman sees Brent ranging $80 to $120 depending on Hormuz traffic.
Bessent Plans Iran Oil Buyer Sanctions as WTI Falls to $85 Per Barrel
WTI dropped 2.34% to $85.02 Monday as Treasury Secretary Bessent prepares new sanctions targeting buyers of Iranian crude. EIA models 0.6 mb/d supply gap.
Hormuz Weekend Transits Drop to 17 Vessels as Brent Climbs to $93 and Japan Power Costs Hit 3-Year High
Hormuz weekend transits collapsed to 17 total vessels as Brent held near $93 per barrel, up 11.8% since Iran rejected US shipping negotiations August 9.
US Oil Rigs Fall to 452 and Total Count Drops to 588, Ending August Gains as WTI Settles at $87.06
US oil rigs fell to 452 and total rigs to 588 on August 22, ending a six-week gain streak, as WTI crude settled at $87.06 and Brent topped $94.
Iran Rejects US Negotiations on Strait of Hormuz Shipping Corridor, Brent Closes at $83.55
Iran rejected US Hormuz talks on August 9, stalling a deal to restore commercial shipping. Brent settled Friday at $83.55, down more than 7% on the week.
Iran Reaches Hormuz Route Deal with Oman but Demands Vessel Fees and Bans US Ships, Leaving 20 Million bpd Blocked
Iran and Oman agreed on Hormuz shipping coordinates, but Iran's demands for US sanctions relief and military withdrawal keep 20 million bpd in limbo.
Houthi Drones Strike Saudi Aramco's Jazan Refinery for Second Time, Threatening August 15 Restart of 400,000-bpd Plant
Houthi drones struck Aramco's Jazan refinery Sunday for the second time in two weeks, clouding the plant's planned August 15 return to 400,000-bpd.
Brent at $83.55 and WTI at $78.18 After 7 Percent Weekly Drop as Iran-Oman Corridor Progress Deflates Hormuz Premium
Brent crude settled at $83.55 per barrel Friday, down 7 percent on the week as Iran-Oman corridor talks trimmed Hormuz risk premium; WTI ended at $78.18.
US Oil Rigs Rise to 454 as Henry Hub Prices Keep Gas Rigs at 124 in Baker Hughes August 7 Count
US oil rigs climbed to 454 while gas rigs fell 3 to 124 in Baker Hughes' August 7 count, as $77 WTI and $2.67 Henry Hub drive oil-gas drilling rotation.
WCS Discount Widens to $14.80 Below WTI as Hormuz Recovery and China Demand Weakness Compress Canadian Heavy Crude Netbacks
WCS settled at $14.80 per barrel below WTI on August 5, widening from $14.25, as Hormuz flows recover and China's demand for heavy crude stays soft.
OPEC+ Completes 2023 Cut Reversal With 188,000 bpd Hike While Iraq and Kazakhstan Owe Over 1 Million bpd in Compensatory Cuts
OPEC+ approved its final 188,000 bpd quota increase on August 2 while Iraq and Kazakhstan together owe over 1 million bpd in compensatory cuts.
China July Crude Imports Rebound 22 Percent to 8.45 Million Barrels Per Day as Sinopec Locks In Russian ESPO
China crude imports rebounded 22% in July to 8.45 million barrels per day as Sinopec locks in Russian ESPO, but August faces renewed Hormuz headwinds.
Hormuz Vessel Traffic Drops to 33 for Week as Iran-Oman Corridor Deal Advances and Attacks Continue
Hormuz vessel transits fell to 33 for the week from 50, as Iran-Oman agree on safe-corridor coordinates and Brent rises to $82 on fading deal optimism.
Houthi Missiles Strike Saudi Tanker NCC WAFA, Bab-el-Mandeb Traffic Drops 95% and Brent Hits $82.90
Houthi forces claimed strikes on Saudi tanker NCC WAFA, cutting Bab-el-Mandeb traffic by 95% and sending Brent crude up 4.34% to $82.90 per barrel Thursday.
Brent Settles at $79.45 as US, Iran and Oman Near 60-Day Hormuz Deal While EIA Confirms 2.5 Million Barrel Build
Brent settled at $79.45 per barrel Wednesday as the US, Iran and Oman near a 60-day Hormuz deal; EIA confirmed a 2.5 million barrel crude build for last week.
WCS Oil Sands Discount Widens to $14.80 Per Barrel as Supply Surges and Chinese Demand Softens
WCS oil settled $14.80 per barrel below WTI Tuesday, widening from $14.25 on Friday, as completed oil sands turnarounds add supply and China demand weakens.
Saudi Arabia and Russia Lead OPEC+ August Output Hike as Voluntary Cut Reversal Nears Completion
Seven OPEC+ producers added 188,000 bpd for August. Saudi Arabia and Russia each add 62,000 bpd as September's hike closes the 1.65-million-bpd reversal.
API 2.69-Million-Barrel US Crude Build Precedes Wednesday EIA Report as China Releases 2.7 Million Tons of Fuel and OPEC+ Reversal Adds Supply
API logged a 2.69-million-barrel US crude build ahead of Wednesday's EIA report as China released 2.7 million tons of refined fuel to world markets.
Houthi Ballistic Missiles Strike Saudi Tanker NCC WAFA off Yanbu, Closing Aramco's Hormuz Bypass as Brent Climbs to $80.10
Houthi missiles struck Saudi tanker NCC WAFA off Yanbu Wednesday, threatening Saudi Aramco's East-West Pipeline bypass as Brent rose to $80.10 per barrel.
WTI Tumbles 5.7% to $75.76 as Trump Cancels Iran Strike and Bessent Signals Deal Progress
WTI crude fell 5.7% to $75.76 on Tuesday as Trump canceled a planned Iran strike and Treasury Secretary Bessent signaled ceasefire talks are imminent.
Cenovus Oil Sands Output Hits Record 786,400 boe/d but WCS Crash to $65 Cuts Alberta Heavy Oil Netbacks C$10 Per Barrel
Cenovus oil sands hit a record 786,400 boe/d in Q2, including MEG Energy, but today's WCS selloff to near $65 wiped C$10 per barrel in a single session.
Kuwait Crude Output Triples to 1.97 Million Barrels as OPEC+ Completes 1.65-Million-Barrel Production Reversal
Kuwait Crude Output Triples to 1.97M Barrels as OPEC+ Completes 1.65-Million-Barrel Production Reversal. Kuwait's crude oil production surged to 1.971M bpd.
Chevron Q2 Profit Hits Six-Year High of $12.1 Billion While Trump Demands CEO Wirth Lower Gasoline Prices
Chevron posted a $12.1B Q2 profit, its highest in six years, as President Trump demands CEO Mike Wirth cut gasoline prices amid a Venezuela dispute.
WTI Crude Plunges 7 Percent as Trump Halts Iran Strikes and OPEC+ Boosts September Output
WTI crude fell to $78.73 as Trump halted Iran strike plans Monday, erasing 37% of July's war premium. OPEC+ approved 188,000 bpd in September supply.
Iran Strikes U.S. Air Bases in Kuwait and Bahrain as Saudi Supertankers Reroute Around Africa
Iran bombed U.S. air bases in Kuwait and Bahrain July 31 as Saudi supertankers detoured around Africa. Brent settled at $87.93 per barrel on ICE.
ExxonMobil Earns $14.5 Billion and Chevron Posts Record $12.2 Billion in Q2 as Iran War Drives Refining Margins Higher
ExxonMobil's $14.5B Q2 profit and Chevron's record $12.2B combine for $26.5B as Iran war drives refining margins to multiyear highs. Trump eyes DOJ probe.
WTI Crude Oil Posts 23 Percent July Gain as Iran Seizes Two Hormuz Tankers and Ukraine Hits Lukoil Volgograd
WTI crude settled at $84.67 per barrel Friday, capping a 23% monthly gain as Iran seized two Hormuz tankers and Ukraine struck Lukoil's Volgograd refinery.
WTI Settles at $84.67 and Brent at $87.93, Capping July With 20-Percent Monthly Gain as Iran War Squeezes Global Crude Supply
Brent closed July at $87.93 and WTI at $84.67 per barrel, both up 20% on the month, as Iran struck US bases and six Saudi supertankers rerouted around Africa.
OPEC+ Clears Fifth Straight Monthly Hike of 188,000 Barrels Per Day as Gulf Export Routes Reopen
OPEC+ approved its fifth monthly output hike of 188,000 bpd for August as Strait of Hormuz exports recover. The cumulative 2026 unwind now totals 940,000 bpd.
ExxonMobil and Chevron Post $26.5 Billion Combined Net Income as Record Permian Output and Refining Recovery Drive Q2 Results
ExxonMobil posted $14.5B and Chevron $12.2B in Q2 2026 net income as Permian records and a $6.8B one-quarter refining swing drove results to decade highs.
Iran Fires Ballistic Missiles at US Bases in Kuwait and Bahrain as Brent Tests $91 Per Barrel
Iran struck US military bases in Kuwait and Bahrain, lifting Brent to $90.35. Saudi tankers rerouted around Africa as Hormuz shipping risks escalate.
WCS Jumps 7.8 Percent as Saudi Aramco Jazan Refinery Goes Offline After Houthi Strike
WCS surged 7.8% to $72.11 per barrel on Tuesday after Saudi Aramco's 400,000-bpd Jazan refinery went offline, narrowing the WCS-WTI differential to $11.94.
China Crude Imports Drop to 7.12 Million Barrels Per Day, Eight-Year Low Absorbs Hormuz Supply Shock
China's crude imports crashed to 7.12 million bpd in June, their lowest since 2016, as 62% EV penetration and Hormuz-hit supply set a ceiling on Brent.