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Gulf Tanker Freight Adds $12.83 a Barrel as Brent Hits $111.91, 24% Above Goldman's $90 Target
Gulf tanker freight now adds $12.83 a barrel as Brent hits $111.91, 24% above Goldman's $90 target. Who wins if Hormuz flows stay at 82% of normal?
WCS Discount Hits $26.40 to WTI as Full Pipelines and Record Tanker Costs Trap Canadian Heavy Crude
WCS crude settled $26.40 under WTI at Hardisty, the widest gap since 2023, as full pipelines and record tanker costs trap Canadian barrels. See the math.
Iran Claims Seven Ships Hit in Gulf as Brent-WTI Gap Widens to $12.11, Covering 60.6% of a $40 Million Supertanker Freight Bill
Iran says it hit seven ships as Brent leads WTI by $12.11, double the $5.89 gap we logged. Against $20 freight, a US supertanker cargo falls $15.8M short.
Brent Hits $112.29 After Houthi Drone Strike at Shaybah as 1 Million Bpd Field and 7 Million Bpd Bypass Pipeline Face Risk
Brent hit $112.29 after a Houthi drone strike at Shaybah killed two. Here is what 1 million bpd and a 7 million bpd Saudi bypass pipeline are worth at risk.
Brent-WTI Spot Gap Collapses From $30.39 to $7.33 as Cushing Crude Climbs to $107.89 Per Barrel
Brent's spot premium over WTI collapsed from $30.39 to $7.33 per barrel in five sessions. See what the EIA data means for a 2 million barrel cargo.
EIA Confirms 3.1 Million Barrel US Crude Draw as Exports Drop 24.7% and Output Slips 410,000 bpd
EIA confirms a 3.1 million barrel US crude draw to 412.5 million, but exports fell 24.7% and output slipped 410,000 bpd. Here is the days-of-cover math.
Oil Freight Hits $20 a Barrel Versus $3 Last Year, Adding $40 Million to Every Supertanker Cargo as Brent Trades at $107.86
Tanker freight jumped from $3 to $20 a barrel, a $40 million bill per supertanker cargo, and Goldman now sees it as an upside risk to its $90 Brent call.
Gulf Crude Flows Fall to 8.5 Million bpd, Stranding $1.27 Billion a Day at $110 Brent While EIA Assumes Only 4.5 Million bpd Shut In
Gulf crude flows fell to 8.5 million bpd from over 20 million, stranding $1.27 billion a day at $110 Brent while EIA assumes just 4.5 million bpd shut in.
Brent Settles at $109.55 as WTI Jumps to $103.66, Squeezing the Spread to $5.89 Ahead of Contract Expiry
WTI surged 2.2% to $103.66 while Brent slipped to $109.55, shrinking the spread to $5.89 from $8.45 as Houthi strikes on Saudi sites keep traders on edge.
WCS Discount Hits $26.40 per Barrel at Hardisty, 2.4 Times the 2025 Average, as Pipelines Fill and Gulf Coast Freight Soars
Western Canadian Select settled $26.40 under WTI at Hardisty, 2.4 times the 2025 average. Freight, full pipelines and Venezuelan barrels drive the gap.
Brent Slips to $108.22 After Russia Diesel Waiver, but 7.6 Million Barrels a Month Covers Under One Day of Hormuz Losses
Russia's diesel deal sent Brent down 1.5% to $108.22, but 7.6 million barrels a month covers less than one day of the 11.5 million bpd Hormuz shortfall.
Dated Brent at $130 Sits $24 Above ICE Futures as Hormuz Squeezes Physical Crude
Dated Brent held at $130 while ICE futures settled at $105.92, a $24 physical premium. Here is what the gap means for refiners, diesel and Hormuz risk.
Brent Settles at $109.86, Highest Since May, as EIA Sees $105 and Goldman Targets $90 for December
Brent hit $109.86, its highest settle since May, and WTI's discount shrank $4.41 in a week. EIA says $105 for Q4, Goldman says $90 by December. Who is right?
IEA Accelerates 100 Million Barrels of Emergency Oil Including 20 Million in Diesel as US Refineries Hit 98% Capacity
IEA agreed Thursday to accelerate 100 million barrels of emergency oil, 20 million in diesel, as US refineries hit 98% capacity and retail diesel broke $6.
Iran Plans to Intensify Hormuz Tanker Strikes as API Reports 11.12-Million-Barrel US Crude Draw
Brent settled at $106.10 on Wednesday's ICE close after Iran pledged deeper Hormuz tanker strikes; API reported an 11.12-million-barrel weekly crude draw.
BP Cuts Net Debt by $7.8 Billion in Q3, Hitting 2027 Balance Sheet Target 15 Months Early as Gas Trading Surges
BP expects Q3 2026 net debt to plunge $7.8 billion to $13.5B, beating its 2027 balance sheet target by 15 months as gas marketing surges past Q2.
Goldman vs. BMI: $20 Geopolitical Premium Splits Brent Outlook After Monday's $106 Settlement
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.
Baker Hughes: US Oil Rigs Hit 17-Month High at 462 as Permian Climbs to 274, WCS Discount Widens to $25.55
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 Settles at $104.28 as Hurricane Isaias Shuts In 1.28 Million bpd of Gulf Oil and Hormuz Attacks Hit Daily Pace
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.
G7 100-Million-Barrel Reserve Release Pushes Brent Below $100 as US Gas Rigs Drop to 133
G7 releases 100 million barrels from strategic reserves, dragging Brent crude to $99.68 per barrel, its first sub-$100 settle since September.
China Fuel Export Suspension for October Joins Hormuz Tanker Attacks and Russia Diesel Ban as Brent Holds at $103
Three simultaneous supply shocks: China banned fuel exports, Russia extended its diesel ban, and tankers were struck in Hormuz. Brent settles at $102.70.
Standard Chartered Says Oil Risk Premium Is Structural as US SPR Reaches 44-Year Low, Brent at $102.59
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.
WTI Settles at $92.44 as Brent-WTI Spread Hits $11.93, Squeezing Alberta Oil Sands Netbacks
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.
Houthi Missiles Strike Saudi Oil Infrastructure, Brent Settles at $106.60 as $12 Brent-WTI Gap Shields Permian 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.
Hormuz Commodity Traffic Falls 80% in 24 Hours as Brent Settles at $103.10, Reversing Monday's Diplomatic Rally
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.
Iran Diplomacy Sends Crude Lower as Goldman's New $85 Brent Target Trails a $102 Market by $17 Per Barrel
WTI plunged $5 to $95 and Brent slid to $102 Monday as Trump signaled Iran talks at UNGA. Goldman's new $85 Q4 target still trails the market by $17.
OPEC+ Completes 1.65 Million bpd Voluntary Cut Rollback as IEA Counts 10 Million Barrels Per Day of Gulf Output Still Offline
OPEC+ added a final 188,000 bpd in September, yet IEA counts more than 10 million bpd of Gulf output still shut in. Brent settled at $103.19 Friday.
Baker Hughes Friday: US Rigs Hit 595, Highest Since May 2024, as Gas Drilling Reaches 3-Year High and WTI Settles at $99.53
US rigs climbed to 595 this week, highest since May 2024, as gas drilling hit a 3-year high at 134 rigs. WTI settled at $99.53 per barrel Friday, down 2.3%.
Brent Settles at $104.82 as Saudi Aramco Targets Partial East-West Pipeline Repair and $19 Risk Premium Holds
Brent settled at $104.82 on Thursday's ICE close as Saudi Aramco targets partial pipeline restoration; full repair could take weeks to months.
Brent Retreats to $105.50 From $109.44 Peak as Saudi Aramco Doubles Ras Tanura Loadings and Opens Sohar Route
Brent fell to $105.50 Wednesday as Saudi Aramco rerouted 4 million barrels through Oman's Sohar port, easing fears that drove crude to $109.44 Tuesday.
Saudi Aramco East-West Pipeline Shutdown Drives Brent to $109.44 as Saudi Exports Lose Their Hormuz Bypass
Saudi Aramco's 7 million bpd East-West pipeline is offline after drone attacks, driving Brent to $109.44 and trapping Saudi exports behind Hormuz.
Goldman Sachs Raises Year-End Brent Target to $85 as Bank of America and HSBC Also Upgrade; ICE Friday Settlement of $104.61 Sits $14 to $21 Above Consensus
Goldman Sachs, BofA and HSBC raised Brent year-end forecasts Sunday, but all three targets trail Friday's $104.61 ICE settlement by up to $21 per barrel.
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.