Category: Crude Oil

President Trump Signs Executive Order Waiving Key Russian Sanctions and Tariffs Under the Graham Act, Helping Keep Oil Flowing

Clark Savage978

On October 16, 2026, President Donald Trump signed an executive order implementing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 while simultaneously waiving most of its new sanctions, restrictions, and duties. The move, taken under the Act’s national-interest waiver authority (Section 115), came just days before the measures were set to take […]

Continue Reading

Oil Over $100 as Markets Struggle to Balance Amid Tanker Attacks and Shipping Disruptions

Clark Savage912

Brent crude settled at $109.86 per barrel on Friday, October 16, after touching $110 intraday—the highest since May—while WTI closed at $101.41. The move capped a week of gains driven by persistent supply risks from the ongoing U.S.-Iran conflict (now approaching eight months), Russian-Ukrainian strikes on energy infrastructure, Houthi activity, and a sharp acceleration in […]

Continue Reading

Oil Prices Slide as US Weighs Easing Sanctions on Shadow Fleet: Implications for Tanker Rates, Delivered Crude Costs, and Diesel Crack Spreads

Clark Savage866

Oil prices fell about 2% on October 15, 2026, after reports that the Trump administration is considering easing sanctions on vessels in the so-called “shadow fleet.” Brent crude futures dropped about $2.28 (2.2%) to around $103.78 a barrel, while WTI fell about $1.34 (1.4%) to roughly $93.75, reversing prior gains. The move reflected hopes that […]

Continue Reading

How has OPEC’s production pre-war and current output under stress?

Clark Savage1097

The Iran war that began around February 28, 2026, with U.S.-Israeli strikes and subsequent Iranian responses, has reshaped OPEC+ crude production and, more sharply, refined product exports. Pre-war levels (roughly February 2026) represented a relatively stable baseline after earlier OPEC+ quota management. Current output remains under significant stress from Strait of Hormuz disruptions, infrastructure attacks, […]

Continue Reading

ENB Weekly Rig Count Comparison of Baker Hughes, Enverus and WellDatabase — Rigs Are Up

Clark Savage894

As of mid-October 2026, U.S. drilling activity continues to firm. Baker Hughes reported its closely watched weekly rotary rig count at 603 for the week ending October 9 (up 5 week-over-week and up 56 year-over-year from 547). WellDatabase’s U.S. Rig Report dated 10.14.2026 showed 608 total rigs (up 6 week-over-week and up 52 year-over-year). Enverus’ […]

Continue Reading

Massive Oil, Gas, and Critical Mineral Exploration to Begin in Greenland: Trump Announcement, Security Deal, and the Path to 2027 Drilling

Clark Savage1262

On October 14, 2026, President Donald Trump posted on Truth Social that “Massive Oil, Gas, and Mineral Exploration is getting ready to begin in our new and beautiful Greenland.” He added that experts claim the amount of easily available oil is far greater than that of almost any land anywhere in the world, and that […]

Continue Reading

Chinese Refiners to Slow Inventory Drawdowns as Imports Pick Up: What It Means for the Oil Market

Clark Savage984

Chinese refiners are set to slow the pace of inventory drawdowns this month as crude imports recover, according to Energy Aspects. More overseas crude is expected to arrive from November, allowing China to preserve its substantial stockpile buffer against further supply disruptions. Analyst Jianan Sun of Energy Aspects noted that recent purchases of Iraqi and […]

Continue Reading