As tensions flare once again around the Strait of Hormuz—with recent incidents including a vessel struck off Oman’s coast and Iranian Revolutionary Guard warnings—Gulf oil producers are racing to secure alternative export routes. While the strait has historically carried nearly 20% of global seaborne oil trade, Iraq is moving decisively to reduce its vulnerability through […]
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In a decision that highlights his uncompromising stance against domestic fossil fuel expansion, UK Energy Secretary Ed Miliband reportedly vetoed a Treasury-backed proposal to increase North Sea oil and gas drilling. The plan was designed to generate additional tax revenues to help fund the Ministry of Defense’s urgent need for an extra £18 billion ($24 […]
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Dallas Fed Energy Survey and Market Impact The U.S. oil and gas sector is showing clear signs of accelerating activity in the second quarter of 2026, according to the latest Dallas Fed Energy Survey. Executives report stronger business conditions, improved outlooks, and rising capital spending, even as input costs and operating expenses climb. This momentum […]
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Iraq’s Basra Oil Company has directed operators at the giant West Qurna/2 oilfield to suspend pumping operations entirely and slash output to just 50,000 barrels per day (bpd), effective midnight on June 23. The move comes under an ongoing force majeure declaration, explicitly citing the continued absence of available tankers to lift the crude. This […]
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What a great day when you can get a panel together with Steve Reese, President, Reese Energy Consulting, Kirk Edwards, President, Latigo Petroleum, and Kimberly Page with Reese Energy Consulting to cover the huge issues of the Strait of Hormuz, AI, natural gas, and Data Centers. When oil fell to-$32, Cushing, Oklahoma, was full, and […]
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With the world’s oil and gas market changing, energy security is now at the forefront of most countries’ priorities. There are two discussions going on: have we found all of the easy oil, and will oil demand go away with the renewable crowd pushing more money into wind and solar? You won’t want to miss […]
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U.S. drilling activity remains resilient with modest gains reported in the latest industry-standard data, while Canada shows stronger momentum. Sources differ in methodology and absolute counts, highlighting the value of cross-referencing multiple providers. Here’s a comprehensive breakdown drawing from Baker Hughes (the longstanding industry benchmark), Enverus (daily GPS-based tracking), and the detailed WellDatabase report you […]
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Cushing, Oklahoma — often called the “Pipeline Crossroads of the World” — is facing critically low crude oil storage levels, with inventories hovering near operational “tank bottoms.” As of the week ending June 5, 2026, Cushing held approximately 21.64 million barrels of crude oil (excluding the Strategic Petroleum Reserve), according to U.S. Energy Information Administration […]
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US physical crude prices are easing as the wartime risk premium fades and Middle Eastern barrels prepare to return to global markets. The shift comes amid clear signs of de-escalation in the US-Iran conflict, including the passage of Iranian tankers past the US naval blockade today and the resumption of flows through the Strait of […]
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Wall Street banks are rapidly revising downward their oil price forecasts following the U.S.-Iran interim agreement to end hostilities, reopen the Strait of Hormuz, and ease restrictions on Iranian oil exports. The news has already triggered a sharp sell-off in crude prices, with Brent crude falling to around $80–81 per barrel as of June 16, […]
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