Aramco Starts Gas Production at Jafurah
Saudi Aramco has begun gas production at Jafurah, the Middle East’s largest unconventional gas field, marking the first step toward a 2 billion cubic feet per day (Bcfpd) sales capacity by 2030. The field holds an estimated 229 trillion cubic feet of raw gas and is expected to generate up to 420 million cubic feet per day of ethane and 630,000 barrels of liquids. Phase‑2 contracts total $12.4 billion, and a $11 billion lease‑and‑leaseback agreement with BlackRock‑led investors created the Jafurah Midstream Gas Co., giving Aramco a 51% stake. The project leverages new “walking rigs” and in‑house fracturing to lower costs and boost well productivity.
BP Goes Big on Shale Oil Drilling
BP is reviving its U.S. shale operations through BPX Energy, targeting an 8% production rise to 500,000 barrels per day this year and 650,000 barrels per day by 2030, which would represent roughly 20% of the company’s total output. The...
North Sea Oil Signals Weakness
North Sea crude spreads fell to a two‑month low after Vitol and TotalEnergies halted a heavy buying spree, pushing the WTI Midland spread to just $1.70 above Brent. Derivative indicators turned bearish as weekly Brent CFDs entered contango and the...
EIA Sees USA Energy Demand Under 2025 Levels for Next 2 Years
The U.S. Energy Information Administration’s February 10 Short‑Term Energy Outlook projects total U.S. energy consumption to stay below 2025 levels in both 2026 (96.00 qBtu) and 2027 (96.15 qBtu), marginally under the 96.19 qBtu recorded in 2025. While overall demand flattens, liquid‑fuel use...
How Full Is the USA Strategic Petroleum Reserve?
The U.S. Strategic Petroleum Reserve sits at 415.4 million barrels, roughly 58.2% of its 714 million‑barrel authorized capacity, according to the EIA’s February 13 report. This marks a 5.1% rise over the same week last year and a 15.6% increase from 2024, reflecting...
North America Adds Rigs Week on Week
North America’s weekly rig count rose by two to 775, driven by a two‑rig increase in Canada while the U.S. total held steady at 551. The U.S. rig mix includes 409 oil rigs, 133 gas rigs and nine miscellaneous units,...
Uniper to Supply Gujarat with 0.5 MMtpa of LNG for 10 Years
Uniper SE has signed a ten‑year agreement to supply Gujarat State Petroleum Corp with 0.5 million metric tons per annum of LNG, with deliveries beginning in January 2028. The contract covers roughly one‑third of Gujarat’s gas demand, serving 2.3 million households and 20 000...
UK Plans to Cut Carbon Costs for Refineries After Closures
The UK government is preparing to incorporate oil refining into its Carbon Border Adjustment Mechanism (CBAM) to shield the remaining domestic refineries from escalating carbon costs. A call for evidence will feed into the Future of Fuels strategy, slated for...
YPF Chief Readies War Chest for Shale Push
YPF SA is committing to keep its $3.5 billion upstream capital spending unchanged, even if oil prices slip to $55 per barrel, to sustain its shale push in the Vaca Muerta basin. CEO Horacio Marin said the company has raised a $1 billion war...
Surging Oil Tanker Rates Tipped to Go Even Higher
Oil supertanker charter rates have surged, with VLCC earnings on the Middle East‑to‑China lane reaching $151,208 per day, the highest since 2020. The spike is driven by heightened geopolitical risk from a potential US‑Iran conflict and a tightening supply of available...
USA Crude Oil Stocks Drop 9MM Barrels WoW
U.S. commercial crude inventories fell 9 million barrels in the week to Feb 13, leaving stocks at 419.8 million barrels—about five percent below the five‑year average. Total petroleum stocks also dropped 18.9 million barrels week‑on‑week, though they remain 62.9 million barrels above a year ago....
BOEM Proposes 3rd GOA Lease Sale
The U.S. Interior Department’s Bureau of Ocean Energy Management (BOEM) announced a proposed notice for Lease Sale Big Beautiful Gulf 3 (BBG3), slated for August 12, 2026. The sale would put roughly 15,066 offshore blocks covering 80.4 million acres on the market, with a...
Brazos Starts Up New Gas Processing Plant in Midland Basin
Brazos Midstream commissioned its largest cryogenic plant, Sundance II, adding 300 MMcfd of processing capacity in the Midland Basin and joining the 200 MMcfd Sundance I that began operations in 2024. The company also broke ground on Cassidy I, another 300 MMcfd cryogenic facility in Glasscock...
USA Says VEN Oil Output Can Climb 30-40 Pct This Year
The Trump administration has issued new licenses permitting several Western oil companies to operate in Venezuela, potentially boosting the country's output by 30‑40 percent—roughly 300,000 to 400,000 barrels per day—this year. Energy Secretary Chris Wright said the increase would represent...
EIA Lowers USA Gasoline Price Forecasts
The U.S. Energy Information Administration trimmed its gasoline price outlook, now projecting an average of $2.91 per gallon in 2026 and $2.93 in 2027, down slightly from the January forecast of $2.92 and $2.95. The agency’s short‑term energy outlook still...
Martin Midstream Partners' Annual Loss Deepens
Martin Midstream Partners reported a $14.7 million net loss for 2025, widening from a $5.2 million loss in 2024. The loss was driven primarily by $57.8 million in interest expense and higher SG&A costs, while adjusted EBITDA fell to $99 million for the year....
Kimmeridge-Mubadala JV to Acquire SM Galvan Ranch in Texas
Mubadala and Kimmeridge’s joint venture Caturus will buy SM Energy’s Galvan Ranch for $950 million, adding 250 MMcfed production from 260 wells. Post‑deal, pro‑forma net output rises to about 950 MMcfed. The acquisition gives Caturus over 275,000 net acres across the Gulf Coast...
EIA Still Sees USA Oil Output Falling Next Year
The U.S. Energy Information Administration’s February short‑term energy outlook projects total U.S. crude oil production, including lease condensate, to fall from an average of 13.60 million barrels per day in 2026 to 13.32 million barrels per day in 2027. The decline is...
EBW Warned of Faltering Gas Demand Heading Into Holiday Weekend
EBW Analytics warned that U.S. natural‑gas demand could weaken heading into the President’s Day weekend, after the front‑month NYMEX contract briefly spiked to $3.316 per MMBtu before retreating. A recent EIA report showed a 249 billion‑cubic‑foot draw, leaving storage 97 bcf below...
North America Drops 6 Rigs Week on Week
North America’s weekly rig count slipped by six to 773, with the U.S. remaining steady at 551 rigs and Canada falling to 222. In the United States, oil rigs decreased by three while gas rigs rose by three, shifting the...
Analyst Highlights Focus of IEW Event
The International Energy Week (IEW) in London highlighted the clash between geopolitics and a projected global oil surplus for 2026. SEB commodities analyst Bjarne Schieldrop warned that OPEC+ will likely trim production by roughly three million barrels per day to...
Ukraine Strikes 2nd Lukoil Refinery in Russia This Week
Ukrainian drones struck Lukoil’s Ukhta refinery in the Komi region, igniting a blaze in the primary unit and a visbreaker. The attack follows a high‑precision strike on Lukoil’s larger Volgograd refinery earlier this week. Ukhta processes about 60,000 barrels of...
USA Crude Oil Stocks Rise More Than 8MM Barrels WoW
U.S. commercial crude inventories rose by 8.5 million barrels in the week ending Feb 6, reaching 428.8 million barrels—about three percent below the five‑year seasonal average. Total petroleum stocks slipped 1.7 million barrels week‑on‑week but remain up 81.9 million barrels year‑on‑year. Refinery runs edged lower...
USA Labor Market Report Underpins Energy Demand
Rystad Energy highlighted that January U.S. non‑farm payrolls increased by 130,000, pushing the unemployment rate down to 4.3% and surpassing consensus expectations. The stronger labor market is viewed as a modest tailwind for demand for transport fuels, petrochemicals and power...
