The Department of the Interior just announced that it’s revving the engine on another offshore lease sale in the Gulf of Mexico, which was recently renamed by the Trump Administration to the Gulf of America, slated for 2025. Secretary of the Interior Doug Burgum made it crystal clear: the era of locking up domestic energy is over. The Bureau of Ocean Energy Management (BOEM) is dusting off its charts, pointing to an estimated 29.6 billion barrels of undiscovered oil and nearly 55 trillion cubic feet of gas lurking beneath the waves. That’s…

The Department of the Interior just announced that it’s revving the engine on another offshore lease sale in the Gulf of Mexico, which was recently renamed by the Trump Administration to the Gulf of America, slated for 2025. Secretary of the Interior Doug Burgum made it crystal clear: the era of locking up domestic energy is over. The Bureau of Ocean Energy Management (BOEM) is dusting off its charts, pointing to an estimated 29.6 billion barrels of undiscovered oil and nearly 55 trillion cubic feet of gas lurking beneath the waves. That’s…

On the eve of the first-ever Central Asia-European Union summit, Kazakhstan announced the discovery of vast deposits of rare earths, a big nugget of information clearly designed to attract foreign investment. The two-day summit kicked off on April 3 in the Uzbek city of Samarkand, with the leaders of Central Asian states, along with European Council President António Costa and European Commission President Ursula von der Leyen, in attendance.  The EU’s primary objective is to deepen its trade & investment relations with the…

Several of Europe's top diplomats called out Russian President Vladimir Putin for failing to agree to a US-led peace proposal to end the war in Ukraine amid signs Washington has grown wary of the Kremlin's intentions during several weeks of talks. Several of Europe's top diplomats, commenting during the second day of a meeting of NATO foreign ministers in Brussels on April 4, urged allies to put more pressure on Moscow to come to an agreement. British Foreign Minister David Lammy called out Putin, saying the Russian leader "continues to obfuscate,…

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, following a 1 rig dip in the prior week. The total rig count in the US fell by 2 to 590 rigs, according to Baker Hughes, down 30 from this same time last year. The number of oil rigs rose by 5 to 489—down by 19 compared to this time last year. The number of gas rigs fell by 7 this week to 96 for a loss of 14 active gas rigs from this time last year. Miscellaneous rigs were unchanged at…

Oil continued its dive into Friday—Brent dropped below $66, WTI scraped $62—and if you’re thinking, hey, haven’t seen those levels since 2021, you’re not wrong. Today’s WTI prices are not sustainable for some US producers. A perfect storm began to brew late Wednesday. First came President Trump’s broadside tariff blitz—blanket duties slapped on all U.S. trading partners, sparking fears of a global trade war. Yes, energy was exempt from the tariffs. Still, investors didn’t need much convincing.…

Oil prices plunged this week as a one-two punch of sweeping U.S. import tariffs and an unexpected OPEC+ supply hike erased $10 per barrel from global benchmarks. Friday, April 04, 2025 The combined effect of Donald Trump’s import tariffs, OPEC+’s inopportune decision to speed up the unwinding of production cuts and China’s retaliatory actions have wiped off $10 per barrel from global oil prices, with ICE Brent falling below $65 per barrel for the first time since August 2021. Seeing backwardation barely change compared to the…

U.S. natural gas prices fell by 6% on Friday morning amid the overall panic market selling, but the benchmark Henry Hub price was declining less than the WTI Crude prices, which sank by more than 8% to hit a low of $61 per barrel. The benchmark price for U.S. natural gas delivered at Henry Hub was plunging by 6.26% to $3.877 per million British thermal units (MMBtu) as of 10:35 a.m. EDT. At the same time, the WTI Crude futures were tumbling by as much as 8.59% to $61.14. This WTI price is now below the average $65 per barrel price U.S. producers…

A district court in Russia has ruled that the moorings of the main export terminal for Kazakhstan’s oil should all remain open, which will likely avert a drop-off in Kazakhstan’s crude oil exports. Early this week, Russia ordered shut two of the three moorings of the main oil export terminal on Russia’s Black Sea coast handling Kazakhstan’s oil exports. The order for the closure of the two moorings was issued following snap safety inspections by Russia’s Federal Agency for Transport Supervision, prompted by the oil…

A district court in Russia has ruled that the moorings of the main export terminal for Kazakhstan’s oil should all remain open, which will likely avert a drop-off in Kazakhstan’s crude oil exports. Early this week, Russia ordered shut two of the three moorings of the main oil export terminal on Russia’s Black Sea coast handling Kazakhstan’s oil exports. The order for the closure of the two moorings was issued following snap safety inspections by Russia’s Federal Agency for Transport Supervision, prompted by the oil…

Spain imported 59% higher volumes of crude oil from Venezuela in January and February compared to the same period of 2024, Spanish statistics data showed, as the Trump Administration’s deadline for the new sanctions on Venezuela approaches. Spain’s crude oil imports from Venezuela jumped to 449,000 tons in January and February 2025, up from 283,000 tons imported in the same months last year, Reuters reported on Friday, citing data by the Spanish energy and environment ministry. Spain’s energy major Repsol was one of several foreign…

Numbers Report – April 04, 2025In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers. Let’s take a look.1. OPEC+ Ambition Catches Oil Markets By Surprise - In the wake of Donald Trump’s import tariff announcements, the meeting of OPEC+ ministers was widely expected to be a roll-over of existing policies, however, under the guidance…

The Iraqi Oil Ministry is calling for an urgent meeting to discuss the long-awaited and delayed resumption of oil exports from the semi-autonomous region of Kurdistan, state media reported on Friday. In February, Iraq and Kurdistan appeared to be close to agreeing on all technical and financial details about resuming exports in March. Oil exports from Kurdistan have now been halted for more than two years after they have been shut in since March 2023 due to a dispute over who should authorize the Kurdish exports. After more than a year of…

The most oft-quoted, some would say over-quoted phrase in trading and investment analysis is Warren Buffett’s entreaty to be “Fearful when others are greedy, and greedy when they are fearful”. In part, that overuse may be because those like me that write on the subject are often not particularly original thinkers, but it is also because it is a succinct way of saying something that is blindingly obvious, but which human nature makes it very hard to adhere to. We should all sell into rallies and buy on dips, but we tend to do the…

WTI crude came under heavy selling pressure Thursday after the U.S. rolled out a sweeping tariff package that sparked immediate fears of slower global growth and weaker oil demand. Traders weren’t reacting to the direct impact on crude—oil and refined products were excluded—but to the ripple effect across the broader economy. A 10% minimum import tariff on nearly all goods landed like a hammer. It raised the prospect of retaliatory moves, costlier trade, and softer consumption—all red flags for fuel demand. The market didn’t…

Politics, Geopolitics, & Conflict Israeli forces advanced into Rafah this week, establishing a new "security zone" and effectively pushing out residents who had taken refuge there. This is a major escalation since the ceasefire ended early last month. The Israeli move was to set up a new corridor in southern Gaza aimed at severing the link between Khan Younis and Rafah. Netanyahu described the operation as "cutting up the strip". Earlier, Defense Minister Israel Katz issued a warning about an imminent large-scale expansion of military operations,…

This week saw oil prices tank more than 10% as President Donald Trump’s tariffs went into effect. A single-day drop of more than 7% in global oil prices is rare but not unheard of. It usually signals something dramatic: the spectre of war (directly involving the U.S.), pandemics, cartel infighting, or, in this case, the first new salvo in a brewing global trade war.  We have been here before, and not that long ago. In fact, we have been here, exactly, during Trump’s first crack at the tariff arena.  We count six incidents/events…

The Iraqi Oil Ministry is calling for an urgent meeting to discuss the long-awaited and delayed resumption of oil exports from the semi-autonomous region of Kurdistan, state media reported on Friday. In February, Iraq and Kurdistan appeared to be close to agreeing on all technical and financial details about resuming exports in March. Oil exports from Kurdistan have now been halted for more than two years after they have been shut in since March 2023 due to a dispute over who should authorize the Kurdish exports. After more than a year of…

BP chair Helge Lund has informed the board that he would be stepping down from the role “most likely during 2026,” as activist investor Elliott continues to demand more changes at the UK-based supermajor. BP’s board of directors has initiated a succession process to select a new Chair after Helge Lund informed the board of his intention to step down in due course, the company said on Friday. “It is intended that the successful candidate will join the board and work together with Helge to ensure an orderly transition ahead…

BP chair Helge Lund has informed the board that he would be stepping down from the role “most likely during 2026,” as activist investor Elliott continues to demand more changes at the UK-based supermajor. BP’s board of directors has initiated a succession process to select a new Chair after Helge Lund informed the board of his intention to step down in due course, the company said on Friday. “It is intended that the successful candidate will join the board and work together with Helge to ensure an orderly transition ahead…