Australia’s ASX energy index plummeted by 8% at close on Friday amid rising concerns about economic growth and oil demand in continued panic selling in all major markets after the U.S. tariff announcement. The S&P/ASX 200 Energy [XEJ] index consists of the 11 companies in the S&P/ASX 200 that are classified as members of the GICS Energy sector. The index is rebalanced quarterly and constituent businesses tend to center around oil, gas, and coal. Losses at the broader S&P/ASX 200 index were more contained and the index dropped…

ExxonMobil expects its first-quarter earnings to be higher than in Q4 by up to $2 billion, thanks to higher oil and gas prices and rising refining margins. Exxon’s earnings in the upstream segment could be up to $900 million higher in the first quarter compared to the fourth quarter of 2024, due to higher oil and gas prices and timing effects, the supermajor said in an SEC filing. Oil prices in Q1 were lower than in the same period of 2024, but they were higher than in the fourth quarter of 2024. U.S. natural gas prices, on the other hand,…

Goldman Sachs cut its oil price forecast for 2025 by 5.5% for Brent crude and by 4.3% for West Texas Intermediate citing OPEC+ decision to bring more production back in May and the tariff barrage that President Trump unleashed this week, which the bank expects will cause a global recession. The bank’s analysts now expect Brent crude to average $69 per barrel this year and WTI to average $66 per barrel. The benchmarks have been trading around these levels earlier today. Goldman did not stop there, however, expecting the doom and gloom to persist…

After a string of weekly gains, oil prices were sent tumbling this week following the announcement of tariffs that the United States will impose on its trade partners, many of which are running substantial trade surpluses with the U.S. At the time of writing Brent crude was trading at $69.52 per barrel, with West Texas Intermediate at $66.25 per barrel, both sharply down from earlier in the week when Brent crude was trading above $75 per barrel and WTI climbed past $72. The tariffs announced by President Trump immediately hit the benchmarks because…

The Department of Energy has awarded a new $1.4 billion contract to Strategic Storage Partners, LLC—hardly a household name—to manage the Strategic Petroleum Reserve (SPR)—America’s emergency stash of crude oil. The new contract covers a five-year term with the option to extend for another five. After a transition period, Strategic Storage Partners will take over from the current SPR management firm, Fluor Federal Petroleum Operations (FFPO) on June 15, 2025. The SPR is more than a rainy-day fund—it’s a key pillar…

The Department of Energy has awarded a new $1.4 billion contract to Strategic Storage Partners, LLC—hardly a household name—to manage the Strategic Petroleum Reserve (SPR)—America’s emergency stash of crude oil. The new contract covers a five-year term with the option to extend for another five. After a transition period, Strategic Storage Partners will take over from the current SPR management firm, Fluor Federal Petroleum Operations (FFPO) on June 15, 2025. The SPR is more than a rainy-day fund—it’s a key pillar…

China’s biggest state-held energy firms are following the demand trends in the world’s top crude oil and natural gas importer. After decades of growth, Chinese demand for transport fuels is peaking as electric vehicles and LNG-powered trucks are seizing market share from gasoline and diesel. But natural gas demand is only going up, and it’s expected to continue growing for decades. Tasked by the authorities to boost domestic production of oil and gas, all three state majors, PetroChina, Sinopec, and CNOOC, are increasingly betting…

These are big days for oilfield services (OFS) providers, and the awarding of a major drilling contract to U.S.-based giant SLB (NYSE:SLB) for an ultra-deepwater Trion project offshore Mexico is more than just another deal. It’s where the deepest offshore drilling becomes the purview of artificial intelligence. The contract, awarded by Australia-based Woodside Energy Group (NYSE:WDE), Trion’s operator, will see SLB employ its artificial intelligence-enabled drilling capabilities to drill 18 ultra-deepwater wells with improved operational…

As U.S. President Donald Trump looks increasingly likely to shift away from the Biden-era acceleration of renewable energy deployment in favour of the expansion of the fossil fuel industry, oil executives are calling on the government to create greater market stability. The U.S. energy market has boomed in recent years, largely due to the introduction of former President Biden’s Inflation Reduction Act (IRA), which attracted high levels of green financing, and the increase of domestic oil and gas production. Favourable federal policies have…

US Secretary of State Marco Rubio said the Trump administration is committed to remaining in the NATO and urged the military alliance's 32 members to pledge to increase spending to strengthen its defense capabilities. Speaking as he arrived at a two-day meeting of NATO foreign ministers in Brussels, Rubio said the United States was "as active as it has ever been" in the alliance as he sought to allay ally concerns that US President Donald Trump is undercutting transatlantic relations. "President Trump's made clear he supports NATO. We're going…

Oil market fundamentals support the OPEC+ decision to increase May’s crude oil production by three times more than what the group originally planned, energy investor and senior portfolio manager at Ninepoint Partners Eric Nuttal told BNN Bloomberg on Thursday. “It was a surprising press release to wake up to,” Nuttal said, speaking of OPEC’s decision.  “Unfortunately for them, I think they could justify it through looking at strong enough fundamentals, at least before yesterday—looking at inventories being…

It’s official: President Donald Trump has announced sweeping tariffs on friends and foes alike, with the minimum rate at 10% and higher versions of between 20% and as much as 49%. Oil prices took a dive after the announcement, predictions of a grim economic future multiplied, and countries around the world vowed to retaliate. It’s a game of tariffs with a twist: energy imports were exempted from the tariffs. On Wednesday afternoon, President Trump announced a 10% additional levy on most goods that enter the United States. For some trade…

Gulf Cooperation Council (GCC) nations saw their bourses plunge on Thursday following U.S. President Donald Trump’s unveiling of sweeping ‘Liberation Day’ tariffs on importers that helped send oil prices plunging 7% earlier in the day. In the UAE, the Dubai stock index was gearing up to record its biggest drop so far this year, shedding 1.8%, while the Abu Dhabi index fell 0.8%. Saudi Arabia’s main index dropped 0.4%, partly driven by losses from state-run oil giant, Saudi Aramco. Lower oil prices in recent years, combined…

Sir Keir Starmer has vowed to “keep a cool head” in the face of the “economic impact” of Donald Trump’s 10 per cent tariffs on UK exports to the US, amid fears of a wider trade war. The Prime Minister spoke to business chiefs in Downing Street this morning in the wake of sweeping global import taxes announced by the US President at the White House last night. Trump imposed a rate of 20 per cent on the European Union (EU), 24 per cent on Japan and 34 per cent on China, among a wide range of others, in a speech hailing…

President Trump’s sweeping new tariffs are sending shockwaves through global markets, sparking concerns across industries—from tech to energy. Announced Wednesday, the new tariff package imposes a minimum 10% duty on all U.S. imports and much higher rates for countries with significant trade surpluses with the United States. China, facing a 54% tariff, is expected to be among the hardest hit. Apple could feel the impact more than most. Analysts estimate that if the company passes the full cost of tariffs on to consumers, the price of…

Via Metal Miner   Steel Industry leader British Steel is set to start consultations on permanently blowing down the operating blast furnaces at Scunthorpe. The move comes after the company failed to reach an agreement with the UK government on financial aid for conversion to green steelmaking. “Since 2020, the shareholder of British Steel, Jingye, has invested more than £1.2 billion [$1.55 billion] to maintain operations amid ongoing production instability and significant financial losses of around £700,000 [$906,400] a day,”…

In the latest of a series of accusations and repudiations, Russia accused Ukraine on Thursday of having launched what Moscow said were “provocative” attacks on energy infrastructure. “The attacks on Russia's energy infrastructure are targeted and are purely provocative and demonstrative,” Maria Zakharova, spokeswoman of the Russian Foreign Ministry, said on Thursday, as carried by Reuters. Last month, Russia agreed to a 30-day suspension of attacks on Ukrainian energy infrastructure in exchange for an identical halt of attacks…

In a time of institutional upheaval and reappraisal The Trump administration, with help from the Supreme Court, is trying to weaken or abolish Federal regulation by administrative agencies. States with a similar philosophical bent might attempt to do the same. Here we examine the issues that will arise when policy wonks make their “modest” proposals to abolish state agencies that regulate public utilities. They might argue that these agencies no longer suit the purpose for which they were intended in the late nineteenth and early twentieth…

In the latest of a series of accusations and repudiations, Russia accused Ukraine on Thursday of having launched what Moscow said were “provocative” attacks on energy infrastructure. “The attacks on Russia's energy infrastructure are targeted and are purely provocative and demonstrative,” Maria Zakharova, spokeswoman of the Russian Foreign Ministry, said on Thursday, as carried by Reuters. Last month, Russia agreed to a 30-day suspension of attacks on Ukrainian energy infrastructure in exchange for an identical halt of attacks…

Western military leaders will discuss the possible deployment of troops to Ukraine who would monitor a potential cease-fire in the conflict with Russian and be part of the country’s new security structure, Ukrainian President Volodymyr Zelenskyy said in his nightly video address. “This is our starting point: the Ukrainian army must be strong enough, and on this foundation, the entire security architecture is built,” Zelenskyy said. “A meeting will take place in just a few days -- on Friday (April 4) -- with representatives…