Energy Market News

Latest news and analysis on oil, gas, and commodity markets

US drillers add rigs for third straight week, highest since November

Baker Hughes data shows the US oil and gas rig count rose by five to 551, the most active since November, led by a seven-rig jump in the Haynesville.

Feb 19oil

Oil surges 4% after Vance says military strikes on Iran on table

Brent crude jumped above $71 and WTI crossed $66 after VP Vance said Iran failed to meet US demands and President Trump reserves the right to use force.

Feb 17gas

Europe's gas storage drops to lowest level since 2022 crisis

EU gas reserves have fallen to 35% capacity, the lowest seasonal level in four years, as a cold winter and Russian supply cuts drain inventories.

Feb 17oil

China gorges on cheap Russian crude as India steps back

Russian oil shipments to China jumped to 2.07 million barrels per day in February, a new record, after India slashed imports under US pressure.

Feb 16oil

Iran offers energy deals as sweetener in nuclear talks with US

Tehran dangles oil, gas, and mining contracts to make a nuclear deal stick, while Washington slaps fresh sanctions on 14 tankers in Iran's shadow fleet.

Feb 16opec

OPEC+ eyes April output hike as March 1 meeting nears

Eight OPEC+ producers are leaning toward restarting output increases in April, but a widening gap between demand forecasts clouds the decision.

Feb 13market

Oil falls 3% after IEA cuts demand forecast and flags record surplus

Brent crude dropped to $67.51 as the IEA slashed its 2026 demand growth forecast by 80,000 barrels a day and warned of a 3.7 million bpd surplus.

Feb 9gas

Record 360 Bcf gas storage draw leaves US stocks below average

The EIA reported the largest weekly gas storage withdrawal on record as Winter Storm Fern drove consumption 29% above normal and froze Gulf Coast production.

Feb 7market

Crude inventories plunge as API reports biggest draw since mid-2023

API reported an 11.1 million barrel crude draw for the week ending January 31, dwarfing expectations for a build and marking the steepest weekly decline since mid-2023.

Feb 5oil

Oil drops 2% as Iran confirms Friday talks with US in Oman

Crude prices fell for the first time in three days after Tehran announced nuclear negotiations with Washington will take place Friday in Muscat, easing fears of imminent military action.

Feb 4oil

Oil jumps 2% after US downs Iranian drone near aircraft carrier

Brent crude rose to $68.68 and WTI hit $65.14 after a US F-35C shot down an Iranian Shahed drone near the USS Lincoln, while IRGC gunboats challenged a US tanker in the Strait of Hormuz.