U.S. Gasoline Prices Could Hit $4 Per Gallon Within Days

India is on track to export the highest volume of refined petroleum products in months as refining margins have jumped with the re-escalation of the Middle East conflict. India is estimated to ship as many as 1.55 million barrels per day (bpd) of light and middle distillates in July, per data by commodity analysts Kpler cited by Reuters columnist Clyde Russell. The July volumes would be nearly double the fuel export volumes of just 866,000 bpd in May, when the Strait of Hormuz crisis hit crude...

Since Middle East hostilities reignited, oil prices have soared higher, although they remain below the highs witnessed during April 2026. This can be blamed on U.S. strikes against Iran, with Tehran and Washington disrupting traffic in the Strait of Hormuz, through which a fifth of global hydrocarbon supplies are shipped. This has sparked greater demand for Brazil’s high-quality oil grades, notably from Asia, because there is no need for shipments to pass through contested waters. This will...

Crude oil inventories in the United States saw an increase of 2.0 million barrels during the week ending July 17, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 411.7 million barrels, according to government data, which are now 6% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories...

Kazakhstan should, in theory, be one of the major beneficiaries of Russia’s growing isolation from global energy markets. Its crude is unsanctioned and European refiners need alternatives to Russian barrels. Yet instead of gaining a clear geopolitical advantage, Kazakhstan has found itself exposed to many of the same risks as its northern neighbour: attacks on export infrastructure, disruptions inside Russia and repeated operational failures at its own largest fields. The roots of that...

Brent crude has broken back above $100 a barrel for the first time in nearly two months as escalating attacks on commercial shipping in the Red Sea deepen concerns that the Middle East supply crisis is spreading beyond the Strait of Hormuz. As of mid-morning Thursday, front-month Brent for September delivery was trading at $100.69 a barrel, up more than 7% on the day after touching an intraday high of $101.01. WTI was also sharply higher, with the entire Brent forward curve moving higher as...

The war in the Middle East has diminished the negotiating power that key regional LNG exporters Qatar and the United Arab Emirates (UAE) have enjoyed for years. Importers of LNG from Europe to Asia plan to negotiate better terms in future long-term deals and ask for lower prices and higher contract flexibility, industry executives at LNG importing companies have told Reuters. For years, Qatar and the UAE commanded significant negotiating power, tied to their reliability as LNG suppliers. The...

The European Union will exempt Greek Dynagas from the latest sanctions package for Russia after pressure from the Greek government, which said the package would harm the country’s economy. The package, set to be voted on today, includes a ban on LNG shipments to third countries and a total ban on LNG purchases by EU entities. However, with several EU member states now complaining about the adverse effects of these sanctions on their economies, Brussels has been placed in a position to negotiate...

At least two tankers have turned away from the Bab el-Mandeb Strait after Yemen’s Houthis said they have struck two Saudi tankers in the chokepoint in the latest Middle East war escalation, saying they had violated the naval blockade that the Yemeni forces declared earlier this week. According to reports, one of the tankers was loaded with Saudi crude for India and the other was carrying oil to China. “While it’s only two vessels so far, it suggests owners and operators are taking the threat...

The regional price of natural gas produced in the Permian, the top U.S. oil basin, was negative for most of the first half of the year. Rising associated gas output from oil-targeting wells has had nowhere to go. Producers had to either flare the gas, within allowed limits, or pay to get rid of what many Permian players see as an undesirable by-product of the valuable crude. For years, the key constraint to local gas prices has been the insufficient pipeline takeaway capacity, which hasn’t...

Renewed Houthi blockade of Saudi Red Sea ports threatens up to 4 million bpd of redirected Saudi crude exports, adding fresh supply risks as the Strait of Hormuz remains effectively disrupted The latest reignition of hostilities between the United States and Iran led to a spike in oil prices that, contrary to some observers’ expectations proved to be temporary. After jumping, prices once again moved lower, driven by hope for peace. Yet the recent announcement by Yemen’s Houthis that they would...

Japan’s day-ahead spot electricity prices surged on Wednesday to the highest level in three and a half years as soaring fuel costs, heat waves, and a weakening Japanese currency have combined to push power prices higher this summer. Data from the Japan Electric Power Exchange showed that nationwide day-ahead spot price surged to $0.15 (24.78 Japanese yen) per kilowatt-hour (kWh) on Wednesday, Bloomberg reports. The price has surged by 24% so far this week and hit on Wednesday the highest level...

China produced a record amount of crude oil last year, at 216 million tons, with natural gas production also rising substantially, the National Energy Administration reported today. Together, the oil and gas output of China in terms of oil equivalent rose to 420 million tons-a record high. Natural gas alone rose by 10 billion cubic meters last year. The annual growth rate was unchanged for the ninth year in a row, the NEA said. Chinese oil and gas companies also boosted their reserves, with new...