Oil markets see closure of Hormuz Strait as unlikely, Eni CEO says
The CEO of Italian energy company Eni ...
The CEO of Italian energy company Eni (ENI.MI), said on Wednesday oil markets are signalling that an escalation between Israel and Iran and the closure of the Strait of Hormuz is unlikely.
About a fifth of the world's total oil consumption passes through the Strait, which lies between Oman and Iran and links the Gulf north of it with the Gulf of Oman to the south and the Arabian Sea beyond.
"The markets have not pushed the value of crude oil above $80, $90 a barrel (signalling that) they are predicting that more extreme situations, including the closure of the Strait of Hormuz, are unlikely," Eni's Claudio Descalzi said on the sidelines of an energy conference.
WTI crude oil July futures climbed 3 cents to $74.87 per barrel on Wednesday after rising to as high as $76 earlier in the session, while Brent Crude for August delivery closed down 24 cents, at $76.21 per barrel, trading as high as $77.43 during the session.
U.S. stocks end mixed after Fed keeps rates unchanged, lifts inflation outlook
The Dow Jones Industrial Average gave up an almost 300-point...
The Dow Jones Industrial Average gave up an almost 300-point gain to end lower, while the S&P 500 closed flat, on Wednesday after the Federal Reserve left interest rates unchanged and raised its inflation outlook for the year.
The Dow fell 44.14 points, or 0.1%, to close at 42,171.66, after losing a 294.27-point gain that sent it to a session high of 42,510.07 earlier in the day, based on preliminary data. Wednesday's closing level is the lowest since May 28.
The S&P 500 fell less than 2 points to finish flat at 5,980.87.
The Nasdaq Composite advanced 25.18 points, or 0.1%, to end at 19,546.27.
Plains All American Sells Canadian NGL Assets to Keyera for $3.75B
Houston-based Plains All American Pipeline is selling all its Canadian...
Houston-based Plains All American Pipeline is selling all its Canadian NGL assets to Keyera for US$3.75 billion (CA$5.15 billion).
Keyera will also be purchasing select U.S. assets. Plains will continue to hold its U.S. NGL assets and Canadian crude assets.
The transaction is expected to close in early 2026. Canadian-based Keyera said the transaction gives the company a fully connected NGL corridor across Canada.
Keyera said the deal was “transformational” for the company. The enhanced NGL platform will provide more flexibility, reliability and cost-effective solutions to its customers, the company said.
US Crude Oil Inventories See Sharp Drawdown, Bolstering Market Confidence
The American Petroleum Institute (API) estimated...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell sharply, by 10.133 million barrels in the week ending June 13 after analysts had estimated a 600,000-barrel draw. The API reported a 337,000 barrel inventory decrease in the prior week.
So far this year, crude oil inventories are up 7.6 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels to 402.3 million barrels in the week ending June 13. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Gasoline inventories also fell in the week ending June 13, by 202,000 barrels, after rising by 2.969 million barrels in the week prior. As of last week, gasoline inventories were 2% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories were up this week, by 318,000 barrels. In the week prior, distillate inventories rose 3.712 million barrels. Distillate inventories were already a starting 17% below the five-year average as of the week ending June 6, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell 800,000 barrels in the week after falling 728,000 barrels in the week prior.
In a post on Truth Social, Trump wrote that the US knows...
In a post on Truth Social, Trump wrote that the US knows where Iranian leader Ayatollah Ali Khamenei is “hiding,” calling him an “easy target” but saying he will not be killed, “at least not for now.” He also demanded Iran’s “unconditional surrender” as it traded airstrikes with Israel for the fifth day. Trump’s escalating rhetoric came as the US moved more warships into the Middle East in what officials said was a defensive position. The president also posted, “We now have complete and total control of the skies over Iran,” but it was unclear if that meant the US was directly involved in the conflict. Trump is reportedly weighing using US military assets to strike Iran.
