The price of crude oil declined further on Friday following the news that Gulf nations will meet on September 14 to discuss the situation in the Strait of Hormuz, easing concerns over further supply disruptions through the key waterway. Lower oil prices were also pressured by the International Energy Agency’s (IEA) report, which projected in its forecast that global oil demand growth this year will fall by 2.5 million barrels per day from its previous estimate of 1.6 million bpd. West Texas Intermediate (WTI) for October contracts dropped 5.45% to $99.02 a barrel. Brent for November settlements lost 3.08% to $104.33 per barrel.
UK expected to postponing North Sea drilling….. Again
The United Kingdom government is expected to postpone a decision on the North Sea’s Jackdaw gas field until late autumn, The Telegraph reported on Friday, citing Whitehall sources. Approval had reportedly been anticipated as early as Monday but is now expected after the October 8 Holborn and St Pancras by-election, where Labour faces a challenge from the Green Party. The delay would also move the decision beyond Labour’s conference later this month. However, the Department for Energy Security and Net Zero denied that a timetable had been agreed, stressing that the decision formally rests with Energy Secretary Miatta Fahnbulleh. US President Donald Trump claimed the action would solve British energy problems and make the country wealthy.
NN: The grennie wennies are destroying Europe and the UK with their idiotic opposition to source Natural Gas at home. In Europe’s case it is still burning natural gas.. More then ever but paying 3 times the price to buy liquified gas. In England’s case is even sadder. The Brits sit on top of one of the world largest gas fields. Instead of supplying their needs they could also make a fortune exporting gas to Europe. The pipelines are in place. The grennies have virtually shut down UK production. Instead England is importing the very north sea gas they cold produce from Norway. Some sick shit!
Houthis advance along Yemeni coast, threaten Saudi oil exports in the Red Sea
If the Houthis were to gain control of the waterway on the opposite side of the Arabian Peninsula from the Strait of Hormuz, it could give their backer Iran a critical advantage in the war with the United States, reducing supplies through a second major transit corridor and sending oil prices surging. Saudi Arabia, the world’s largest oil exporter, has relied on the Red Sea route since the Iran conflict effectively closed Hormuz, through which a fifth of global oil used to flow. Yemeni government forces and their allies are relocating south along the Red Sea coast to Dhubab on the Bab el-Mandeb Strait, across from Perim Island, government military sources said. Control of Dhubab and the island is key to gaining hold of the strait, they said.
NN: Another choke point. Its no accident the Iranians are playing the Houthis card.
Oil continues rally, WTI surges 7%
Crude oil futures continued their rally on Thursday, with West Texas Intermediate (WTI) jumping by more than 7% as investors kept an eye on the ongoing conflict in the Middle East, amid Iran’s Islamic Revolutionary Guard Corps’ (IRGC) threats of retaliating tenfold to any US attacks. Traders also digested today’s report from the Organization of the Petroleum Exporting Countries (OPEC), which revised its oil demand projections up to 2.4 million barrels per day in 2027.
WTI for October settlements surged by 7.17%% at 2:14 pm ET to $102.94 per barrel. Meanwhile, Brent for November deliveries soared by 6.76% to $108.21 per barrel at 2:15 pm ET.
NN: This is a red hot market oil is blazing!
Oil extends gains, jumps 4.5%
The prices of oil futures extended gains on Thursday, with West Texas Intermediate (WTI) hitting $100 a barrel as investors assessed the possibility of a prolonged conflict in the Middle East. United States President Donald Trump declared yesterday that the war in Iran will end “immediately after” midterm elections in November, while oil prices will be “tumbling down.” In addition, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report earlier today that worldwide oil demand is expected to grow by 2.4 million barrels per day (bpd) in 2027.
WTI for October deliveries increased by 4.74% at 8:39 am ET to $100.60 per barrel. Brent for November shipments jumped by 4.53% to $105.79 per barrel at the same time.
Nick Not:e Double Down and Pyramid this trade
US aircraft said to be damaged in Iranian strike on Jordan
Several United States military aircraft were damaged in recent Iranian strikes on Jordan’s Muwaffaq Salti Air Base, CBS News reported, citing people with direct knowledge of the matter. Around 8 F-15 fighter jets sustained light damage and were returned to service, while an A-10 Thunderbolt was struck and lost a wing, according to the report. CBS also said US forces fired more than 30 Patriot missiles while defending against the Iranian attack.
Brent crude rises above $100 a barrel as Middle East conflict escalates
SINGAPORE, Sept 9 (Reuters) – Benchmark Brent crude oil futures rose past $100 a barrel on Wednesday, breaching the symbolic barrier for the first time since July 24 as intensifying conflict in the Middle East fuelled growing concern about oil flows from the region.
Brent crude futures rose $2.15, or 2.2%, to $100.07 a barrel by 0721 GMT, while U.S. West Texas Intermediate crude was up $1.70, or 1.83%, at $94.73 a barrel.
Brent crude prices have risen by a quarter since early last month as hopes fade for a permanent resolution to the six-month-old U.S.-Iran conflict. This week, attacks by Iran-backed Houthis on Saudi energy facilities set oil installations ablaze, threatening a significant expansion of the conflict. The Houthi attacks could threaten crude shipments via the Red Sea, which has been a key alternative route to the crucial Strait of Hormuz, where crude flows have been severely curtailed since the February 28 start of the Iran war. A growing number of banks, including Goldman Sachs, Bank of America and HSBC, have raised their crude price forecasts in recent days. In the week before a resumption in fighting on August 30, roughly 8 million to 9 million bpd had flowed through Hormuz, double the previous week’s volume, according to Rystad Energy’s Chief Economist Claudio Galimberti, although more recently it had fallen below 2 million bpd. While non-OPEC oil producers including the United States, Canada and Guyana have ramped up output, the International Energy Agency said last month it expected global oil supply would fall this year by 4.3 million bpd, or about 4%.
NN Further proof that our Double Down Trade is the right thing to do. Back your bet!
WTI up 3% after strikes on Saudi energy facilities
Crude oil prices rose on Tuesday, with West Texas Intermediate (WTI) climbing over 3%, as military conflict in the Middle East intensified with attacks on key energy infrastructure. Saudi Arabia halted operations at some energy facilities after Houthi militants based in Yemen struck targets in the kingdom, wounding more than 70 people, the Energy Ministry said. Supply fears have compounded since the US military struck three Iranian oil tankers on Saturday in retaliation for Iranian ballistic-missile attacks on two US Navy warships.
WTI for deliveries in October climbed by 3.32% at 4:21 am ET, going for $94.54 per barrel, while Brent for settlements in November gained 2.32% at the same time and sold for $99.27 per barrel.
Goldman Sachs Warns Oil Could Hit $120 as Shipping Risks Rise
Oil prices could surge to as much as $120 per barrel if attacks on shipping in the Middle East intensify, according to Goldman Sachs. “Events over the last few days do suggest that the risk of shipping disruptions broadening and intensifying is an important one,” Daan Struyven, co-head of global commodities research at Goldman Sachs, told Bloomberg TV in an interview on Monday. Oil prices have rallied in recent days amid the re-escalation of hostilities and jumped early on Monday in Asian trading to the highest level since mid-July, nearing the $100 per barrel threshold. The situation escalated further this weekend after the U.S. said it had struck three Iranian oil tankers in response to the IRGC targeting two U.S. warships with ballistic missiles. Following the attacks, Iranian parliament speaker Mohammad Bagher Qalibaf said that the era of “proportionate responses” is now over, and warned that future retaliations from Iran will be “faster, heavier and more painful.” Iran also said it would announce in the coming days a new “exclusion zone” which “will begin from the line of the U.S. naval blockade, extend toward the Strait of Hormuz, and from this side continue into the Persian Gulf.” “Any ship that enters this area with the intention of passing through the Strait of Hormuz and is identified will be placed on our sanctions list,” Mohsen Rezaei, the new head of Iran’s Supreme National Security Council, said on Sunday. Early on Monday, Goldman sees “meaningful upside to crude oil prices,”
NN: We are off to the races. Time to Double Down
Saudi Aramco oil facility hit in fresh strike
Saudi Aramco’s oil facilities in the southwest city of Jizan were attacked on Monday, the Financial Times reported, citing two people familiar with the matter. The extent of the damage is still being assessed, and no information has been shared about the attack’s origin. One source described the incident as similar in scale to a Houthi strike last month that temporarily disrupted production at the same refinery. Located near Saudi Arabia’s border with Yemen, Jizan has previously been targeted several times by Houthi forces. Aramco CEO Amin Nasser said last month that earlier attacks caused some production interruptions but had no material operational or financial impact.
NN: More production lost to the market.