Markets

Peace talks in the Middle East and renewed demand concerns dragged on futures prices for benchmark crudes.

Analysts warn of rising heavy crude oil prices and refining costs globally, potentially impacting summer shipping and road construction expenses.

The addition of West Texas crude, particularly West Texas Immediate (WTI) Midland, to the grades determining the price of Dated Brent has substantially improved the world's most crucial oil price.

Recent data from the Energy Information Administration (EIA) reveals a significant swing in crude stockpiles, with a build of 7.3MM bbl. for the week to Apr. 26, contrasting sharply with the previous week's draw.

North Sea Energy Developments Amidst Political Challenges.

Saudi Arabia is anticipated to increase the price of its flagship Arab Light crude for Asia in Jun. to a five-month high, according to a Reuters survey of refining sources.

Asian oil buyers are closely monitoring Angola's increasing oil production following its departure from OPEC, anticipating greater supply flexibility amidst Middle Eastern uncertainties.

As global political landscapes continue to evolve, the US has reinforced sanctions on Iran and Venezuela, targeting their critical oil sectors.

More airstrikes in Gaza prompted more worries that the conflict could widen and cause supply disruptions from the Middle East, helping to push futures prices higher for benchmark crudes.

In 2023, the US southern state of Texas set unprecedented records in oil and gas production, underlining its crucial role in bolstering both the national and global energy supply.