ENERGY

Crude prices soared today, round-tripping yesterday's losses, after traders apparently woke up to the tensions in the MidEast.

Traders have largely looked past shipping disruptions in the Red Sea and the threat of a wider war in the Middle East over the past few weeks as those factors have yet to impact global oil supply and output, but the Danish shipping giant Maersk said today it would indefinitely suspend shipments through the Red Sea.

But major fatalities following (more…)

Authored by Tsvetana Paraskova via OilPrice.com,

Global gasoline consumption hit a record 26.9 million barrels per day (bpd) this year, exceeding the 2019 peak and defying estimates that the last pre-pandemic year was the time when gasoline demand worldwide would peak. 

The data, reported by Bloomberg Opinion columnist Javier Blas, shows the latest figures from the International Energy Agency (IEA). The same agency, which has been strongly advocating for a faster energy (more…)

Authored by Simon Watkins via OilPrice.com,

• Due to the exceptional efforts of U.S. Secretary of State, Antony Blinken, and his team, the Israel-Hamas War has (more…)