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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 016.00
+49.00
1 305.00
-5.00
May 5
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 016.00	+49.00	1 305.00	-5.00	May 5

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
803.17	+12.28	962.55	+11.92	1 455.10	-7.13	May 6

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	680	761	-81	820	845	-25	1 305	1 436	-131	May 6
Singapore	705	791	-86	820	940	-120	1 260	1 429	-169	May 6
Fujairah	710	736	-26	925	910	+15	1 550	1 492	+58	May 6
Houston	700	754	-54	890	885	+5	1 230	1 281	-51	May 6

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Digital Bunker Prices
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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
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Latest News
- 2026-05-06
  Oil extends slide as Trump indicates possible Iran peace deal
  Oil prices fell for a second day on Wednesday on expectations bottled-up supply from the key Middle East producing region could resume flowing after U.S. President Donald Trump indicated a possible peace deal may be reached to end the war with Iran. Brent... Read more Oil prices fell for a second day on Wednesday on expectations bottled-up supply from the key Middle East producing region could resume flowing after U.S. President Donald Trump indicated a possible peace deal may be reached to end the war with Iran.
  Brent crude futures fell $1.89, or 1.7%, to $107.98 a barrel as of 0340 GMT, after dropping 4% in the previous session. U.S. West Texas Intermediate futures eased $1.83, or 1.8%, to $100.44, after settling down 3.9% the day before.
  On Tuesday, Trump unexpectedly said he would briefly pause an operation to help escort ships through the Strait of Hormuz, citing progress toward a comprehensive agreement with Iran, without giving details on the agreement. There was no immediate reaction from Tehran.
  "This signals potential de-escalation and raises hopes for the release of stranded vessels inside the Gulf, which could gradually bring supply back to the market," said Anh Pham, senior research specialist for oil at LSEG.
  Pham added that prices remain elevated with both Brent and WTI staying above $100 per barrel as prospects for a peace deal remain uncertain, while it will take time for trade flows to be fully restored even if a deal is reached.
  Trump said the U.S. Navy would continue its blockade of Iranian ports. The supply loss to the global market has pushed prices higher with Brent trading last week at its highest since March 2022.
  
  "We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom ... will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," Trump wrote on social media.
  Trump’s announcement came only hours after U.S. Secretary of State Marco Rubio briefed reporters on the effort, announced on Sunday, to escort stranded tankers through the strait. On Monday, the U.S. military said it had destroyed several Iranian small boats, as well as cruise missiles and drones, while guiding two vessels out of the Gulf through the strait.
  The Strait of Hormuz closure has drawn down global inventories as refineries try to make up the production shortfall.
  U.S. crude oil inventories fell for a third week, while gasoline and distillate stocks also declined, market sources said on Tuesday, citing American Petroleum Institute figures.
  Crude stocks fell by 8.1 million barrels in the week ended May 1, the sources said. Gasoline inventories fell by 6.1 million barrels, while distillate inventories fell by 4.6 million barrels compared to a week earlier, the sources said. Source: Reuters/Investing.com
- 2026-05-06
  U.S. Oil Can’t Fill the Middle East Supply Hole
  The United States is exporting crude at record levels as the world grapples with an unprecedented disruption of Middle Eastern supply. U.S. oil has become the supply of last resort—and it is not infinite. U.S. crude oil exports since the start of April... Read more The United States is exporting crude at record levels as the world grapples with an unprecedented disruption of Middle Eastern supply. U.S. oil has become the supply of last resort—and it is not infinite.
  
  U.S. crude oil exports since the start of April have been running at 5.2 million barrels daily, data from Kpler showed earlier this week. “It's a constant parade of tankers coming in and out,” the chief executive of Corpus Christi port in Texas said, as quoted by CNBC, which reported the port just booked its busiest quarter ever, with exports of oil averaging 2.5 million barrels daily since the start of the war in the Middle East. Before, the average daily rate was 2.2 million barrels daily.
  
  According to Bloomberg, the United States has exported a total of more than 250 million barrels—including oil from storage—over the past nine weeks. This has turned the country into an exporter larger than Saudi Arabia, but this is no reason to celebrate: first, because these barrels have not been enough to fill the gap left by the Persian Gulf crisis and prices remain high, and second, because drawing oil from storage that was severely depleted a few years ago is bad news.
  
  “Ships are coming to take our oil, but once significant volumes of oil are leaving the United States, it can be expected that balances will tighten,” Clayton Seigle, a senior fellow at the Center for Strategic and International Studies in Washington, told Bloomberg. “We are digging ourselves a hole in terms of spending down inventories.”
  
  The Biden administration released some 180 million barrels of crude in 2022 to offset the price effect of Western sanctions on Russia. This was the largest release from the U.S. strategic petroleum reserve and left available oil at dangerously low levels. The administration pledged to refill the SPR, but the price never seemed to be quite right for that. The problem with too low inventories is, on the one hand, less room for maneuvering in case of an emergency, and on the other, it is a physical problem with the storage space.
  
  The U.S. SPR consists of a system of salt caverns and tunnels across four locations in Louisiana and Texas. The system was designed to maintain a minimum level of oil in it to avoid structural damage to the caverns, which would make future draws from storage impossible. The system was also designed to handle a certain frequency of drawdowns, which has now been exceeded, according to the Financial Times. And to say that this is not the best time to try and refill the reserve would be putting it extremely mildly.
  
  What’s more, higher exports mean higher prices at home because of the global nature of oil markets. President Trump has been boasting about record exports and urging importing nations to “buy oil from the United States of America; we have plenty. We have so much”, but this has raised bills for American drivers, with the national average above $4 per gallon for over a month now. Some analysts have suggested the federal government might need to impose caps on oil exports at some point to regulate domestic supply.
  
  There are also physical constraints to U.S. oil exports stemming from port capacity. Right now, exports are running at that capacity, meaning further surges are unlikely until new pipelines are built. But even with additional pipelines, the Middle Eastern oil loss is too great for a single producer to fill. “It's a hole that can't be plugged,” Kpler’s director of commodity research, Matt Smith, said as quoted by CNBC. “The answer has to be ensuring secure supply from the Middle East.” Source: Oilprice.com
- 2026-05-06
  UAE’s Shock Exit Leaves OPEC Weakened and the Global Oil Order Rewritten
  Before 1 May, the once-mighty Organization of the Petroleum Exporting Countries (OPEC) had 12 members, but with the departure of the United Arab Emirates (UAE) at the start of the month, it has 11. These comprise Algeria, the Republic of the Congo, Equatorial... Read more Before 1 May, the once-mighty Organization of the Petroleum Exporting Countries (OPEC) had 12 members, but with the departure of the United Arab Emirates (UAE) at the start of the month, it has 11. These comprise Algeria, the Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela, together accounting for around 33% of the world’s crude oil output, about 46% of its total petroleum traded internationally, and roughly 73% of its proven oil reserves. Back when it was founded in 1960, these figures were respectively 40%, 60%, and 80%. These numbers meant the organisation was well placed to deliver on the specific mandate upon which it was founded, which was to ‘co-ordinate and unify the petroleum policies’ of all its member states. In practical terms, this meant it could effectively fix oil prices, just like a cartel, and held the high geopolitical power associated with that ability. But with its headline numbers reduced and a key producer now gone, how does the future look for OPEC now, and what does it all mean for the global oil market?
  
  Members have left OPEC before -- Indonesia in 2016, Qatar in 2019, Ecuador in 2020, and Angola in 2024 -- but none of these countries has the same combination of oil and geopolitical significance as the UAE. On the oil side, the federation of seven emirates (with Abu Dhabi being the largest) is OPEC’s third-largest producer after Saudi Arabia and Iraq, pumping around 3.5 million barrels per day (bpd) of crude currently. However, this figure -- up until its 1 May departure from the organisation -- was constrained by quotas limiting its production to 3-3.5 million bpd. This meant the UAE was also the only OPEC member aside from Saudi Arabia, with significant ‘spare capacity’ that would allow it to pump more if required to ease oil prices. That said, it is highly debatable whether Saudi Arabia has any such capacity, as analysed in my latest book on the new global oil market order, which left the UAE effectively as OPEC’s key ‘swing oil producer’. The Abu Dhabi National Oil Company (ADNOC) has said it is able to boost production to 5 million bpd by 2027, and the curb on the Emirates’ inability to cash in on the extra barrel it can produce is one commercial reason why the exit from OPEC makes perfect sense.
  
  It also does so from a geopolitical perspective. In recent comments, including at the Gulf Influencers Forum hosted by the UAE Government Media Office on 27 April, diplomatic adviser to the UAE president, Anwar Gargash, underlined the failures of the Gulf Cooperation Council (GCC, the political bloc made up of the UAE, Saudi Arabia, Oman, Qatar, Bahrain and Kuwait) during the recent Iranian attacks. “Unfortunately, the GCC’s position is the weakest in history, considering the nature of the attack and the threat it poses to everyone.” He added: “There must be a Gulf vision, policy and representation at the national level, and I hope at the collective level as well. National defence is very important, but we must also say that Gulf solidarity was not up to the task.” He underlined that Iran remains the great strategic threat to Gulf security – not Israel – and that the U.S. is still required in the region. “Today the American role in the region has become more important, not less, because the American role isn’t just about military facilities or anything like that,” he said. “The American role is a defence system. The American role is political support. The American role is economic and financial engagement,” he concluded.
  
  It is little wonder, then, that the news of the UAE’s exit from OPEC was seen as a triumph by U.S. President Donald Trump. “I think it’s great,” he said last week, “and ultimately a good thing for getting the price of gas down, getting oil down, getting everything down…they’re having some problems in OPEC.” As far as Washington is concerned, the diminution of OPEC and the more pro-U.S. stance of one of its principal oil producers is advantageous to it on several levels. To begin with, the UAE was always earmarked by Trump as being the regional foundation stone for his new Middle Eastern foreign policy, centred on the rollout of Washington-brokered relationship deals between Arab states and Israel (the ‘Abraham Accords’), as also detailed in my latest book on the new global oil market order. The UAE, in September 2020, was the first major Gulf state to sign such a deal and, contrary to widely-dispersed rumours, never cut off diplomatic relations with Israel following the events in the aftermath of the 7 October 2023 slaughter of Israeli citizens by the Iranian-backed terrorist organisation Hamas. An additional positive that came with the UAE in Washington’s eyes was that it enjoyed an unusually close relationship with India in the oil and gas sector. This was seen as giving the U.S. additional leverage in using India -- perennially short of oil and gas supplies sufficient to power its economic boom -- as a political, economic, and military counterbalance to China in the Asia-Pacific region.
  
  As positive as these elements in the UAE’s departure from OPEC are for Washington, perhaps even more so is the destabilising effect it will have on the organisation and its extended structure, ‘OPEC+’. OPEC had already been criticised by Trump for “ripping off the rest of the world” with its cartel-like policies, but ‘OPEC+’ was regarded as an even greater potential threat by Washington. It came into being in late 2016, after the catastrophic failure of OPEC members -- led by Saudi Arabia -- to destroy the then-nascent U.S. shale oil sector by overproducing to crash prices to levels that would bankrupt these fledgling drillers. What OPEC had not banked on was the remarkable ability of the new shale oil outfits to transform themselves into a lean, mean, low-cost oil-producing machine that could survive the resultant lower oil prices for a lot longer than OPEC members could, as also fully analysed in my latest book on the new global oil market order. Given Saudi Arabia’s and OPEC’s self-induced lack of credibility in the global oil markets at that point, it was obvious that a new element was needed to catalyse a significant, sustained increase in oil prices that would enable OPEC members to gradually repair their budgets. That element was Russia, a long-time rival with the U.S. and Saudi Arabia for the top crude oil producer in the world, but by that point at the end of 2016, firmly occupying the number one spot. At the end of 2016, then, and fully cognisant of the enormous economic and geopolitical possibilities that were available to it by becoming a core participant in the crude oil supply/demand/pricing matrix, Russia agreed to support the OPEC production cut deal in what was to be called from then on ‘OPEC+’. Russia then approached its new role in OPEC+ in its own uniquely self-serving and ruthless fashion, as seen since. However, with the UAE now out of OPEC -- and Venezuela likely to follow soon, following the U.S. removal of Nicolás Maduro as President on 3 January -- Moscow’s OPEC-associated power is diminishing quickly, along with Saudi Arabia’s.
  
  Although reducing oil prices in the short term may currently be playing second fiddle to Trump’s desire to control key transit routes at China’s expense, an OPEC-free UAE may prove extremely useful in achieving this ambition. New production of 1.5 million bpd by 2027 would go some part to easing oil price pressure over time. And there are plans too by the UAE to build new pipelines from the oil fields in Abu Dhabi to the port of Fujairah, bypassing the Strait of Hormuz, so as to mitigate future transit risks through that channel. Another oil price war instigated by Saudi Arabia can also not be discounted as a possibility, with the aim being to punish the UAE for leaving and to prevent it from making profits on the extra barrels it brings onto the market. The resultant drop in oil prices would be highly beneficial for the U.S. and its allies for three key reasons. First, it would further squeeze Iran’s oil-driven economy, making a peace deal more likely. Second, it would do the same for Russia at a time when its own economy is struggling to fund President Vladimir Putin’s 10-day Special Military Operation (now in its 1,500th+ day). And third, it would bring down gasoline prices in the U.S., perhaps even in time for the November mid-term elections. And, as fully detailed in my latest book, oil prices have enormous direct consequences both for the U.S. economy and for the electoral chances of the parties of sitting presidents. Source: Oilprice.com
- 2026-05-06
  MABUX: Global bunker market poised for downward correction on May 06 amid renewed Strait of Hormuz escalation.
  The global bunker market showed mixed dynamics on May 05, with selective upward momentum across key fuel segments, according to the MABUX World Bunker Index — a composite benchmark tracking daily price movements for 380 HSFO, VLSFO, and MGO. Price... Read more The global bunker market showed mixed dynamics on May 05, with selective upward momentum across key fuel segments, according to the MABUX World Bunker Index — a composite benchmark tracking daily price movements for 380 HSFO, VLSFO, and MGO.
  
  Price movements:
  
  380 HSFO: USD/MT: 790.89 (+12.11)
  VLSFO: USD/MT 950.63 (+20.39)
  MGO: USD/MT 1 462.23 (-0.32)
  
  Despite gains in HSFO and VLSFO, the broader market structure indicates emerging imbalance pressures
  
  As of May 05, the MABUX Market Differential Index (MDI), which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), highlights persistent and widening underpricing across major global hubs (Rotterdam, Singapore, Fujairah, Houston):
  
  • HSFO segment: All four ports were in the undercharge zone, with discounts expanding by $36 in Rotterdam, $29 in Singapore, $27 in Fujairah, and $15 in Houston. Notably, MDI values in Rotterdam and Singapore once again exceeded the $100 threshold, signaling deepening undervaluation.
  
  • VLSFO segment: Underpricing persisted across all hubs, with discounts widening by $24 in Rotterdam, $19 in Singapore, $13 in Fujairah, and $16 in Houston. Singapore’s MDI continued to hold above $100.
  
  • MGO LS segment: Rotterdam, Singapore, and Houston remained undercharged, with underpricing expanding by $1, $19, and $44, respectively. Fujairah stood as the only overcharged port, though its premium narrowed slightly by $1. MDI levels in Rotterdam and Singapore remained elevated above $100.
  
  The sustained expansion of undercharge zones across all fuel segments suggests a growing disconnect between physical bunker prices and their digital benchmark equivalents, increasing the likelihood of a corrective adjustment
  
  MABUX expects the global bunker market to enter a downward correction phase on May 06, driven by heightened geopolitical tensions following a new escalation in the Strait of Hormuz: 380 HSFO: minus 5-15 USD/MT, VLSFO: minus 5–20 USD/MT, MGO LS: minus 3–9 USD/MT.
  Source: MABUX
- 2026-05-06
  Norway Just Switched on Another Gas Lifeline for Europe
  With little fanfare but clear strategic impact, Equinor has brought the long-forgotten Eirin gas field into production, sending fresh gas volumes into Europe’s system at a moment when security of supply still outweighs nearly every other energy priority.... Read more With little fanfare but clear strategic impact, Equinor has brought the long-forgotten Eirin gas field into production, sending fresh gas volumes into Europe’s system at a moment when security of supply still outweighs nearly every other energy priority. The project may not be large by global standards, but its timing, speed, and symbolism speak far louder than its size.
  
  Once written off as uneconomic, Eirin is now flowing gas through the Gina Krog platform and onward via the Sleipner A hub, reinforcing Norway’s position as Europe’s most dependable energy supplier at a time when reliability matters more than ambition.
  
  Europe Still Needs Gas—And Norway Is Still Delivering
  
  Despite years of political messaging around electrification and rapid demand reduction, the reality is that Europe remains structurally short of natural gas. Domestic production continues to decline, LNG markets remain tight, and geopolitical risk is now a permanent feature rather than an exception.
  
  That backdrop explains why Eirin, holding expected recoverable resources of about 27.6 million barrels of oil equivalent, mainly gas, suddenly carries strategic weight. The field’s gas is exported through the Gassled network, while liquids are sent to Kårstø for processing, making full use of Norway’s mature and highly efficient infrastructure.
  
  The Sleipner area, already one of Europe’s most important gas gateways, becomes even more critical with Eirin now tied in. This is not about headline-grabbing volumes, but about keeping incremental supply flowing in a market where every additional molecule helps contain volatility.
  
  From 1978 Relic to Post?Ukraine Asset
  
  The Eirin discovery dates back to 1978, yet it spent decades on the shelf, dismissed as commercially unviable under earlier market conditions.
  
  That assessment collapsed after Russia’s full-scale invasion of Ukraine, which fundamentally reshaped Europe’s energy calculus. Speed became more valuable than scale, and low-risk tie-backs suddenly made more sense than multi-billion-dollar greenfield projects. Equinor reassessed Eirin in 2023 and moved quickly to exploit a resource that no longer looked marginal in a changed world.
  
  In that sense, Eirin is emblematic of how geopolitics can resurrect stranded resources almost overnight.
  
  Execution at Speed—and a Signal to the Industry
  
  What truly sets Eirin apart is not the gas itself, but how fast Equinor delivered it. The investment decision was reached in just a few months, and production started only three years after the project was formally established in early 2023. Total investment came in at roughly NOK 4.5 billion, underscoring a ruthless focus on efficiency and capital discipline.
  
  The field was developed as a subsea tie-back with a compact, standardized design that reused existing infrastructure at Gina Krog. The result was lower costs, reduced emissions, and—most importantly—time saved. Equinor is clearly signalling that the future of Norwegian gas is fast, modular, and infrastructure-led, not defined by megaprojects that take a decade to deliver.
  
  Stretching the Shelf—and Buying Time
  
  Eirin does more than deliver gas. It delivers longevity.
  
  The project will extend the economic life of the Gina Krog platform by around seven years, pushing its operational horizon out to 2036 instead of 2029. That extension preserves offshore jobs, maximizes the value of existing assets, and keeps export capacity available for Europe during a period when alternatives remain scarce.
  
  Equinor frames this as value creation, but it also represents something more blunt: a recognition that Europe’s gas era is not ending as quickly as policymakers once claimed.
  
  Low-Emission Gas in a High-Stakes Market
  
  Because Gina Krog was electrically powered from shore in 2023, gas from Eirin comes with an estimated emissions intensity of just 3 kilograms of CO? per barrel of oil equivalent, among the lowest on the Norwegian continental shelf.
  
  That gives the project political legitimacy in Brussels and national capitals alike, but it does not change the underlying reality. Europe’s energy transition, for all its ambition, remains deeply dependent on gas, and Norwegian supply remains the least controversial option available.
  
  The Bigger Message Behind a Small Field
  
  Equinor operates Eirin with a 58.7% stake, alongside ORLEN Upstream Norway holding 41.3%. More importantly, the project underlines a broader truth about the Norwegian continental shelf. Fields once dismissed as marginal are now central to sustaining supply, particularly when they can be tied back quickly and cheaply to existing hubs.
  
  As long as Europe continues to struggle with gas shortages, price volatility, and geopolitical uncertainty, forgotten fields like Eirin will keep coming back into focus.
  
  The bottom line: Eirin will not reshape global gas markets on its own, but it captures today’s energy reality perfectly—speed matters, infrastructure beats ideology, and Norway keeps quietly doing what Europe still needs most: delivering gas when it counts.
  
  Source: Oilprice.com
- 2026-05-06
  BP Considers Retreat From North Sea Amid Mounting Tax Pressures
  BP is reportedly eyeing a potential exit from the North Sea as the tax load on energy companies seems unlikely to be eased with the Iran war. The UK oil giant is considering either ceasing or partially winding down operations in the North Sea, according... Read more BP is reportedly eyeing a potential exit from the North Sea as the tax load on energy companies seems unlikely to be eased with the Iran war.
  
  The UK oil giant is considering either ceasing or partially winding down operations in the North Sea, according to Bloomberg, as part of an effort to strip assets and pay debt.
  
  It said it would look to find around £2bn in full divestment, which could hit its control of basins in the North Sea.
  
  The decision is subject to an internal review of its assets and operations.
  
  A BP spokesperson told Bloomberg that it had a “strong North Sea portfolio with significant untapped potential, supported by a highly skilled workforce”, and did not comment further.
  
  Major companies, including Chevron and ConocoPhillips, sold off assets in the North Sea, leaving the likes of Shell, Exxon Mobil and Total Energies as the last remaining companies in the area.
  
  Miliband targets BP
  
  Offshore Energies UK (OEUK), the lobby group for companies operating in the North Sea, has long campaigned for the government to relieve companies of the heavy tax burden imposed on energy companies.
  
  The energy profits levy, introduced by the previous Conservative government and championed by Labour, and the ring fence corporation tax means the headline tax rate for companies in the North Sea is 78 per cent.
  
  Prior to last year’s Budget, OEUK boss David Whitehouse said the fiscal regime meant oil and gas production in the North Sea could collapse “within years”.
  
  It has argued that the tax rate stopped companies from investing in the region.
  
  While most energy companies have come into a collision course with the government over accusations of profiteering, BP was specifically called out by energy secretary Ed Miliband after it posted a surge in profit to £2.4bn.
  
  In a post on X, he said that “profiting from a crisis is morally and economically wrong” and that its profit showed why the government was “taxing these windfall profits to help fund support with the cost of living”.
  
  Downing Street said the government was “making sure that companies pay their fair share, particularly in exceptional circumstances”. Miliband also deleted the post and instead said it “would be completely wrong for a government to stand by and allow companies to make excess profits from a war”.
  
  Lobby groups pointed out that the rise in profit posted this week was due to global earnings rather than the North Sea.
  
  A government spokesperson said: “We’re giving the sector and its investors the long-term certainty to plan, invest and support jobs with plans to replace the Energy Profits Levy when it ends by 2030, or earlier if its price floor is triggered.
  
  “We are also making sure the North Sea has a prosperous and sustainable future through record investment that helps deliver the next generation of skilled jobs while growing the clean energy industries of the future.”
  
  Source: Oilprice.com
- 2026-05-06
  API Confirms Very Large Crude and Oil Product Draws
  The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 8.1 million barrels in the week ending May 1. In the week prior, US crude oil inventories fell by 1.79 million barrels. Analysts had expected a 2.8-million-barrel... Read more The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 8.1 million barrels in the week ending May 1. In the week prior, US crude oil inventories fell by 1.79 million barrels. Analysts had expected a 2.8-million-barrel draw.
  
  US crude inventories are up 37 million barrels so far this year, according to API data.
  
  Inventories in the US Strategic Petroleum Reserve (SPR) continue to draw down in an attempt to alleviate the pressure on prices. For week ending May 1, 5.2 million barrels left the SPR, bringing the new total to 392.7 million barrels—the lowest level since November 2024 and 332.8 million barrels shy of maximum capacity.
  
  US production inched up slightly to 13.586 million bpd for the week ending April 24, up from 13.585 million bpd in the week prior, according to the latest EIA data. This is 121,000 bpd more than this same time last year.
  
  At 3:33 pm ET on Tuesday, an hour before data release, Brent crude was trading down on the day at $109.90 (-3.98%). This is also down $1.20 week over week. WTI was also trading down on the day, by $3.96 per barrel (-3.74%) at $102.40, up roughly $2 per barrel week over week.
  
  Gasoline inventories fell this week by 6.1 million barrels in the week ending May 1. In the week prior, gasoline inventories fell by 8.47 million barrels. As of last week, gasoline inventories were already 2% below the five-year average for this time of year, according to the latest EIA data.
  
  Distillate inventories fell by 4.6 million barrels, after shedding 2.6 million barrels in the week prior. Distillate inventories were already 11% below the five-year average as of the week ending April 24, the latest EIA data shows.
  
  Cushing inventory—the inventory kept at the delivery hub for the WTI Crude futures contract—fell by 1 million barrels, after sinking by 820,000 barrels in the week prior, with oilprice.com estimates that they are now below 29 million barrels. Source: Oilprice.com
- 2026-05-06
  US Senators Push to Reinstate Russian Oil Sanctions
  A group of 14 Senate Democrats is pressing the Trump administration to reinstate sanctions on Russian oil after a temporary waiver tied to the Iran war. In a letter to Treasury Secretary Scott Bessent, the lawmakers argued that the policy allows additional... Read more A group of 14 Senate Democrats is pressing the Trump administration to reinstate sanctions on Russian oil after a temporary waiver tied to the Iran war.
  
  In a letter to Treasury Secretary Scott Bessent, the lawmakers argued that the policy allows additional revenue to flow to Moscow, at a time when oil prices are already elevated. The administration first eased sanctions in mid-March after the Strait of Hormuz disruption tightened global supply and pushed prices sharply higher.
  
  The 30-day waiver, initially set to expire April 11, has been extended to May 16. The political pressure is building as the deadline approaches.
  
  Brent crude was trading over $110 per barrel on Tuesday, up from around $70 before the conflict. U.S. gasoline prices are running at an average $4.48 per gallon, according to AAA.
  
  Estimates cited in recent Senate discussions peg the increase to Russia’s oil revenues at roughly $150 million per day.
  
  “Continuing to pause these sanctions is a mistake that President Trump must reverse immediately,” the senators wrote in a letter, according to Punchbowl News, adding that the administration “must use every tool” at its disposal to “cut into Russia’s war windfall profits instead of enabling their additional revenues.
  
  The senators were adamant that the Trump Administration has “options” to “dissuade purchases of Russian oil.”
  
  The administration has defended the waiver move as a short-term step to stabilize supply after the loss of flows through Hormuz, which handles roughly a fifth of the global oil trade. The closure has disrupted roughly a fifth of global oil trade, forcing buyers to compete for non-Gulf barrels and pushing physical prices higher.
  
  Washington has employed a number of steps to manage the price spike, including drawing oil from the Strategic Petroleum Reserve, encouraging higher domestic output, and easing restrictions on shipping. Temporary sanctions relief has also been extended to oil flows from Iran and Venezuela. Source: Oilprice.com
- 2026-05-06
  U.S.-Canada Oil Pipeline Nears Go-Ahead as Shippers Lock In Volumes
  A long-delayed push to move more Canadian crude into the United States is back on the table, and this time it has barrels behind it. Oil companies have committed at least 400,000 barrels per day to the project, or about 72% of its initial 550,000 bpd... Read more A long-delayed push to move more Canadian crude into the United States is back on the table, and this time it has barrels behind it.
  
  Oil companies have committed at least 400,000 barrels per day to the project, or about 72% of its initial 550,000 bpd capacity. South Bow Corp. and Bridger Pipeline are targeting roughly 450,000 bpd in long-term contracts, a level that is typically required before construction proceeds.
  
  That demand tells you everything about the current bottleneck. Canada is producing about 5.5 million bpd and heading toward 6.1 million bpd by 2030.
  
  Top shippers tied to the project include Cenovus Energy and Canadian Natural Resources, alongside Tamarack Valley, Whitecap Resources, and Strathcona Resources. None are commenting publicly, which is standard when contracts are still being finalized.
  
  The project would reuse roughly 150 km of idle pipe on the Canadian side and connect to a new 645-mile system through Montana to Guernsey, Wyoming. From there, crude still needs a way to reach real demand centers like Cushing or the Gulf Coast.
  
  President Donald Trump has already signed a cross-border permit for the project, reversing course from 2021, when the Keystone XL permit was scrapped.
  
  The proposed system could eventually move up to 1.13 million bpd, putting it in the same league as major export arteries. The price tag is around $2 billion.
  
  Pipeline constraints have dogged Canadian producers for years. Enbridge is adding 150,000 bpd through expansions set for 2027 and is studying another 250,000 bpd phase. Trans Mountain is also looking at boosting capacity further after its recent expansion tightened Western Canadian discounts.
  
  Tudor Pickering Holt analyst AJ O’Donnell called the project the most logical approach to adding egress capacity through the end of the decade. The market is signaling the same thing.
  
  Source: Oilprice.com
- 2026-05-06
  Shell and INEOS Strike Gulf of Mexico Exploration Deal
  Shell and INEOS Energy have agreed to jointly invest in exploration and development opportunities in the U.S. Gulf of Mexico, the UK-based energy unit of chemicals giant INEOS said on Tuesday. INEOS Energy and Shell Offshore Inc, a subsidiary of the... Read more Shell and INEOS Energy have agreed to jointly invest in exploration and development opportunities in the U.S. Gulf of Mexico, the UK-based energy unit of chemicals giant INEOS said on Tuesday.
  
  INEOS Energy and Shell Offshore Inc, a subsidiary of the UK-based supermajor, are thus boosting their cooperation and will be exploring for opportunities in areas in tieback distance to the Shell-operated Appomattox production hub in the Gulf of Mexico.
  
  As a result of the strengthened cooperation, INEOS is buying a 21% working interest in these assets for an undisclosed amount, consistent with its ownership in Appomattox, Rydberg, the recent Nashville discovery, and the Mattox pipeline.
  
  The partnership will initially focus on three exploration and production opportunities—Shell's pre-FID Fort Sumter discovery in deepwater Gulf of Mexico, the drilling of the Sisco exploration well, and a further exploration well targeted by the end of 2030, INEOS said today.
  
  "We are focusing on areas close to existing infrastructure where we can move quickly, control costs and unlock new production," said David Bucknall, CEO of INEOS Energy.
  
  "This is disciplined growth targeting exploration, shared risk, and returns. These projects strengthen our portfolio and support long-term energy security," the executive added.
  
  In recent years, INEOS Energy has shifted a lot of its investments to the U.S. oil and gas sector, as it has deplored the punitive tax regime at home in the UK, which is hindering investments.
  
  At the end of 2024, INEOS Energy announced a deal to buy the U.S. Gulf of Mexico business held by China's CNOOC. This was the third major investment by Ineos in U.S. oil and gas, following an LNG supply deal with Sempra Energy in 2022 and the acquisition of Chesapeake Energy's oil and gas assets in South Texas a year later.
  
  Shell, for its part, is one of the biggest operators in the U.S. Gulf. Last year, it announced the start of production at Dover, the second subsea tieback connecting new wells to the Appomattox production hub, which it operates with a 79% working interest, with INEOS Energy controlling the remaining 21%.
  
  Source: Oilprice.com

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