Update3 Apr 2026 18:52
Friday, April 3, 2026
For the first time in many weeks, US President Trump couldn’t contain a late-week price surge as escalating tensions between Washington and Tehran dulled market bears’ expectations of a ceasefire anytime soon. WTI soared this week and is on par with ICE Brent (even if they trade different months), physical benchmarks above $140 per barrel bring back memories of 2008 and Tehran openly discusses introducing a toll mechanism for ships transiting the Strait of Hormuz. The return from Easter holidays is all set for another crude awakening as strikes on Middle Eastern energy infrastructure continue.
In Times of Cuts, OPEC+ Mulls Production Hikes. Despite most Middle Eastern OPEC members slashing output on the back of closed Hormuz navigation, this weekend’s OPEC+ ministerial meeting might see another 206,000 b/d output hike for May 2026, citing the need to ‘react’ to a rapidly tightening outlook.
China Forces Refiners to Run, Even If at a Loss. China’s state planner NDRC has told independent refiners, the so-called teapots, not to cut refinery runs below their utilization rates from their average levels of the past two years, with Shandong teapots currently operating at 55% of capacity.
Trump Cabinet Softens Terms on SPR Release. The US Department of Energy has offered up to 10 million barrels of sour crude from the US Strategic Petroleum Reserve, easing participation terms as now buyers can return oil by November 2027 and minimum return volumes were lowered to 117%.
Trump Slashes Metal Import Duties. The Trump administration has cut import duties on derivative products made from steel, aluminium, and copper from the previously imposed 50% to a new rate of 25% applied to the full value of product, eliminating the tariff on products with minimal metals content.
Oil Majors Eye Deeper US Offshore Exposure. According to media reports, an array of European oil majors comprising TotalEnergies, BP, Shell and Repsol are eyeing a majority stake in the Blackstone-backed ultra-deepwater Shenandoah offshore project, with a potential to produce 100,000 b/d.
Sweden Seizes Sanctioned Shadow Fleet Tanker. The Swedish Coast Guard said it had seized the Flora 1 tanker, part of Russia's shadow fleet, off the country's southern coast, claiming that it was the source of a 12km oil spill off the island of Gotland and launching an environmental investigation into the matter.
Facing Fuel Shortages, Bangladesh Cuts Working Hours. Bangladesh, a net importer of crude, refined products and gas, has introduced energy-saving measures to curtail energy consumption in the country, cutting work hours to 4 pm and mandating that all shopping centres be shut by 6 pm.
Key US LNG Plant Cuts Output After Outage. Cheniere Energy’s (NYSE:LNG) 30 mtpa Sabine Pass LNG plant has halved its LNG feedgas intake from 5 bcf/d to 2.6 bcf/d after at least one of the production trains was taken offline this week, with the operator claiming the units w
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