Liquefied natural gas prices are set to climb to levels not seen in more than three years as hotter weather in Asia and restocking needs in Europe boost demand, according to Morgan Stanley.
Energy coverage
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Germany and Canada have deepened their energy ties with a provisional liquefied natural gas deal, according to Reuters.
Chinese refiners are delaying projects due to disruptions in Middle East oil supply.
Two extremes are playing out in the Permian Basin: drillers are benefiting from a historic oil-price rally driven by the Iran war, while having to pay customers to take away their natural gas.
JPMorgan warns of a potential oil crisis if the Strait of Hormuz remains blocked past June.
Oil prices rose 5% after Iranian media reported the sound of explosions in Tehran.
Jamaica is experiencing an island-wide power blackout, according to an official.
Iraq denies paying Iran in exchange for allowing tankers carrying Iraqi oil to pass through Strait of Hormuz.
Workarounds are keeping crude oil below $100 per barrel despite warnings that closing the Strait of Hormuz would cause a global economic catastrophe.
The US energy secretary stated that achieving lower gas prices will ultimately require a resolution with Iran.
India inaugurated its first E85 fuel dispensing station in New Delhi on Friday, with PetroleumHardeep Singh Puri officiating the commercial rollout of high-ethanol blended fuel to boost ethanol blending.