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The latest Baker Hughes data showed a modest increase in US drilling activity.

The US oil rig count rose to 429 from 425, while the total US rig count increased to 562 from 558. Both measures moved higher from the previous week, indicating that energy producers are gradually expanding drilling activity.

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The Investor 05-30-26

U.S. crude oil inventories fell by 7.863 million barrels, a much larger drawdown than expectations for a 2.500 million barrel decline and deeper than the previous 4.306 million barrel drop.

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WS Investor 05-20-26

Brent Crude Surges to Four-Year High Above $116 as Hormuz Crisis Deepens and US Stockpiles Plunge

Brent crude oil surged to its highest level since June 2022, topping $116 per barrel and extending a remarkable eight-session winning streak, as a confluence of supply shocks — a closed Strait of Hormuz, a surprise plunge in US crude stockpiles, and a fracturing OPEC — pushed energy markets to their most extreme levels in years, according to Trading Economics.

The immediate catalyst driving leg higher was the EIA's weekly inventory report, which showed US commercial crude stocks falling by 6.2 million barrels in the week ending April 24 — far exceeding the modest 0.3 million barrel draw analysts had forecast and reversing the prior week's 1.925 million barrel build. Brent jumped $5.43 on the day to $116.70 per barrel by mid-morning in New York, per OilPrice*com, while WTI advanced $4.65 to $104.60.

The broader driver, however, is the ongoing closure of the Strait of Hormuz — now in its ninth week — which has effectively halted roughly 20% of global oil flows, triggering what the International Energy Agency has described as the largest supply shock on record, per Trading Economics. Diplomatic efforts remain deadlocked. President Trump this week rejected Iran's latest proposal, which offered to reopen the strait in exchange for the US lifting its naval blockade, while leaving Tehran's nuclear programme off the table. Washington signalled it is preparing additional measures, including potential sanctions on Chinese refiners handling Iranian crude and on countries paying transit fees for Hormuz passage.

A notable structural shift is also unfolding within OPEC itself. The UAE announced it will exit the cartel next month to gain greater flexibility in adjusting its production — a move that adds another layer of uncertainty to global supply governance at precisely the moment markets need clarity most, per Trading Economics.
Adding to the complexity of pricing, the EIA highlighted in a recent analysis that Dated Brent spot prices have surged to a premium of more than $25 per barrel over front-month futures contracts — an extreme level of backwardation reflecting immediate physical market tightness, as buyers scramble to secure supply to replace barrels that would ordinarily transit the Strait of Hormuz, per EIA. Under normal conditions, this spread is narrow. The current divergence signals that the supply crunch is acute in the near term, even as futures markets attempt to price in an eventual resolution.

Fortune noted that Brent is now trading approximately $50 per barrel above where it stood a year ago — a staggering year-on-year move that is feeding directly into global inflation and complicating the policy calculus for central banks meeting this week, including the Federal Reserve and the ECB. With US Q1 GDP data due tomorrow and no diplomatic breakthrough in sight, energy markets are unlikely to find relief in the near term.

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WS Investor 04-29-26

The oil rig count remained unchanged at 411, indicating stable crude-focused drilling. However, the total rig count declined slightly to 545 from 548, suggesting a modest pullback in overall drilling activity, likely driven by reductions in gas rigs.

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The Investor 04-11-26

U.S. crude oil inventories unexpectedly increased

Data showed crude stockpiles rose by 3.081 million barrels, defying expectations of a 1.0 million barrel decline, though easing from the prior 5.451 million build.

At the Cushing hub, inventories increased slightly by 0.024 million barrels, compared to a previous rise of 0.520 million.

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European Investor 04-08-26

U.S. crude oil inventories rose by 5.451 million barrels, significantly exceeding expectations of a 1.8 million barrel increase, though below the previous build of 6.926 million barrels.

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WS Investor 04-01-26

U.S. oil drilling activity declined slightly in the latest weekly data, while overall rig activity also edged lower.

The U.S. Baker Hughes Oil Rig Count came in at 409, down from 414 in the previous reading. Meanwhile, the total rig count fell to 543 from 552.

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The Investor 03-28-26

U.S. crude oil inventories increased by 6.93 million barrels, significantly above expectations for a 1.30 million barrel draw and higher than the previous build of 6.16 million barrels.

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European Investor 03-25-26

U.S. crude oil inventories rose by 3.824 million barrels in the latest reporting week, exceeding market expectations of a 2.8 million barrel increase and following a previous rise of 3.475 million barrels, according to official data.

At the Cushing, Oklahoma delivery hub, crude inventories increased by 0.117 million barrels after a larger 1.564 million barrel build in the previous week. The data indicates continued inventory accumulation, though the rise at the key Cushing storage hub slowed significantly compared with the prior period.

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The Investor 03-11-26

US oil prices notch biggest weekly surge since at least 1985 as Iran war disrupts Strait of Hormuz

US oil prices notched their biggest weekly gain since at least 1985 on Friday as the conflict headed toward the one-week mark and the critical Strait of Hormuz remained essentially closed off to through-traffic.

(finance.yahoo.com)

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WS Investor 03-07-26

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US oil prices notch biggest weekly surge since at least 1985 as Iran war disrupts Strait of Hormuz

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