FROM THE OIL PATCH
HEADLINES OF INTEREST
Venezuela Breaks Up Oil Monopoly Under New Rules
Venezuela’s interim government published long-awaited oil regulations on Thursday that effectively end the decades-long control of national oil company Petróleos de Venezuela SA, or PDVSA,
Strategists Expect USA-Iran Tension to be Short Lived
In an oil and gas report sent to Rigzone on Thursday by the Macquarie team, Macquarie strategists, including Vikas Dwivedi and Walt Chancellor, said they
Houthis Strike Saudi Arabia in Major Escalation
The Iran-backed Houthi group in Yemen fired ballistic missiles and drones on Saudi Arabia, the worst attack in several years that threatens to draw the rebels into the wider regional conflict between Tehran and Washington. The Houthis claimed they targeted Abha Airport in Saudi Arabia’s southwestern region Monday and warned
New York imports more electricity from Canada after high-voltage transmission line opens
On July 3, 2026, the New York Independent System Operator (NYISO) imported 52 gigawatthours (GWh) of electricity from Canada, the most traded between the two areas since January 2025. Some of the imported electricity flowed along the new Champlain Hudson Power Express (CHPE) transmission line between Québec, Canada, and New
What are tank bottoms?
Crude oil inventories held at storage facilities in Cushing, Oklahoma, fell below 20 million barrels during the week ending June 19 until the week ending July 10, according to our Weekly Petroleum Status Report. Storage facilities for crude oil and petroleum products require a minimum volume of product in their tanks
Petroleum markets responded to disruptions in the Middle East in the second quarter
Petroleum markets in the second quarter of 2026 (2Q26) were characterized by continued disruptions to international crude oil and petroleum product flows through the Strait of Hormuz, contributing to higher and more volatile crude oil prices through most of the quarter. The disruptions also resulted in international buyers seeking alternative
WEEKLY UPDATE
CRUDE OIL WEEKLY UPDATE (Week Ending 07-24-26)
Crude Oil Summary (EIA) U.S. crude oil refinery inputs averaged 17.1 million barrels per day during the week ending July 17, 2026, which was 58
NATURAL GAS WEEKLY UPDATE (Week Ending 07-24-26)
Market Highlights: Natural gas storage Net injections into storage totaled 32 Bcf for the week ending July 17, compared with the five-year (2021–2025) average
ANALYSIS & INSIGHTS
Zekelman Industries Steel Snapshot – June 2026
SMU June HR Coil $1,115 up $35 from May. SMU June CR Coil $1,305 up $50 from May. June Chicago #1 Bush $450, unchanged from
Preston Pipe Report – June 2026
(by Paul Vivian and Rick Preckel, www.prestonpipe.com) Market Monitor – FERC’s May 2026 proposal to expandthe blanket certificate program represents the most significant update to interstate natural gas
Argus Pipe Logix Line Pipe Report – June 2026
(by Rye Druzin, www.pipe-logix.com) US line pipe: Tight supply, HRC push prices – Tight line pipe supply driven by increased demand for oil country tubular goods (OCTG)
AISI Press Release on Latest U.S. Imports of Steel Products – July 2026
(American Iron and Steel Institute 07-10-26) Finished Import Market Share Estimated at 17 Percent in June – Based on the Commerce Department’s most recent Steel Import Monitoring