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Francine sets sights on Louisiana coast: Update

  • Spanish Market: Crude oil, Freight, Natural gas
  • 11/09/24

Updates the status of ports in Texas.

Hurricane Francine, which has already shut in almost a quarter of the Gulf of Mexico's oil output, is set to strengthen before making landfall in Louisiana on Wednesday evening.

Francine was about 150 miles southwest of Morgan City, Louisiana, according to an 10am ET advisory from the National Hurricane Center, with maximum sustained winds of 90 mph. The hurricane will bring 5-10 foot storm surge to coastal areas from Vermillion Bay to Port Fourchon, Louisiana, and after landfall is expected to move northward across Mississippi on Thursday and Thursday night bringing heavy rains.

Ports along the hurricane's path announced traffic restrictions in advance, with some setting out plans to close until it passes, including the port of New Orleans.

With the storm's track locked in toward Louisiana, the port of Houston was expected to reopen to inbound vessels at 1pm ET today and to outbound vessels at 3:30pm, a ship agent said. It closed to traffic at 1pm Tuesday. The ports of Beaumont, Port Arthur and Orange also plan to reopen Wednesday.

About 412,070 b/d of offshore oil output was off line by midday on Tuesday, according to the Bureau of Safety and Environmental Enforcement (BSEE), as offshore operators including Chevron, Shell and ExxonMobil evacuated workers and curbed operations as a precaution. About 494mn cf/d of natural gas production, or 26pc of the region's output, was also off line.

The Gulf of Mexico accounts for around 15pc of total US crude output and 5pc of US natural gas production.


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24/06/25

Trump slams Israel and Iran over ceasefire breach

Trump slams Israel and Iran over ceasefire breach

Dubai, 24 June (Argus) — US president Donald Trump today criticised both Israel and Iran over what he said were violations of a ceasefire agreement he helped broker to end a 12-day conflict between the two countries. "We basically have two countries that have been fighting for so long and so hard that they don't know what the [expletive deleted] they're doing," Trump told reporters as he left the White House for the Nato summit in The Hague. Trump said Iran fired a missile at Israel after the ceasefire deadline had passed, and that it missed its target. "Now Israel is going out," he said, adding that he was also unhappy with Israel's response. "I didn't like the fact that Israel unloaded right after we made the deal. They didn't have to unload, and I didn't like the fact that the retaliation was very strong," he said. Trump had announced that the ceasefire would begin around midnight ET on 24 June, ending nearly two weeks of hostilities that included US airstrikes on Iranian nuclear facilities over the weekend of 21-22 June. Earlier today, Israel accused Iran of firing missiles after the ceasefire took effect and vowed to retaliate. Iran's military denied the claim, according to Iranian state media. Trump then took to his Truth Social platform to urge Israel not to respond. "DO NOT DROP THOSE BOMBS. IF YOU DO IT IS A MAJOR VIOLATION. BRING YOUR PILOTS HOME, NOW!" He later posted that Israel would not attack Iran. "All planes will turn around and head home, while doing a friendly ‘Plane Wave' to Iran. Nobody will be hurt, the Ceasefire is in effect!" he said. Trump also commented on the US strikes against Iran's nuclear infrastructure over the weekend. "I think it's been completely demolished. I think the reason we're here is because those pilots, those B-2 pilots, did an unbelievable job," he said. The extent of the damage has not been independently verified. Trump added that Iran would not be able to rebuild its Fordow nuclear facility — the country's main site for enriching uranium to 60pc. "Iran will never rebuild its nuclear… From there? Absolutely not. That place is under rock. That place is demolished," he said. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Israel and Iran agree to ceasefire: Trump


23/06/25
23/06/25

Israel and Iran agree to ceasefire: Trump

Houston, 23 June (Argus) — Israel and Iran have agreed to a ceasefire to begin around midnight ET, President Donald Trump said in a social media post late on Monday, ending 12 days of attacks that included US strikes on Iran over the weekend. Iran will start the ceasefire first, according to Trump, and Israel will follow suit 12 hours later. The ceasefire will not begin until the two countries have completed ongoing military operations. "During each CEASEFIRE, the other side will remain PEACEFUL and RESPECTFUL," Trump wrote on social media. ""On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, ‘THE 12 DAY WAR.'" The fighting appeared headed for escalation in recent days, with the US bombing nuclear sites in Iran over the weekend, and Iran launching missiles at a US military base in Qatar Monday in retaliation. But Iran gave advanced warning of the missiles in what appears to have been an effort to de-escalate the conflict. WTI crude futures closed down by 7pc on Monday , as markets took the tepid Iranian response as a sign Iran did not plan to escalate the conflict. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Iran fires missiles at US military base in Qatar


23/06/25
23/06/25

Iran fires missiles at US military base in Qatar

London, 23 June (Argus) — Iran today fired missiles at a US base in Qatar in retaliation for the weekend attack on its nuclear facilities. The Iranian military said the US' Al-Udeid base was its target. The Qatari government said it intercepted the missiles and there were no deaths or injuries. Tensions in the region have been stretched since the US bombed Iranian nuclear facilities at the weekend. US president Donald Trump today again expressed a desire for regime change in Tehran, which in turn said US military interests were now legitimate targets. Earlier, Qatar closed its airspace and the US and UK embassies there issued safety warnings to their citizens, suggesting this Iranian attack was flagged and expected. The price of Ice Brent crude fell by as much as 4.5pc in the wake of the Iranian attack to an intraday low of $72.48/bl, having hit a five-month high of $81.40/bl earlier in the day. The Iranian move echoes its attacks on US military targets in Iraq after the US' killing of senior Iranian military commander Qassem Soleimani in January 2020. Perhaps mindful of this, foreign firms operating in Iraq today started removing some employees from the country. Regional airlines began cancelling and rerouting flights across the Middle East, with flight tracking showing almost no flights in the air above the Mideast Gulf. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump escalates pressure to keep oil prices down


23/06/25
23/06/25

Trump escalates pressure to keep oil prices down

Washington, 23 June (Argus) — President Donald Trump is pressing domestic oil producers to increase drilling as he works to contain the energy market fallout from a potential escalation in hostilities following US airstrikes on nuclear sites in Iran. Trump said today he was monitoring how the oil industry is responding to the conflict, which depending on Iran's response could disrupt 17mn b/d of crude and refined products that are shipped through the strait of Hormuz. The US carried out air strikes on Iran's Fordow, Natanz and Isfahan nuclear sites early on 22 June local time. Brent crude futures hit a five-month high above $80/bl earlier Monday but had fallen to $73.81/bl as of 1:18 pm ET, after Iran said it had launched an attack on a US military base in Qatar. "EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!" Trump wrote Monday morning in a post on his social media website Truth Social. Trump followed up by directing the US Department of Energy (DOE) to "DRILL, BABY, DRILL!! And I mean NOW!!!" US energy secretary Chris Wright, in a social media post responding to Trump's instructions, said "we're on it" but did not say what actions he would take. DOE does not have a formal oversight or regulatory role related to oil and natural gas production, although it does manage the US Strategic Petroleum Reserve (SPR). The White House, asked for comment, said Trump was urging his administration to support drilling to keep energy prices low. Since Trump's first day in office, he has "championed domestic energy production to strengthen American economic security", the White House said. DOE did not immediately respond to a request for comment. Trump has sought to increase US oil production by easing regulations, expediting environmental reviews and expanding leasing, but it could take years for those actions to translate into higher production. In the near-term, Trump's most potent tool to reduce prices would be ordering a release of oil from the SPR, which holds 402.5mn bl of crude in four storage sites in Louisiana and Texas. Trump and many other Republican lawmakers were critical of former president Joe Biden for ordering the emergency release of 180mn bl of crude from the SPR in 2022 in the wake of Russia's invasion of Ukraine. Trump has said he wants to refill the SPR to its full capacity of 714mn bl. The White House said Monday it is not yet seeing interruptions to oil flows, but that the "many tools" available to the president and his "commitment to peace through strength" should "all be reassuring to the market". By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump again brings up regime change in Iran


23/06/25
23/06/25

Trump again brings up regime change in Iran

Washington, 23 June (Argus) — President Donald Trump's administration is trying to articulate what it ultimately aims to achieve in Iran, after directly involving the US in the Israel-Iran war over the weekend. Senior administration officials took to the TV news shows on Sunday to assert that Washington is not trying to topple the government in Iran. They claimed that the US bombing raids, in the early hours of Sunday Tehran time, caused irreparable damage to Iran's nuclear program. And they suggested that the US will not carry out additional air strikes unless Iran retaliates against US interests in the region or targets vessel traffic in the strait of Hormuz. But Trump then contradicted his own administration's message by posting on his social media platform: "If the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime change??? MIGA!!!" Iran has responded with tough rhetoric to the US air strikes but did not hit back at US interests across the region, even though Iran and Israel continued to exchange missile attacks. Tehran said today that US airstrikes have expanded the range of legitimate military targets for its armed forces, while a senior Iranian lawmaker said the parliament has concluded that the strait of Hormuz "should be closed". The strait of Hormuz is the world's most critical oil transit route, with around 17mn b/d of crude and refined products — roughly a quarter of global seaborne oil trade — passing through it. Iran has repeatedly threatened to close the strait in past confrontations but has never followed through on that rhetoric. In the past, Tehran has targeted or seized vessels transiting the waterway, prompting some shipowners to consider alternative routes. Crude oil futures, which in the run-up to the US attack already reflected risk premiums associated with potential disruption to oil flows from the Mideast Gulf, rose in early trading in Asia today but eased later in the day. Trump, who has frequently touted declines in oil prices during his second administration, posted today: "EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!" He then posted, "To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!" The Energy Department cannot mandate how much crude US oil companies produce, but it does control the US emergency oil stocks. Uncertainty ahead The Pentagon has been more restrained than Trump and his national security advisers in providing an assessment of the air strikes. Joint Chiefs of Staff chairman, general Dan Caine said on Sunday that initial assessments indicated that Iran's nuclear facilities suffered "extremely severe damage and destruction" but noted that it was too early to say whether Iran maintains any nuclear capability. Trump by contrast posted about "monumental damage" and asserted that "obliteration is an accurate term" in reference to Iran's nuclear sites. "Sometimes we have a tendency to think that a military solution can insert some certainty into a situation," said retired general Joe Votel, who commanded Middle East-based US forces in 2016-19. "But I think what we're seeing here is that there still is a significant amount of uncertainty about what is going to take place." It will take time to accurately assess the impact of US air strikes on Iran's nuclear program, Votel said today during a discussion hosted by think tank the Middle East Institute. The UN's nuclear watchdog, the IAEA, said on 22 June that no increases in off-site radiation levels had been reported following the US strikes. The eventual shape of Iran's response is a further cause of uncertainty, Votel said. "Do they have a surprise for us, if they held something in reserve that we're going to see revealed here?" An Iranian counter-attack aimed at the US would invite more US strikes. But if Iran's response proves muted or non-existent, "will we be going back?," he asked. "And then, how does all this conclude?" The US embassy in Qatar today issued a "shelter in place" warning to US citizens in the country, which hosts the largest US air force base in the region. The US embassy did not cite a specific threat, noting that the warning was out of an "abundance of caution". The UK embassy issued a similar warning to British citizens. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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