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Latest Market News

N Dakota perks up on widening Brent-WTI spread

  • Spanish Market: Crude oil
  • 19/03/26

A widening spread between US and international oil prices has "certainly" caught the attention of North Dakota's regulators, but capitalizing on it would require producers to switch tack.

North Dakota producers pumped out 1.16mn b/d of oil in January, down by 13,000 b/d from the same month 2025, the state's Department of Mineral Resources (DMR) said on Thursday, as both winter weather and low prices hampered production.

But a sharp increase in oil prices on account of the US-Iran war, and the subsequent supply shortages, has suggested a rebound could be afoot for theUS' third-largest producing state. State regulators indicated that potential outcome, but only if prices remain elevated.

The price of May Brent — the main global benchmark for waterborne shipments — settled at $107.38/bl on Wednesday, compared with $95.46/bl for the May WTI contract. This spread of $11.92/bl between the two benchmarks is a near-doubling of the $6.03/bl recorded on 12 March and represents a growing uplift for volumes that can reach markets connected to global prices, including the US west and east coasts.

"That spread certainly has my attention and I'm sure it has the market's attention of whether or not we could see incremental North Dakota barrels starting to feed into those US refineries," North Dakota Pipeline Authority director Justin Kringstad said Thursday.

Meaningful changes in capital spending for operators could increase output, but additional flows would likely lag by 6-12 months, he added.

"At what point do operators have confidence that the price environment is going to be somewhat elevated to the point where it would justify increased capital, across not only in North Dakota, but the US?" asked Kringstad.

Refiners on the west and east coasts imported 230,000 b/d and 84,000 b/d, respectively, from the Mideast Gulf in 2025, according to the US Energy Information Administration. Any increased flows to those markets from North Dakota would need to be done using rail, which adds another lay of complexity.

An increase in output would be a reversal in strategy for a number of companies, which only weeks ago were making plans to dial down activities in North Dakota. In January, weak oil prices prompted plans by Continental Resources, one of the largest oil producer in the state, to take its drilling rigs from three to zero.

By Brett Holmes

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19/03/26

UK’s Ithaca puts Cambo GHG emissions at 100mn t

UK’s Ithaca puts Cambo GHG emissions at 100mn t

London, 19 March (Argus) — UK North Sea producer Ithaca Energy has estimated greenhouse gas (GHG) emissions from its proposed Cambo field at up to 100mn t/CO2 equivalent (CO2e) over its lifetime, according to an updated environmental statement. The field's upstream GHG emissions are estimated to average around 130,300 t/yr of CO2e, once it is fully producing, from 2031-2055, Ithaca said. This would equal 1.1pc of annual UK oil and gas sector upstream emissions, in relation to 2024 figures, Ithaca said. The company estimated that the transportation, distribution and refining of hydrocarbons from Cambo would result in 18.9mn t/CO2e and the end-use emissions — those from burning the refined products — would reach 82mn t/CO2e. "The overall cumulative effect on global climate change of all Cambo emissions is minor and therefore may be considered as not significant", Ithaca said. GHG emissions from Cambo "are most likely to be in line with a climate pathway that limits warming to 2°C by 2100 but exceeds warming of 1.5°C during the 21st century", Ithaca said. The Paris climate agreement seeks to limit the global rise in temperature to "well below" 2°C above pre-industrial levels and pursues a 1.5°C threshold. Oil and gas companies seeking to develop UK fields must now submit estimates of scope 3, or end-use, GHG emissions in their environmental statements. Norway's Equinor, which is aiming to develop the nearby Rosebank field, estimated scope 3, or end-use, GHG emissions from Rosebank at 249mn t/CO2e over its lifetime . Ithaca plans to begin drilling in the third quarter of 2028, with first oil expected in the fourth quarter of 2030, it said. It anticipates that Cambo will produce hydrocarbons until 2055. Ithaca is sole owner of Cambo, having acquired Shell's 30pc stake in 2023. Its production licence for the field was extended last year until 30 September 2027. Cambo is the "second largest undeveloped oil and gas discovery in the UK North Sea", according to Ithaca, with around 170mn bl of oil equivalent of recoverable resources. The UK government has committed to ending new offshore oil and gas licensing, though it recognises a transitional role for oil and gas as the country decarbonises, and will permit some new wells, connected to existing infrastructure. The UK has a legally binding target of net zero GHGs by 2050. Ithaca said it would meet "all necessary legal and industry-wide agreed GHG removal requirements that may be implemented" to offset emissions produced after 2050. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US not considering oil and gas export restrictions

19/03/26
19/03/26

US not considering oil and gas export restrictions

New York, 19 March (Argus) — Restrictions on US oil and natural gas exports are not under consideration, according to an administration official, as the White House looks for ways to bring down energy prices that have surged on the back of the war with Iran. Industry officials had earlier sought to head off any potential calls for the reinstatement of crude export restrictions that the US lifted more than a decade ago. Groups like the American Petroleum Institute argue that such a move would cause chaos in global markets and hurt consumers, while others noted it could cut off energy supplies to allies when they need it most. US crude futures rose Thursday in intraday trading, with April Nymex WTI rising by $3.04/bl to $99.36/bl as of 12:30pm ET. May Ice Brent was up $3.12/bl at $110.50/bl. The White House on Wednesday approved a 60-day waiver of domestic shipping requirements under the Jones Act, in an effort to help ease a spike in commodity prices caused by the escalating conflict. It has also authorized a 172mn bl drawdown of crude from the US Strategic Petroleum Reserve over the next four months as part of the International Energy Agency's coordinated release of more than 400mn bl of oil. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US may lift sanctions on floating Iranian oil

19/03/26
19/03/26

US may lift sanctions on floating Iranian oil

Washington, 19 March (Argus) — The US is considering easing sanctions to enable foreign buyers to purchase Iranian crude in floating storage, the latest in a series of steps President Donald Trump's administration has taken to respond to the disruption in Mideast Gulf supply sparked by the US-Israel war against Iran. "In the coming days, we may unsanction the Iranian oil that's on the water," US treasury secretary Scott Bessent told Fox Business on Thursday. "It's about 140mn bl. So, depending on how you count it, that's 10 days to two weeks of supply that the Iranians had been pushing out that would have all gone to China." Iranian crude shipments have slowed since the war started, averaging 1.14mn b/d over 1-16 March, according to data analytics firm Vortexa, which is around 1mn b/d lower than the full-month February average. But Iran stepped up shipments ahead of the start of the war on 28 February. More than 2mn b/d of Iranian crude arrived off China in February, almost double normal quantities. At least 30mn bl of Iranian crude was in floating storage in international waters near Malaysia as of last week, according to Kpler. Iranian tankers typically await ship-to-ship transfers near Malaysia before it is delivered to China. Another 40mn bl is in onshore storage in Shandong, China, according to a trader source. Some Iranian crude is also in floating storage off China's coast. Targeted relief for Iranian crude would be difficult to craft. The US likely will demand that US dollar payments be made into a US-controlled account that Iran would not access directly — a condition that Tehran likely will reject. The US administration already has come under criticism for granting sanctions relief to allow discharge of Russian crude in floating storage. A proposal to lift sanctions on Iranian crude likely will come under greater scrutiny. But Bessent argued that sanctions relief for Iran would actually harm Iran's war objectives. "In essence, we will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days as we continue this campaign." Bessent said on 16 March that the US administration viewed Iran's ability to continue shipping oil tankers through the strait of Hormuz as helpful for addressing the disruption in Mideast Gulf oil supply. "The Iranian ships have been getting out already, and we will let that happen to supply the rest of the world," he said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Ice Brent up 10pc on widening Mideast violence

19/03/26
19/03/26

Ice Brent up 10pc on widening Mideast violence

London, 19 March (Argus) — The front-month Ice Brent crude futures price rose by more than 10pc today, after a night in which energy infrastructure across the Mideast Gulf was targeted in the widening regional conflict. The Ice May contract rose as high as $119.13/bl, up by more than $11/bl from the previous day's close and near the $119.5/bl peak hit on 9 March . The GME May front-month Oman crude futures contract was at $166.96/bl at 16:30 Singapore time, up by $13.84/bl from the same time on 18 March. Iran delivered on its threat to target energy facilities in neighbouring countries as revenge for US and Israeli attacks on its South Pars gas field on Wednesday. Two oil refineries in Kuwait and one in Saudi Arabia, adjacent to what is now the country's only crude export terminal at Yanbu, have been hit by Iranian drones. State-owned QatarEnergy said the Ras Laffan industrial complex came under attack twice, once late on Wednesday and once early on Thursday , which resulted in "extensive damage" to the Pearl GTL facility and to "several" of its LNG facilities. Prices for natural gas in Europe went up by a third in early trade today. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Refineries in Kuwait, Saudi Arabia hit by drones

19/03/26
19/03/26

Refineries in Kuwait, Saudi Arabia hit by drones

London, 19 March (Argus) — Oil refineries in Kuwait and Saudi Arabia have been hit by Iranian drones, as a night of violence targeted at regional energy facilities pushed Ice Brent crude prices up by as much as 8pc. Kuwait's state-owned KPC reported fires at two of the country's three refineries, and Saudi Arabia's defence ministry said a drone hit a complex at Yanbu on the Red Sea coast, adjacent to what is now the country's only crude export terminal. One unit at Kuwait's 346,000 b/d Mina al-Ahmadi refinery was struck in the early hours of Thursday, resulting in "a small fire", KPC said. Another strike hit "one unit" at the 454,000 b/d Mina Abdullah refinery, which again caused a fire. No injuries were reported. The facilities are 10km apart on Kuwait's Mideast Gulf coast. Neither KPC, nor its downstream subsidiary KNPC that operates the refineries, have disclosed if the facilities have been taken offline. Neither were immediately available for comment. Saudi Arabia said a drone hit the 400,000 b/d Samref refinery at Yanbu. No further details were given. The plant was on an Iranian list of facilities it said it would target in response to US and Israeli strikes on key gas processing facilities on Wednesday. The list included energy facilities in Saudi Arabia, the UAE and Qatar, but not in Kuwait. News of these attacks added more than $9/bl, or more than 8pc, to front-month Ice Brent crude today, pushing the price as high as $117/bl. The price rose by nearly 4pc on Wednesday and has settled above $100/bl for four consecutive days for the first time since mid-2022. State-owned QatarEnergy said the Ras Laffan industrial complex came under attack twice, once late on Wednesday and once early on Thursday, which resulted in "extensive damage" to the Pearl GTL facility and to "several" of its LNG facilities. Prices for natural gas in Europe went up by a third in early trade today. Iran had listed the 305,000 b/d Ras Laffan refinery, which is in the same complex, as one of its five targets. It is unclear if the refinery sustained any damage. UAE authorities reported incidents at the Habshan gas facilities, and at the 420,000 b/d Bab oil field "caused by falling debris from the successful interception of missiles." The facilities are now shut, they said. Riyadh also came under attack on Wednesday night. The Saudi defence ministry said it intercepted four ballistic missiles "resulting in some debris falling in different areas of the capital" but without "damage or casualties." By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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