Fuel & oil news
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Headlines
India Oil Crisis Deepens as Strait of Hormuz Remains Shut
India's oil crisis deepens as the Strait of Hormuz remains closed, cutting off over 40% of its crude imports and threatening economic growth and inflation.
China Added 34 GW of Nuclear in a Decade as Gasoline Demand Set to Fall
China added 34 GW of nuclear capacity over the past decade, while its 15th Five-Year Plan targets further expansion, even as gasoline consumption is projected to drop 5.5% in 2026 amid surging oil prices.
Prairie Operating Q1 revenue surges 500% as DJ Basin output climbs
Prairie Operating Co. reported Q1 2026 revenue of $83.4 million, up over 500% quarter-over-quarter, driven by strong production growth in the DJ Basin, and reaffirmed its full-year guidance.
Canada may keep Trans Mountain pipeline state-owned as crude demand shifts
Canada's government may reverse its plan to privatize the Trans Mountain pipeline, citing surging demand for Canadian crude as a substitute for Middle Eastern barrels.
Foreign Buyers Take Nearly Half of US Strategic Oil Release
Nearly half of the crude released from the US Strategic Petroleum Reserve is being exported, highlighting severe global supply tightness amid the Iran conflict.
Kazakhstan Files Complaint Against Rosatom Unit Over Uranium Deal
Kazakhstan's Kazatomprom filed a complaint against a Rosatom subsidiary for alleged contract breaches in a uranium mining joint venture, straining nuclear ties.
UK Approves Three Offshore Wind Farms, Adding 4 GW Capacity
The UK government granted planning permission for three offshore wind farms with a combined capacity of up to 4 GW, reinforcing its commitment to renewable energy expansion.
ECB's Stournaras Warns High Oil Price May Force Rate Hike
ECB Governing Council member Yannis Stournaras warned that persistently high oil prices could force the central bank to raise borrowing costs, according to a report by the Athens News Agency.
US Mortgage Rates Steady as Energy-Driven Inflation Surges
US mortgage rates held steady this week even as surging energy costs pushed inflation higher, suggesting the housing market may be absorbing the shock.
China Gasoline Demand May Drop 5.5% in 2026 on Oil Price Surge
China's gasoline consumption is forecast to fall 5.5% in 2026, driven by surging oil prices and the accelerating shift to electric vehicles, according to GL Consulting.
Ford Surges on Potential $10B Energy Storage Deal
Ford shares rallied after Morgan Stanley reported the automaker may be close to a massive battery storage deal with hyperscalers, potentially unlocking a $10 billion high-margin energy business.
Permian Gas Glut Forces Producers to Pay Buyers to Take Supply
Natural gas in the Permian Basin has become so abundant that prices turned negative, with producers paying buyers to take supply as pipeline capacity fails to keep pace with output.
Sinopec Opens Major Ultra-Deep Shale Gas Play in China
Sinopec received government approval for 235.7 billion cubic meters of shale gas reserves in Sichuan, creating China's first ultra-deep 100-billion-cubic-meter-level shale gas field.
US Import and Export Prices Surge Most Since 2022 on Fuel Costs
US import and export prices posted their largest annual gain since 2022 in April, driven by surging fuel costs linked to the Iran conflict, reinforcing inflation pressures.
Carney Aims to Double Canada's Electricity Generation by 2050
Prime Minister Mark Carney unveiled a strategy to double Canada's electricity generation by 2050, with flexible rules allowing natural gas to support grid reliability.
TCW Adds Debt of EM Oil Exporters on War’s Lasting Energy Impact
TCW Group’s energy fund is boosting holdings of debt from emerging-market oil exporters, betting the Iran war’s disruption will support their bonds long after the conflict ends.
China Fuel Exports Stay Low Despite Eased Quotas, Worsening Asia Shortage
China's fuel exports in May are nearly half of pre-conflict levels despite eased quotas, deepening the supply crunch across Asia amid the worst oil supply shock in history.
New Fortress Energy Takes $6.5 Billion Debt Plan to London Court
New Fortress Energy seeks UK court approval for a $6.5 billion debt restructuring that would convert most debt into equity, handing control to creditors.
Europe curtails solar power as gas supply tightens
Europe is curtailing solar power generation due to grid congestion, wasting electricity even as natural gas markets tighten and prices rise.
Two India-Bound LPG Tankers Cross Hormuz With Transponders Off
Two LPG tankers en route to India crossed the Strait of Hormuz with transponders off, signaling rising dark shipping activity amid heightened geopolitical tensions in the region.
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NowPrice news curates headlines from established financial sources (CoinDesk, Decrypt, Investing.com, MarketWatch, OilPrice, Bloomberg and others). Our editorial team writes concise summaries in 5 languages. We don't republish articles — every story links back to the source.