For decades, the United States has been Canada’s most important energy partner, absorbing the lion’s share of its oil and gas production. After meeting its domestic refining needs, Canada exports ~80% of its crude output, with roughly 90% going to the U.S. thanks to integrated oil infrastructure built over more than 70 years. In 2024, Canada exported crude oil, NGLs and natural gas worth $160 billion, with Canadian oil accounting for more than 60% of U.S. crude imports. In 2025, Canada exported a record 4.3 million bpd of crude, with…

Readers are familiar by now with the broad-based commodity rally, with energy, agricultural products and metals moving sharply higher as former Goldman Sachs commodities head Jeff Currie warned this summer of growing scarcity in the physical economy. The Bloomberg Commodity Index has climbed to levels last seen in 2012... ... while the Quantix Commodity Index has hit a new record high. Bloomberg macro strategist Simon White is out with a new note this morning warning that the commodity rally is threatening…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 300,000 barrels in the week ending September 4. In the week prior, US crude oil inventories fell by 2.6 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 48 million barrels over the last 21 weeks, with US crude inventories up 2.8 million for the year, according to API data, kept in check by draws from the SPR. For the week ending September 4, another 1.2 million barrels left the SPR to aid commercial inventories,…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 300,000 barrels in the week ending September 4. In the week prior, US crude oil inventories fell by 2.6 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 48 million barrels over the last 21 weeks, with US crude inventories up 2.8 million for the year, according to API data, kept in check by draws from the SPR. For the week ending September 4, another 1.2 million barrels left the SPR to aid commercial inventories,…

Europe desperately needs to ramp up its energy storage capacity if it wants to avoid another energy crisis. In the wake of Vladimir Putin's invasion of Ukraine back in 2022, the European Union made major strides in building up its own energy production capacities in an effort to wean itself off of Russian oil and gas. Much of this buildout has been in the form of wind and solar energy, which is great news for energy independence and the bloc's climate goals, but poses key challenges in terms of energy security. As more and more of Europe's energy…

After signing what President Donald Trump touted as “the biggest oil deal in world history” to take majority control of 65 billion barrels of proven crude oil reserves in Venezuela, the U.S. Administration is setting its sights on the South American country’s potentially vast gold and critical minerals wealth. The Trump Administration is weighing measures to involve U.S. companies in Venezuela’s gold and critical minerals and has held initial meetings with firms to see if there is interest in engaging in the Venezuelan mining…

A new British report offers households an attractive deal: abandon net zero and save more than £500 a year. At a time of painfully high energy bills, that claim deserves attention. A transition households cannot finance will eventually lose political support. But the £500 promise is not really a household-cost calculation. It models a cheaper-looking electricity system, excludes costs outside it, assumes fewer cars and homes electrify, and translates the total into a household-sized headline. The report identifies genuine weaknesses…

Belarusian oil refineries recorded their highest profitability in a decade in 2026, according to the independent Pozirk news agency, as Russia's refining crisis pushed record volumes of gasoline and diesel across the border. Belneftekhim head Ilya Ikan credited the results to "favorable conditions in foreign markets, primarily in the eastern direction," adding that reserve capacity came online for round-the-clock operations in June and July. Belarusian gasoline shipments to Russia rose 25-fold over the first seven months of 2026 compared with the…

Belarusian oil refineries recorded their highest profitability in a decade in 2026, according to the independent Pozirk news agency, as Russia's refining crisis pushed record volumes of gasoline and diesel across the border. Belneftekhim head Ilya Ikan credited the results to "favorable conditions in foreign markets, primarily in the eastern direction," adding that reserve capacity came online for round-the-clock operations in June and July. Belarusian gasoline shipments to Russia rose 25-fold over the first seven months of 2026 compared with the…

The United States has imposed sanctions on all of Iran's remaining active airlines, sharply escalating pressure on Tehran's aviation sector as part of a broader campaign aimed at cutting the Islamic Republic off from international trade and finance. The US Treasury Department on September 8 sanctioned 36 targets, including 27 Iranian airlines, as well as foreign companies and an individual accused of helping Iran's sanctioned aviation networks procure aircraft, aircraft parts, and other technology. The action marks the first time Washington has…

Uganda is approaching its entry into the oil export market, but getting its new Pearl Sweet grade to buyers will be harder than its low sulphur content might suggest. The country’s two projects are expected to produce 230,000 b/d at plateau, opening a yet untapped revenue stream for the landlocked economy. Yet the crude’s high wax content requires heating from the production facilities through to its destination, adding costs and narrowing the pool of buyers. With production deadlines slipping and the export pipeline still incomplete,…

Google will invest at least €13 billion ($15.1 billion) in Finnish AI infrastructure over 2027 and 2028 and has signed a 22-year power purchase agreement with Fortum for up to 50% of the output from the Loviisa nuclear plant, Google's first nuclear power contract outside the United States, the companies said Wednesday. The Fortum agreement funds a life-extension and upgrade program that keeps Loviisa running through 2050. Without it, the plant, which supplies about 10% of Finland's electricity and employs nearly 600 people, would have had…

Google will invest at least €13 billion ($15.1 billion) in Finnish AI infrastructure over 2027 and 2028 and has signed a 22-year power purchase agreement with Fortum for up to 50% of the output from the Loviisa nuclear plant, Google's first nuclear power contract outside the United States, the companies said Wednesday. The Fortum agreement funds a life-extension and upgrade program that keeps Loviisa running through 2050. Without it, the plant, which supplies about 10% of Finland's electricity and employs nearly 600 people, would have had…

Google will invest at least €13 billion ($15.1 billion) in Finnish AI infrastructure over 2027 and 2028 and has signed a 22-year power purchase agreement with Fortum for up to 50% of the output from the Loviisa nuclear plant, Google's first nuclear power contract outside the United States, the companies said Wednesday. The Fortum agreement funds a life-extension and upgrade program that keeps Loviisa running through 2050. Without it, the plant, which supplies about 10% of Finland's electricity and employs nearly 600 people, would have had…

Bank of England governor Andrew Bailey has warned inflationary pressures are still buffeting the UK economy and energy prices could rise further next year if the war in Iran continues. Speaking to MPs on Tuesday, the Bank chief said inflation risks were “to the upside” and energy prices “could be higher still” due to the conflict, which has triggered a surge in oil prices and stoked inflation fears globally.  “The conflict is still going on and it is also causing a high level of energy prices and quite a bit of…

Angola's National Oil, Gas and Biofuels Agency, ExxonMobil and its Block 15 partners confirmed a new oil discovery at the Vicango Este-01 well on Wednesday, the deepwater block's 20th find since production began. Some 370 kilometers (230 miles) northwest of Luanda, the well was drilled to 940 meters, encountering 25 meters of high-quality, hydrocarbon-bearing sandstone, according to a joint company statement, as reported by CNBC. Block 15 has produced more than 2.7 billion barrels over 30 years. In a joint statement, ExxonMobil Angola chief executive…

Copper is trading at record prices, and the people who turn raw ore into usable metal can't make money doing it. That's the copper market right now, and it says more about who actually controls the world's most important industrial metal than any single price headline does. Three-month copper on the London Metal Exchange hit an all-time high of $14,779 a ton on Tuesday, its fourth straight session of gains, before easing back toward $14,630 Wednesday morning. The metal is up close to 18% this year. COMEX copper in the US is trading near $6.75 a…

Ukraine hit with drones overnight on Wednesday infrastructure in Novorossiysk, which is Russia’s key oil terminal in the Black Sea, in attacks that killed four people and reportedly sparked a fire at a fuel oil terminal at the port. Ukrainian drones hit buildings in and near Novorossiysk early on Wednesday, the city’s mayor Andrey Kravchenko said on his Telegram channel, adding that four civilians were killed and civil infrastructure was damaged. Ukraine’s Robert "Magyar" Brovdi, Commander of the country’s Unmanned Systems…

The National Weather Service has issued heat advisories across California's Central Valley and coastal areas, including the Bay Area and Los Angeles, with more severe extreme heat warnings in parts of Southern California. Cooling demand is expected to soar over the next several days, putting pressure on the power grid, particularly in the evening as solar generation declines. Bloomberg reports that Los Angeles-area temperatures are forecast to reach 85F to 105F, roughly 10 to 15 degrees above normal. San Francisco could hit 86 degrees Wednesday,…

China’s Sinopec, the world’s top refiner by capacity, expects Chinese oil demand to drop by 8.9% in 2026 from a year earlier amid demand destruction from higher oil prices and the acceleration of electric vehicle adoption. Oil demand in the world’s biggest crude oil importer is expected to drop by 600,000 barrels per day (bpd) on average this year compared to last year, according to estimates by Sinopec’s research arm quoted by Reuters. Gasoline demand is set for an 8.7% decline, while diesel consumption is expected to crash…