Oil dropped as the global trade war hurt the outlook for demand, with data indicating signs of strain in the US economy. West Texas Intermediate slipped 2.6% to settle around $60 a barrel, the lowest close in more than two weeks. The widely referenced US consumer confidence gauge weakened significantly in data released Tuesday, another sign of the pessimism stemming from President Donald Trump’s levies. Additional reports due this week, including manufacturing data out of China, will shed further light on the economic strength of the world’s biggest importer of crude. A handful of spreads along the futures curve traded in contango on Tuesday as traders brace for a “meaningful surplus” in the future, according to Morgan Stanley. At present, Brent’s nearer months are still pricier than those next in sequence, forming a rare configuration with little historical precedent, according to the firm. US crude is on track for the largest monthly loss since 2021, with prices battered by tit-for-tat tariffs between the US and its trading partners, as well as by OPEC+’s plans to revive more production. While many countries are entering into trade negotiations with Washington, Beijing says it has so far declined to engage. There is now an “elevated probability” that Saudi Arabia and other key OPEC+ nations opt to accelerate planned supply increases at the upcoming May 5 meeting, JPMorgan analysts led by Natasha Kaneva said in a note. “It is becoming clear to the market that growth over recent months has primarily been driven by stockpiling and pre-tariff hoarding,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management. “That effect is fading, which could lead to a sharp decline in US growth as consumption starts drawing down existing inventories instead of boosting production.” Geopolitical tensions are showing signs of cooling, increasing the prospect

WASHINGTON—U.S. Secretary of Energy Chris Wright will travel to Griffin, Georgia, on Friday, May 2, to tour Rinnai America Corporation’s manufacturing facility. Secretary Wright will deliver remarks highlighting the Department’s progress in unleashing American energy dominance, protecting consumer freedom, and restoring energy leadership in the first 100 days of the Trump Administration.  Since taking office, Secretary Wright has postponed several burdensome Biden-era appliance mandates, including the rule targeting non-condensing tankless water heaters. Rinnai is the only company manufacturing non-condensing tankless water heaters in the United States. A Biden-era rule would have effectively banned these products—putting more than 200 Georgia jobs at risk, undermining U.S. manufacturing, and stripping away a cost-effective, high-efficiency option from American households. The visit marks the Department of Energy’s “First 100 Days of Unleashing American Energy Victories,” which includes: Halting restrictive appliance rules to defend consumer choice and protect domestic manufacturing jobs. Supporting energy-efficient innovation by preserving access to advanced home technologies. Reforming federal regulations to allow market-driven solutions and prevent government overreach in household energy use. Defending American competitiveness by ensuring manufacturers like Rinnai can continue producing energy-saving products in the U.S. Delivering relief to families by eliminating costly mandates that would have raised appliance prices across the board. Please contact [email protected] for press availability or media inquiries.

In an oil and gas report sent to Rigzone late Monday by the Macquarie team, Macquarie strategists revealed that they are forecasting that U.S. crude inventories will be up by 4.3 million barrels for the week ending April 25. “This compares to our early look which anticipated a 7.0 million barrel build. On the product side of the ledger, in aggregate, our expectations are little changed,” the strategists noted in the report. “For this week’s crude balance, from refineries, we model crude runs slightly lower (-0.1 million barrels per day). Among net imports, we model a moderate increase, with exports (+0.5 million barrels per day) and imports (+1.0 million barrels per day) higher on a nominal basis,” they added. The strategists warned in the report that timing of cargoes remains a source of potential volatility in this week’s crude balance. “From implied domestic supply (prod.+adj.+transfers), we look for a small increase (+0.1 million barrels per day). Rounding out the picture, we anticipate a larger increase in SPR [Strategic Petroleum Reserve] stocks (+1.0 million barrels) this week,” the strategists went on to state. “Among products, we look for draws in gasoline (-2.3 million barrels) and distillate (-1.3 million barrels), with a build in jet (+0.5 million barrels). We model implied demand for these three products at 14.0 million barrels per day for the week ending April 25,” they continued. In an oil and gas report sent to Rigzone by the Macquarie team late Thursday, Macquarie strategists outlined that they saw “a large U.S. crude build” in the U.S. Energy Information Administration’s (EIA) next weekly petroleum status report. That report is scheduled to be released on April 30 and will include data for the week ending April 25. The EIA’s latest weekly petroleum status report at the time of writing was released

Industrial bodies in the Humber are calling on the UK government to back Harbour Energy’s proposed Viking carbon capture and storage (CCS) project in the region. The backing comes after the UK government reached financial agreements with offshore CCS projects in Liverpool Bay and Teesside in recent months. Harbour Energy’s Viking CCS project was shortlisted for Track-2 status by the previous Conservative government in 2023 alongside the Acorn Project in Scotland. Since taking office last year, Labour has committed £22 billion in funding for the HyNet North West and East Coast Cluster Track-1 CCS projects. But the UK CCS sector has been calling on the government to “urgently” provide funding certainty for Viking and Acorn so they can move ahead. Humber industry backs Viking CCS In a joint statement, a group of Humber and UK trade bodies called on Labour to provide firm backing for Viking. The group includes the Northern Powerhouse Partnership, Hull and Humber Chamber of Commerce, Humber Energy Board and the Carbon Capture and Storage Association (CCSA). The trade bodies also backed Immingham gas plant operator VPI’s ambition to be the anchor emitter for Viking. © Supplied by VPIAn overhead view of the VPI Immingham plant in the Humber region. VPI is planning to invest £1.5 billion in a carbon capture facility at its Immingham plant, before using Harbour’s Viking project to transport and store CO2 emissions under the North Sea. The firm estimates the Immingham carbon capture project could create 1,500 jobs at peak construction, alongside a further 20,000 jobs for the wider Viking plans. Establishing Viking could also create a “huge” CO2 import opportunity for the UK, the trade bodies said. Viking will ‘secure the future’ of Humber industry Humber Energy Board executive director Jonathan Oxley said Viking CCS is a “key component” of efforts

In this week’s Charging Forward, investment firm AXA IM has acquired a 50% stake in a major Scottish battery energy storage system (BESS), while Zenobe has secured planning consent for its Carlisle Road development. Meanwhile Glen Earrach Energy has submitted a planning application for its 2GW pumped storage hydro scheme in the Highlands, and more. In international energy storage news, researchers at Pennsylvania State University have developed a novel compressed air energy storage system which utilises geothermal heat from abandoned oil and gas wells. This week’s UK energy storage headlines: AXA IM Alts acquires 50% stake in Coalburn BESS Scottish government approves Zenobe’s Carlisle Road BESS Glen Earrach Energy submits 2 GW pumped storage hydro application Apatura secures consent for two Scottish BESS projects Spanish firm Matrix Renewables takes over two Scottish BESS projects Highland councillors oppose Caithness BESS project Centrica secures licence extension for Rough storage field Statera Energy secures approval for Kintore Hydrogen Statkraft to optimise Eku Energy’s Loudwater BESS RheEnergise nears completion on high density hydro demonstrator International news: Researchers investigate using abandoned oil wells for energy storage AXA IM acquires half of Coalburn BESS Investment firm AXA IM Alts has acquired a 50% stake in the 500 MW Coalburn 1 battery energy storage system (BESS) in Scotland. Denmark’s Copenhagen Infrastructure Partners (CIP) is developing project, located just south of Glasgow, alongside Susgen subsidiary Alcemi. The Coalburn 1 site will become the largest BESS of its kind in Europe when it comes online in early 2026. The deal marks AXA IM’s debut investment in the UK energy storage sector. © Supplied by CIPThe site of the Coalburn 1 battery energy storage system in South Lanarkshire. Coalburn 1 is one of three BESS projects CIP is developing in Scotland alongside Coalburn 2 and the Devilla BESS in Fife. CIP and

QatarEnergy and Exxon Mobil Corp. on Monday secured regulatory approval to commission their Sabine Pass, Texas liquefied natural gas (LNG) project. The go-ahead from the Federal Energy Regulatory Commission (FERC) applies to Golden Pass LNG’s boil-off gas compression system, LNG storage, liquefaction system, LNG pumps, and end flash gas compression system. The permit was requested December 2023. “[T]his approval does not grant Golden Pass the authority to commission or introduce hazardous fluids into other project facilities at the LNG terminal”, said a letter penned by Ghanshyam Patel, chief of LNG Branch 1 of FERC’s projects office. “Additional authorizations will be released once Golden Pass has demonstrated full compliance with the conditions” set in a December 2016 FERC order granting construction and operation authorization for the project, added the letter published on the FERC’s website. “Furthermore, we note that FERC staff look to continuously identify improvements to the safety and reliability of LNG facilities that may be realized during or after construction and throughout operations and may make recommendations in the future in this regard”. On March 5 the Department of Energy (DOE) granted Golden Pass LNG’s request for a deadline extension for the start of exports by two years. The extension applies to the project’s non-FTA order, while the DOE decided that Golden Pass LNG’s FTA order does not need a deadline. The project now has until March 2027 to dispatch its first non-FTA cargo. Golden Pass LNG is permitted to ship a cumulative 937 billion cubic feet a year of natural gas equivalent to both FTA and non-FTA countries. The permit expires December 2050. Last year the JV, 70 percent owned by QatarEnergy and 30 percent by ExxonMobil, requested the DOE under the Biden administration to move the deadline of September 30, 2025, by 18 months for both FTA