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CIR Research Desk

CIR Research Desk

Hormuz Opens a Lane for China, Waha Goes Negative: Thursday's Two-Sided Market

Hormuz Opens a Lane for China, Waha Goes Negative: Thursday's Two-Sided Market

The Trump-Xi summit produced something oil traders have been waiting weeks for: a direct US-China agreement that the Strait of Hormuz must remain open for all shipping. By Thursday afternoon, Iranian state media confirmed it — around 30 Chinese vessels were cleared for Hormuz transit in coordination with Iran&

Hormuz Opens for Some, Closes for Others: Iran's Passage Strategy and the May 16 Wildcard

Hormuz Opens for Some, Closes for Others: Iran's Passage Strategy and the May 16 Wildcard

A Japan-bound crude tanker cleared the Strait of Hormuz this morning, Reuters reported, citing LSEG vessel-tracking data. It's only the second Japan-bound cargo to make it through since U.S. and Israeli forces launched strikes on Iran in late February. The transit doesn't

IEA Flips to Deficit, Iran Cracks the Door: What Wednesday's Numbers Mean for US Upstream

IEA Flips to Deficit, Iran Cracks the Door: What Wednesday's Numbers Mean for US Upstream

The IEA doesn't flip its annual balance from surplus to deficit without a reason. Today it did, and the reason is sitting at the bottom of the Persian Gulf. The agency's May 2026 Oil Market Report projects global supply will fall 3.9 million barrels per

Permian Basin Oil Production Outlook 2026: Midland vs. Delaware, Growth Ceiling, and What Operators Are Watching

Permian Basin Oil Production Outlook 2026: Midland vs. Delaware, Growth Ceiling, and What Operators Are Watching

The Permian Basin Oil Production Outlook in 2026: Growth, Constraints, and What Comes Next The Permian Basin oil production outlook in 2026 is running ahead of expectations. Texas field production hit 5,806 Mbbl/d in February 2026, up from 5,560 Mbbl/d in January, according to EIA data.

EU Blinks on Storage, SM Clears Legacy Debt: Wednesday Capital Markets Brief

EU Blinks on Storage, SM Clears Legacy Debt: Wednesday Capital Markets Brief

SM Energy retires $400M in legacy Bonanza Creek notes. The EU backs flexibility on gas storage mandates. SLB locks in $2B at 10-year rates. WTI holds $101.

Life Support: Iran Ceasefire Falters, Brent Nears $110, Qatar Goes Dark at Ras Laffan

Life Support: Iran Ceasefire Falters, Brent Nears $110, Qatar Goes Dark at Ras Laffan

Trump says the Iran ceasefire is on 'life support.' Brent nears $110. Qatar asks LNG vessels at Ras Laffan to switch off transponders. Japan and South Korea burn coal. Tuesday closes on structural disruption, not a spike.

OVV Completes the Reset: NuVista Closed, Anadarko Gone, Net Debt Under 0.8x at $101 WTI

OVV Completes the Reset: NuVista Closed, Anadarko Gone, Net Debt Under 0.8x at $101 WTI

Ovintiv exited Q1 2026 with its portfolio transformation essentially complete. The $2.8 billion NuVista acquisition closed during the quarter, adding 100 MBOE/d of Montney production and 930 net well locations. The $2.85 billion Anadarko divestiture, which closed in April, funded a $700 million debt redemption and pushed