03 Mar As Reported 03/03/26 Energy Price, news updates and expert commentary : OPEC $78.31/bb
(Oilandgaspress) Energy bills could soar to £2,500 a year for UK Citizens as the ongoing Middle East war sends gas prices rocketing to a three-year high. Wholesale gas prices are up 32%, one of the highest levels markets have seen in almost three years.Analysts have warned that extended disruptions to gas exports risked a repeat of 2022, when household bills skyrocketed in the wake of Russia’s invasion of Ukraine. Related News
Ocean Winds (OW), the 50-50 joint venture between EDPR and ENGIE, has signed an Agreement for Lease with The Crown Estate for a floating offshore wind project site in the Celtic Sea – marking a significant milestone for the UK’s floating offshore wind ambitions.
The site is the third to be leased through Round 5, following the announcement of OW’s preferred supplier status in November 2025. The project will join OW’s development pipeline in the UK and could be delivered in phases up to a total capacity of 1.5 GW over the next decade. Ocean Winds is a global leader in floating technology and has a strong track record of project delivery and operation in the UK, and in the world, bringing long-term socio-economic benefit to rural communities. Related News
In Dubai and other major Middle Eastern shopping hubs, many stores are closed or operating with a skeleton staff as the escalating conflict in the region causes chaos for businesses and travel. The U.S.-Israeli air war against Iran expanded on Monday with no end in sight, with Tehran firing missiles and drones at Gulf states as it retaliates for a weekend of bombing that killed Iran’s supreme leader and reportedly killed scores of Iranian civilians, including a strike on a girls’ primary school.
Chalhoub Group, which runs 900 stores for brands from Versace and Jimmy Choo to Sephora across the region, said its stores in Bahrain were closed, while other markets, including the United Arab Emirates, Saudi Arabia, and Jordan remained open though staff attendance was “voluntary.” The Middle East still accounts for a small share of global spending on luxury — between 5% and 10%, according to RBC analyst Piral Dadhania. But the region was “luxury’s brightest performer” last year, according to consultancy Bain, while sales of expensive handbags have stalled in the rest of the world. Related News
The price of flights between Asia and Europe has soared after the closure of key Middle Eastern hubs due to the U.S.-Israel war against Iran, with airline websites showing tickets on many popular routes booked out for days. Major Gulf hubs, including the world’s busiest international airport Dubai – which normally handles over 1,000 flights a day – remained closed for a fourth day on Tuesday, slashing capacity on popular routes like Australia to Europe, where Emirates and Qatar Airways normally have a high market share.
Australia’s Flight Centre Travel Group has experienced a 75% increase in calls to its stores and emergency assistance lines since the crisis began and has teams working around the clock to help disrupted customers, its Global Managing Director Andrew Stark said.. Related News
70% of Ukrainians skeptical US-Ukraine-Russia talks will bring lasting peace, poll shows. Only 25% of respondents said they rather believe in the talks’ potential success, while 5% remained undecided, according to a poll by the Kyiv International Institute of Sociology (KIIS). According to the KIIS poll, 57% of Ukrainians are against withdrawing troops from Donetsk Oblast in exchange for security guarantees. Only 29% find this condition “difficult but generally acceptable,” and 7% are willing to accept. Related News
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $77.09 | Up |
| Crude Oil (Brent) | USD/bbl | $83.77 | Up |
| Bonny Light 02/03/26 CBN | USD/bbl | $77.97 | — |
| Dubai | USD/bbl | $68.40 | Up |
| Natural Gas | USD/MMBtu | $3.12 | Up |
| Murban | USD/bbl | $82.40 | Up |
| OPEC basket 02/03/26 OPEC | USD/bbl | $78.31 | Up |
| At press time March 03, 2026 |
Gas prices kept climbing at a blistering pace in Europe on Tuesday as US and Israeli strikes on Iran rattled global energy markets and revived fears of an extended shock.Europe’s benchmark gas contract, the Dutch TTF, climbed to more than €60 per megawatt hour (MWh) at around 12:30 CET on Tuesday, a significant jump from the low €30s at the end of last week..Any blockage of the Strait of Hormuz could trigger immediate price spikes in global oil and LNG markets, hitting Europe regardless of its relatively limited direct imports from the region, as the bloc competes with Asian buyers for flexible cargoes on the spot market. Related News
According to a mapping conducted by the Norwegian Offshore Directorate, cooperation between the companies, cost reductions and applying new technology can contribute to profitable production from tight reservoirs. There are large quantities of oil and gas in so-called tight reservoirs on the Norwegian continental shelf (NCS). Many of the about 90 discoveries still awaiting a development decision are located in such tight reservoirs.
In order to extract these resources in a profitable way, the industry will need to improve cooperation, cut costs and apply more modern technology.. Related News
Nearly a quarter of AEGIS Hedging Solutions LLC’s oil-focused clients were on standby for the 6 p.m. ET market open on Sunday, according to the firm, which helps about 350 oil producers with hedging. Some were ready with limit orders, when buyers and sellers set specific price levels for trades, while others queued up transactions to be executed Monday morning.
“It’s still intense,” Aegis President Matt Marshall said in an interview. His team worked through the weekend, with the trading manager canceling travel plans to stay at the desk.
Oil prices skyrocketed by as much as 12% when markets opened in Asia after a nightmare scenario for traders unfolded when shipping flows through the vital Strait of Hormuz ground to a halt. The rally offered oil producers an opportunity to lock in prices for future sales using derivatives such as options and swaps that allow the holder to sell at a predetermined level.
The surge of hedging activity came at the end of a relatively quiet February, with producers largely sitting out price rallies, Marshall said. Drillers had already engaged in record hedging with a flurry of activity in January before prices crashed. . Read More
Dana Incorporated announced it will host a Capital Markets Day on March 25 in New York City, where the company’s leadership team will present its long term strategy: Dana 2030. During the Capital Markets Day, management will provide a comprehensive review of Dana 2030, the company’s long range plan designed to accelerate growth and value creation. Dana 2030 targets include:
• Approximately $10 billion in annual sales by 2030, representing a significant increase from the expected 2026 sales.
• Adjusted EBITDA margins of 14 to 15 percent, reflecting nearly 400 basis points of improvement driven primarily by higher margin new business, operational efficiency, structural cost actions, and disciplined investments.
• Adjusted free cash flow margin target of approximately 6 percent of sales, a ~200 basis point improvement.
• Up to $2 billion in cumulative share repurchases through 2030, building on the $750 million already completed.
“Dana’s long term strategy is built on actions fully within our control—cost structure, execution, and disciplined capital allocation,” said R. Bruce McDonald, Chairman and Chief Executive Officer. “Our Dana 2030 plan outlines a clear path toward higher sales, increased margins, higher adjusted free cash flow, and sustainable value creation.” Related News
OceanPact and CBO announced in a Regulatory Filing, the combination of their businesses, to be implemented through the incorporation of CBO’s holding company into OceanPact. Closing of the transaction is subject to approval by the Brazilian Antitrust Regulatory Agency (CADE), as well as the fulfillment of other customary conditions precedent for transactions of this nature, including approval at the companies’ general shareholders’ meetings and consent from creditors. Upon completion of the transaction, the combined company will have a fleet of 73 vessels, annual revenue of more than USD 778 MM (R$ 4 billions) and a backlog of USD 2,7 billions (R$ 14 billions). Related News
INPEX announced that it has signed a share purchase agreement (SPA) following an agreement to acquire 49 percent of the shares in INPEX South West Caspian Sea Petroleum Co., Ltd. (ISWCS) held by Japan’s Ministry of Economy, Trade and Industry (METI) through an open bid, making ISWCS a wholly owned
subsidiary of INPEX. Through ISWCS, INPEX owns a participating interest in the Azeri-Chirag-Gunashli (ACG) Contract Area in the Caspian Sea offshore the Republic of Azerbaijan, where it is engaged in
crude oil development and production operations. The ACG project is a quality asset from which INPEX has generated stable profits and cash flow for more than 20 years, and this additional acquisition of ISWCS shares is expected to further strengthen INPEX’s earnings base.INPEX will continue to work toward maximizing the value of the project, including maintaining production levels in the Contract Area and expanding its proved reserves. Related News
Escalating tensions around the strait have sparked queues for petrol across the West, with long lines seen forming on Britain forecourts in Liverpool, Manchester and south London today as drivers scrambled to fill up amid fears of further price rises. Brigadier General Jabbari, an adviser to the paramilitary Revolutionary Guard, vowed to bring chaos to the global energy market on state television on Monday, declaring: ‘The Strait of Hormuz is closed. . Related News
Electric car owners could be paying more for charging than public devices are telling them, a study has found. A review of public charging points identified that almost one in three provided customers with incorrect readings, meaning less electricity was being zapped into their vehicles’ batteries than the device had led them to believe.
EVCI Global, an independent inspection provider monitoring the EV charging sector, found that 31.5 per cent of chargers it reviewed were either overestimating or underestimating how much energy was being transferred to electric cars. The findings from its have been submitted to Parliament’s Transport Select Committee, raising concerns that some EV drivers could be paying more than they should. Around 15 per cent of the chargers tested showed errors of more than five per cent, while a small number were said to have ‘materially larger deviations’ from the correct figures. Related News
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