02 Sep Energy Price, news and commentary 02/09/26: Bonny Light @ $95.21/bbl,
(Oilandgaspress) 02/09/26, Eurozone inflation climbed to 3.3% in August 2026, up from 2.9% in July, according to a flash estimate from Eurostat, the statistical office of the European Union.
The increase was largely driven by energy, as global oil and gas prices surged amid the war in Iran and disruption to shipping through the Strait of Hormuz. Energy prices rose by 14.3% in the year to August, accelerating from 10.3% in July.
Chevron Corp. is reportedly finalizing a deal that will significantly expand its operations in Venezuela by adding two giant oil fields in the Orinoco Belt, part of a push by U.S. President Donald Trump to ramp up production in the South American country.
Chevron has negotiated operating rights to the fields in the Carabobo region that hold billions of barrels of heavy oil reserves, according to people familiar with the matter who declined to be named because the deal hasn’t been announced. They are near a vast field already operated by the company’s PetroIndependencia joint-venture with state-owned Petróleos de Venezuela SA.
Equilon Enterprises LLC, doing business as Shell Oil Products US (Shell), has signed an agreement to increase its equity from 33% to 100% in Tri Star Energy, LLC, a convenience store operator and fuel distributor operating across the southeastern United States and anchored in the Nashville market. The acquisition makes Shell the full owner of an additional 320 fuel and convenience retail sites in Tennessee and surrounding states, as well as supply agreements with 552 more dealer-owned locations.
| Oil and Gas Blends | Units | Oil Price | Position |
| Crude Oil (WTI) Oilprice | US$/bbl | $90.21 | Up |
| Crude Oil (Brent) | US$/bbl | $94.89 | Up |
| Bonny Light 01/09/26 CBN | US$/bbl | $95.21 | Up |
| Dubai | US$/bbl | $88.75 | Up |
| Natural Gas | US$/MMBtu | $2.95 | Up |
| Murban | US$/bbl | $107.70 | Up |
| OPEC basket 01/09/26 OPEC | US$/bbl | $95.32 | Up |
| At press time September 02, 2026 |
KBR announced its Mission Technology Solutions business, which will be Trinzic after its planned spin-off, will help keep the U.S. prepared for extreme weather following its award of the Commercial Data Program National Mesonet Program (CDP NMP) contract by the National Oceanic and Atmospheric Administration’s National Weather Service. The single-award follow-on contract has a ceiling value of $1.1 billion over five years, reflecting growing demand for weather data across missions and government customers.
Under the Indefinite Delivery/Indefinite-Quantity (IDIQ) expanded, re-competed contract, which is structured as a firm-fixed-price unit contract, KBR will provide essential weather and related observational data from commercial stations, university or research campuses and other non-federal providers nationwide. The award will enable KBR to continue delivering rapid, high-quality weather data that helps forecasters better predict severe storms, extreme temperatures and other high-impact weather across the United States. Work will be performed at locations throughout the U.S., with program management in Greenbelt, Maryland. The period of performance spans September 2026 through August 2031.
VC Renewables (VCR), a Vitol company, has acquired Meridian Gridworks’ 600MW data center campus in South Carolina. The transaction extends Vitol’s strategy of integrating energy supply with digital infrastructure. It brings natural gas, solar, energy storage and fuel cell capacity together to meet the power requirements of a large data center campus.
Under the transaction, Meridian will continue to oversee development of the South Carolina campus. Vitol and VCR will apply their experience in natural gas, solar and energy storage to help develop the site as a hub for energy and digital infrastructure.
BP has named Ian Tyler, who has served as interim chair since 26 May as its new chair .Tyler joined BP as a non-executive director in April 2025.
He replaces Albert Manifold, who was stripped of his roles as chair and director of BP in May .
Soaring energy price is keeping pressure on global markets as US military kicked off fresh strikes against Iranian targets around the Strait of Hormuz, which President Donald Trump said were retaliation for Tehran’s attempts to lay mines in the narrow waterway and for an earlier attack on a US military base. Trump has also warned of a larger response.
Global heating will reach at least 1.8C under even the most optimistic future, well beyond the Paris agreement goal of 1.5C, according to a UN report that warns every fraction of temperature rise intensifies destructive extreme weather, glacier melt, ecosystem loss, and island and coastal city submersion. The report by the Nairobi-based UN Environment Programme confirmed overshooting the 1.5C goal inscribed in the landmark Paris agreement of 2015 was now “unavoidable” and, despite some progress in addressing the human-caused climate crisis driven by burning fossil fuels, likely in the next few years.
It said: “There are no good outcomes above 1.5C”.
During the period from 24 to 28 August 2026, Eni acquired on the Euronext Milan no. 3,236,870 shares (equal to 0.11% of the share capital), at a weighted average price per share equal to 23.1705 euro, for a total consideration of 74,999,942.02 euro, within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 6 May 2026, for the purpose of paying to the Shareholders an additional remuneration compared to the distribution of dividends, resolved by the same Shareholders’ Meeting.
eCap Marine has secured another contract for the supply of hydrogen-based energy systems for the maritime industry. The Company will equip two additional hydrogen-powered bulk carriers for GMI with integrated hydrogen energy power systems called eCap H2EPS.
The new contract follows the ongoing projects and further strengthens the collaboration between the two companies in the field of zero-emission shipping.
The two newbuild vessels, each with a deadweight capacity of approximately 3,000 DWT, will be constructed by Showgule Shipyards Ltd. in India and are scheduled to enter service in 2029. The vessels will primarily operate in Norwegian coastal waters.
As part of the project, eCap Marine will supply the complete hydrogen system solution for both vessels. The scope of supply includes compressed hydrogen storage systems, PEM fuel cell technology with an output of 1.2 MW per vessel, as well as the required power management, control and safety systems for maritime applications.
With these newbuilds, GMI continues its commitment towards more sustainable coastal shipping. In Norway in particular, zero-emission propulsion technologies are becoming increasingly important in reducing environmental impacts in sensitive coastal and fjord regions.
CME Group reported its second-highest August average daily volume (ADV) on record at 29.7 million contracts, an increase of 6% from August 2025.
August 2026 ADV across asset classes includes:
• Interest Rate ADV of 16.7 million contracts
• Equity Index ADV of 6.8 million contracts
• Energy ADV of 2.3 million contracts
• Agricultural ADV of 2.2 million contracts
• Metals ADV of 1 million contracts
• Foreign Exchange ADV of 730,000 contracts
• Cryptocurrency ADV of 175,000 contracts ($12 billion notional)
In their latest article, Konecranes explores how hydrogen serves as a complementary option where grid constraints or operational demands push battery technology to its limits. As our CCO Jonas Brendelberger explains in the article, fitting the fuel cell system, hydrogen storage and power electronics within the tight space and weight constraints of heavy-duty port equipment is a major part of making hydrogen work in practice.
Our heavy-duty fuel cell systems are designed with exactly these requirements in mind: combining high power density with integrated thermal, electrical and safety systems in a compact package.
The Konecranes article takes a broader look at where hydrogen can complement battery-electric solutions and what the Hamburg deployment is already showing in live terminal operation.
Hydrogen fuel cell systems are highly efficient at generating power, but they also produce thermal energy. Treating this heat as a useful asset rather than a waste byproduct has a significant impact on the total cost of ownership (TCO).
Fuel cell systems like the zepp.X150, which power zepp’s stationary generator sets, convert hydrogen into electrical energy with an efficiency between 50% and 62%, depending on the operating point. The remaining energy is released mostly as thermal energy through the cooling circuit. In a standard power-only installation, this thermal output is considered waste heat and is dissipated into the surrounding air through radiators.
In a combined heat and power (CHP) setup, capturing and using this thermal energy pushes the overall system energy utilisation to over 90%. When that heat replaces electricity or natural gas that would otherwise be burned for heating, thermal integration creates direct operational savings that effectively subsidise the cost of hydrogen fuel.
COLI Group has recently completed a six-month transport project for GE Vernova, moving 14 large power transformers from GE Vernova’s Turkish factory to a job site in Poland supporting the Baltica 2 offshore wind farm. The cargo was shipped across three voyages on three separately chartered vessels, and the project marks the second collaboration between COLI and GE Vernova’s team in Poland.
The transformers were picked up at GE Vernova’s factory and loaded at Safiport in Derince, Türkiye. Ten units, ranging from 110 to 170 tonnes each, were offloaded at the port of Gdynia and transported onward by land to the job site. The remaining four transformers, each weighing 361 tonnes, were barged to Władysławowo, where a complex roro operation had to be carried out. Also, a temporary storage area was set up at Władysławowo while the job site itself was being prepared to receive the units.
Challenges
The onward land transport of the heavy transformers presented a series of legal, technical and logistical challenges. Several existing bridges along the route were unable to carry the weight of the cargo, requiring a temporary flyover structure to be mounted on top of the existing infrastructure. The operation also had to be coordinated closely with multiple local Polish authorities, and carried out through harsh winter conditions, with temperatures dropping to -15°C.
BP confirmed on Wednesday that Dame Amanda would depart as BP’s senior independent director from next year.
Her resignation was announced alongside confirmation that Ian Tyler, the former chief executive of construction giant Balfour Beatty, will take over as BP’s new chairman. Dame Amanda said: “I will leave knowing that BP has a strong foundation with Meg [O’Neill, the chief executive] and Ian now in place and wish them and the company every success for the future.”
Trade bodies, unions, ports and business groups have written to UK Secretary of State for Energy Security and Net Zero, Miatta Fahnbulleh, amid concerns the Strategic Spatial Energy Plan (SSEP) could sideline Scottish floating offshore wind and jeopardise major ScotWind projects.
Aberdeen & Grampian Chamber of Commerce is among the signatories to the letter, alongside Scottish Chambers of Commerce, Global Underwater Hub, Opportunity North East, Energy Transition Zone Ltd and port operators including Aberdeen, Peterhead and Montrose.
The letter, published in The Times today, warns that choosing the wrong path would “put a substantial part of Scotland’s offshore wind opportunity at risk”, with projects potentially “delayed, scaled back or face a much harder route to construction”.
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