Energy Price, news, updates and expert commentary 16/04/26

16 Apr Energy Price, news, updates and expert commentary 16/04/26

(Oilandgaspress) Oil prices held steady as US inventory draws offset ongoing geopolitical uncertainty in the Middle East. US crude oil inventories for the week ended Apr. 10, excluding the Strategic Petroleum Reserve, decreased by 900,000 bbl from the previous week, according to data from the US Energy Information Administration (EIA). Total motor gasoline inventories decreased by 6.3 million bbl from last week and are 1% above the 5-year average for this time of year. Finished gasoline inventories and blending components inventories both decreased last week. Distillate fuel inventories decreased by 3.1 million bbl last week and are about 6% below the 5-year average for this time of year.

The Middle East conflict could saddle the region with as much as $58 billion in ​repair costs for energy-linked ⁠infrastructure, with oil and gas facilities alone accounting for up ‌to $50 billion, according to a report by Rystad Energy. The estimate marks a sharp ​increase from the research firm’s initial $25 billion projection three weeks ago, reflecting ​a broader scope of ​damage before an April 8 ceasefire between the U.S. and Iran. Rystad said total repair spending is likely to average around $46 billion, ​with downstream refining and petrochemical assets accounting for ‌the largest share due to their ⁠complexity and extent of damage.

Industrial, power, and desalination assets may add a further $3 billion to $8 billion in costs, the report added.

Recovery timelines are starting to diverge between assets and countries, showcasing differences in domestic execution capabilities and access to supply chains, Rystad added.

Iran faces the most widespread damage, with repair costs potentially reaching $19 billion, affecting gas processing, refining and export infrastructure. Related News

India is back to buying spot LNG cargoes as benchmark Asian prices slumped to the lowest in a month amid demand destruction and hopes of a resolution of the Middle East conflict.

Major LNG importers in India, such as Bharat Petroleum Corporation Limited (BPCL), Gail India Ltd, and Gujarat State Petroleum Corporation Ltd (GSPC), this week purchased cargoes of LNG at prices below $16 per million British thermal units (MMBtu), anonymous trade sources familiar with the deals told Bloomberg. Related News