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Brent Rises on Middle East War Jitters, While WTI Dips Ahead of Inventories Report

An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
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Brent Rises on Middle East War Jitters, While WTI Dips Ahead of Inventories Report

An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights

Brent crude futures edged up in early trade on Thursday as Israeli tanks advanced into Gaza, while US crude futures dipped on the prospect of swelling oil inventories.

Brent crude futures for August delivery rose 8 cents to $85.15 a barrel by 0008 GMT. US West Texas Intermediate crude for June was down 27 cents, or 0.3%, to $81.30 per barrel.

A US federal holiday, Juneteenth, kept trading activity subdued.

Israeli troops, backed by tanks, warplanes and drones, moved farther into the Gaza Strip city of Rafah on Wednesday, killing eight people, residents and Palestinian medics said.

Escalating war in the Middle East supports prices as a wider conflict could disrupt oil supply from the region, according to Reuters.

WTI crude, meanwhile, slipped ahead of the US government's oil inventories report, which was delayed by a day due to the national holiday. The Energy Information Administration is due to release last week's oil stocks data at 11 a.m. EDT (1500 GMT) on Thursday.

An industry report release on Tuesday showed US crude stocks rose by 2.264 million barrels in the week ended June 14, market sources said, citing American Petroleum Institute figures, while gasoline inventories fell.

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Aramco, Sempra Announce Deal for Royalties of Equity and Purchase of LNG from Port Arthur

Saudi Aramco and Sempra announced that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. (SPA)
Saudi Aramco and Sempra announced that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. (SPA)
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Aramco, Sempra Announce Deal for Royalties of Equity and Purchase of LNG from Port Arthur

Saudi Aramco and Sempra announced that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. (SPA)
Saudi Aramco and Sempra announced that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. (SPA)

Saudi Aramco, one of the world's leading integrated energy and chemicals companies, and Sempra, one of North America's leading energy infrastructure companies, announced on Wednesday that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project.

The HoA further contemplates Aramco's 25% participation in the project-level equity of Phase 2.

The parties expect to execute a binding LNG SPA and definitive equity agreements with terms substantially equivalent to those in the HoA, with the SPA and equity agreements subject to several conditions.

“We are excited to take this next step into the LNG sector,” said Aramco upstream president Nasir Al-Naimi. “As a potential strategic partner in the Port Arthur LNG Phase 2 project, Aramco is well-placed to grow its gas portfolio with the aim of meeting the world's growing need for lower-carbon sources of energy. This agreement is a major step in Aramco's strategy to become a leading global LNG player.”

Sempra chairman and chief executive Jeffrey Martin said: "The planned expansion of Port Arthur LNG would help facilitate the broad distribution of US natural gas across global energy markets. By expanding the Port Arthur LNG facility's global reach, we can improve energy security while providing a lower-carbon alternative to coal for electricity production."

Port Arthur LNG is a natural gas liquefaction and export terminal in southeast Texas with direct access to the Gulf of Mexico. The Port Arthur LNG Phase 1 project is currently under construction and consists of trains 1 and 2, as well as two LNG storage tanks and associated facilities.

The Port Arthur LNG Phase 2 project is a competitively positioned expansion of the site to include the addition of up to two trains capable of producing up to 13 million tons yearly.

At the heart of Sempra Infrastructure's flagship Port Arthur Energy Hub, Port Arthur LNG has the potential to expand to a total of eight trains, which would position it as one of the world's most significant LNG export facilities. The facility is expected to play an important role in enhancing global energy security and resilience.

Moreover, Sempra Infrastructure is actively advancing infrastructure projects within the Port Arthur Energy Hub, addressing the rising demand for lower-carbon fuels and reducing carbon intensity. This includes the proposed Titan Carbon Sequestration project.