Natural gas demand surged by 12% this month

Wednesday, 5 August 2026

oilletter.com

Oil & Energy Intelligence

Market Commentary

Oil Futures Settle Mixed as Iran Says Hormuz Route Agreed With Oman

Oil futures end little changed in a choppy session as Iran says it has agreed with Oman on a shipping route through the Strait of Hormuz, but that safe passage will depend on third parties not obstructing the process, an apparent reference to the U.S. "The deal to open the Strait of Hormuz just got closer to reality," Mizuho's Robert Yawger says in a note. "Perhaps the biggest question is whether Iran's Islamic Revolutionary Guard Corps are on board with the agreement," he adds, noting that IRGC breached the June agreement by shooting at ships in the strait.

Hormuz Crisis is Rewriting the Global LPG Trade

The Strait of Hormuz, the Middle East’s main choke point, is effectively closed as Iranian attacks on vessels continue, and the ripple effect is tearing through global supply chains. While crude oil and natural gas disruptions have grabbed headlines, liquefied petroleum gas (LPG) also finds itself at the center of the crisis. The United States leads the world in LPG exports by a wide margin. However, the Gulf countries remain a critical supply center: Saudi Arabia, the UAE, and Qatar are all major LPG exporters currently cut off by the closure.…

Trillion Energy | CSE: TCF | OTC: TRLEF

Earning a 29% working interest in the M47 Block, SE Türkiye - adjacent to fields that scaled from zero to 81,000 boe/d in under five years.

View investor info →

India Hopes to Take Over Operation of Venezuelan Oil Fields From PDVSA

India’s ONGC is poised to take over operation of two Venezuelan oil projects from state-owned PDVSA, which would give the Indian producer direct operational control over assets of the world’s largest proven crude oil reserves. Reuters exclusively reported Wednesday that ONGC expects to sign new agreements “very soon” under Venezuela’s new petroleum law after years of limiting its activities because of U.S. sanctions. Speaking during ONGC’s June-quarter earnings call cited by Reuters, Finance Director Anupam Agarwal…

US Oil Product Inventories Continue to Fall

Crude oil inventories in the United States saw an increase of 2.5 million barrels during the week ending July 31, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 407 million barrels, according to government data, which are now 6% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had risen by 2.69 million barrels in the…

Oil Company News

Gran Tierra Energy Announces Agreement to Sell Its Colombia and Ecuador Business to Maurel & Prom and Reposition the Company for Fully Financed Growth

(TSX:GTE, LSE:GTE) Gran Tierra Energy Inc. announced it has entered into a definitive agreement to sell its oil business in Colombia and Ecuador to Établissements Maurel & Prom S.A. for a total consideration of $1.33 billion. The purchaser will assume substantially all of Gran Tierra’s net liabilities, and Gran Tierra expects to have total net cash proceeds of approximately $315 million, including approximately $250 million in cash at closing and a $65 million unsecured note payable 364 days after closing. The divested business represents approximately 29,000 barrels of oil per day of first half 2026 average working-interest production, approximately 144 million barrels of proved-plus-probable (2P) reserves, and approximately 1.4 million gross acres across Colombia and Ecuador. Gran Tierra estimates a pro-forma proved-developed-producing (PDP) net asset value (NPV10 BT) of approximately $12.49 per share (fully diluted), representing a premium of approximately 83% to its 20-day volume weighted average price of $6.82 per share. The transaction is targeted to close on or about December 31, 2026, with an economic effective date of March 31, 2026, and is subject to stockholder and regulatory approvals. The company projects to be debt-free with significant liquidity, including an undrawn $75 million (CAD) credit facility, and plans to return capital to stockholders through a share repurchase, with the structure, size, and terms to be determined by the Board of Directors.

VAALCO Energy Provides Operational Update for Ongoing Drilling Program in Offshore Gabon

(NYSE: EGY, LSE: EGY) VAALCO Energy, Inc. announced operational updates in offshore Gabon, including the successful drilling, completion, and production placement of the ETBNM-3 gas-supply well in the crestal portion of the North Tchibala structure from the Dentale D-15 reservoir. Reservoir properties were above pre-drill estimates, with strong porosity and permeability and over 10 meters of net reservoir pay. The ETBNM-3 well provides sufficient gas supply for field operations, liftings, and power needs, significantly reducing the costs of higher priced diesel. Evaluation is ongoing to assess the potential of the shallower pay intervals encountered in the D-9 and D-12 intervals, which appear to contain wet gas to light oil pay. The drilling campaign continued by moving the rig on 27th July to a new slot on the SEENT platform to drill the ETSEM-3PH pilot hole and development well. The pilot well is designed to test the original field Oil Water Contact and potential of the underlying Dentale formation, with a subsequent horizontal development well planned with a completion length of 300 meters within the Gamba sands. Vaalco, founded in 1985 and incorporated under the laws of Delaware, is based in Houston, Texas, USA, with a diverse portfolio of production, development, and exploration assets across Gabon, Egypt, Côte d'Ivoire, and Equatorial Guinea.

Devon Energy Reports Second-Quarter 2026 Results

(NYSE: DVN) Devon Energy Corp. reported financial and operational results for the second-quarter 2026. The company also provided a third-quarter 2026 outlook. Devon’s earnings release, supplemental financial tables, guidance and related earnings presentation can be accessed via the Investor Relations section of Devon’s website, www.devonenergy.com. The company’s second-quarter conference call will be held at 10:00 a.m. Central time (11:00 a.m. Eastern time) on Wednesday, August 5, 2026. Devon Energy is described as a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. The company’s business model is described as disciplined and designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. No specific financial figures, production volumes, or counterparties are disclosed in the text.

Suncor Energy | TSX/NYSE: SU

Canada's largest integrated energy company - oil sands, offshore, refining and retail. One of the most recognised names in North American energy.

Visit suncor.com →

Share this edition

X / Twitter

For informational purposes only. Not financial advice.

Oil Letter

Oil & Energy Intelligence · Free Daily

Oil Letter is for informational purposes only and does not constitute financial or investment advice.

Oil Letter

Continue reading — it’s free

Enter your email for instant access to Oil Letter’s free daily oil & energy intelligence.