Neuquén opened bids for 15 exploration blocks in Vaca Muerta to expand output. Meanwhile, the Energy Information Administration forecast US fuel stocks to end 2026 at a low, and Hormuz transits fell to 73.
Neuquén province opened bids on August 19 for 15 unconventional exploration blocks in Vaca Muerta, aiming to bring new operators into the basin. The provincial company Gas y Petróleo del Neuquén will retain a 10 per cent to 20 per cent stake in each project, as crude output reached 887,227 barrels a day in May. This development underscores the continued drive to exploit unconventional resources effectively.[1]
As South America plans for more supply, the US Energy Information Administration expects motor gasoline, distillate and jet fuel inventories combined to end 2026 at their lowest level since 2000. Two pending refinery closures cut domestic production and combine to push wholesale refinery margins higher. Market participants are competing for a smaller pool of refinery output, thereby driving up prices and limiting surplus capacity.[2]
In the Middle East, weekly transits through the Strait of Hormuz fell to 73 in the week ending August 16 from 91 the week before. Despite the drop, ship-to-ship transfer activity off Oman and Fujairah intensified as TD3C spot earnings on the Middle East Gulf to China run cleared 520,000 dollars a day. The evolving logistics point to operators adapting swiftly to geopolitical tensions.[3]
