News

Golden Ten Data reported on June 23 that the U.S. Department of the Interior has announced a 95% reduction in the bonds that oil and gas companies are required to pay when drilling on federal lands, in order to encourage more energy exploration. On Monday, the Department of the Interior announced that the bonds required for onshore federal drilling leases will be reduced from $500,000, as set during the Biden administration, to $25,000. These bonds are intended to ensure that the costs of plugging and cleaning up abandoned oil wells by drilling companies do not fall on taxpayers. Once published in the Federal Register, the policy will enter a 60-day public comment period. In addition, the Department of the Interior will also eliminate certain provisions from waste reduction rules applicable to drilling permit applications and clarify relevant definitions.

NYMEX July natural gas futures settled at $3.2530 per million British thermal units. NYMEX July gasoline futures settled at $2.9870 per gallon, and NYMEX July heating oil futures settled at $3.0931 per gallon.

Golden Ten Data reported on June 23 that as the United States lifted sanctions on related goods and allowed more countries to purchase, Iranian crude oil has once again poured into the global market in large quantities. Over the past week, more than 30 million barrels of crude oil were shipped to Asia, including both previously blocked oil by the US and crude exported from Kharg Island, Iran’s largest export facility in the northern Persian Gulf. In the long term, this surge in exports is mainly due to the clearance and release of previously blocked goods, so Iran’s export pace may decline again afterwards. The current transport level of about 2 million barrels per day is already relatively high for Iran in recent years. However, this short-term spike could still benefit Tehran, as the expansion of sanctions exemptions has increased the pool of potential buyers, enabling it to boost sales with smaller price discounts.