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The week in Global Energy & Infrastructure
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The failed US-Iran arrangement, falling tanker traffic, sanctions pressure and contested shipping kept oil markets tense throughout the week. Limited passage for some Iraqi tankers and continued movement through the strait eased the prospect of an immediate outage but left access dependent on shifting security conditions.
Data-center growth intensified electricity and grid constraints before spreading into fights over water, land, subsidies and permitting. Political resistance grew as utilities, communities and officials confronted the infrastructure costs of expansion, while proposed projects increasingly sought dedicated or alternative power sources.
Heat, weak wind and changing power flows exposed reliability gaps across Texas and the Western grid, while transmission cost recovery and protection systems struggled to keep pace. Utilities and grid operators pursued new generation, storage, congestion tools and surplus interconnection pathways, but permitting and technical constraints remained.
Diesel prices rose sharply, including to about seven dollars a gallon in California, as shrinking Western refining capacity and attacks on facilities tightened fuel markets. Plants running near maximum rates and reduced bearish positioning pointed to a shortage with limited spare capacity.
Venezuela expanded crude shipments to US Gulf Coast refineries and attracted BP and major traders, creating a significant revenue channel for Caracas. The relationship remained politically exposed as investors revisited seized assets and oil deals stayed opaque.
European gas prices ran about twice last year's level as Iran-related uncertainty raised supply concerns ahead of winter. Saudi crude allocations reduced the risk of an immediate refinery shortage, but transport costs, heat and prolonged disruption continued to threaten consumers and industry.
The grounded shadow-fleet tanker off Oman produced a major oil slick with cleanup estimates of $200 million to $500 million. Repeated scrutiny focused the potential losses on environmental damage, coastal impacts, insurers and opaque maritime operators.
The Panama Canal plans to cut daily transits from 40 to 32 as El Nino-linked drought strains lock water supplies. Longer waits and higher freight costs would add a separate infrastructure constraint to already stressed energy and shipping routes.
Day’s Recap