U.S. oil production hit a record high in October, according to the Energy Information Administration on Wednesday. Output rose by 31,000 barrels per day to 13.87 million bpd. Oil output in New Mexico, the second-largest oil-producing state, rose 31,000 bpd to hit a record 2.38 million bpd, while output from the federal offshore gulf region rose by 46,000 bpd to 2 million bpd in October, the highest since August 2019. Texas oil production meanwhile fell 45,000 bpd to 5.8 million [Read more]
US targets crude oil tankers, firms in new Venezuela-related sanctions, Treasury website shows
The United States on Wednesday imposed sanctions on four companies it said were operating in Venezuela’s oil sector as well as associated oil tankers, as President Donald Trump's administration increases pressure on Venezuelan President Nicolas Maduro. The U.S. Treasury Department in a statement said it imposed sanctions on oil traders engaged in sanctions evasion for Maduro's government. Among the targets were four vessels, some of which the Treasury accused of being part of the so-called [Read more]
Canadian oil firms end 2025 strong despite crude slump
** Canadian oil producers set to end 2025 on a positive note, with integrated operations, strong refining margins and stable cash flows from long-life reserves cushioning the impact of falling crude prices ** Brent crude futures down over 17% YTD, their steepest annual drop since 2020 and third straight yearly decline ** As of last close, Canadian Natural Resources up 4.7% YTD; lowers capital spending goal for 2026 to focus on efficiency and disciplined growth ** Cenovus Energy gains [Read more]
Residual fuel fills Venezuela’s storage tanks as exports cut to minimum, sources say
The accumulation of residual fuel inventories in Venezuela's onshore tanks is forcing state energy company PDVSA to resort to extreme solutions to avoid shutting down refining units, as a U.S. blockade stopping tankers that are under sanctions from entering and leaving the country cuts exports to a minimum, four sources said. Some tankers have entered Venezuelan waters in recent days and a couple of China-flagged vessels are approaching the coast. But most ships bound for Venezuelan ports for [Read more]
US natgas futures fall over 5% on above normal weather outlook, eye annual gain
U.S. natural gas futures dropped more than 5% on Wednesday, pressured by warmer forecasts next week and a federal report indicating a smaller-than-expected gas withdrawal, yet record gas flows to LNG export facilities in 2025 kept the market on track for its second straight yearly gain. Front-month gas futures for February delivery on the New York Mercantile Exchange traded 5.7% lower, at $3.745 per million British thermal units as of 12:41 PM ET. The contract was up over 3.2% so far this [Read more]
U.S. crude oil imports fell last week to lowest since February 2021, EIA says
U.S. imported the least amount of crude oil last week in nearly five years, data from the Energy Information Administration showed, as companies looked to dodge a hefty year-end tax on oil held in storage. U.S. crude oil imports last week fell to 4.95 million barrels per day, the lowest since February 2021, according to EIA data. The ad valorem tax weighed on crude oil imports, said John Kilduff, a partner with Again Capital. "When you get to this point of the month of December [Read more]
US crude stocks fall, gasoline and distillate inventories rise, EIA says
(Adds price action) Dec 31 (Reuters) - U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.9 million barrels to 422.9 million barrels in the week ended December 26, the EIA said, compared with analysts' expectations in a Reuters poll for a 867,000-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 543,000 barrels in the week, the EIA said. Oil [Read more]
Oil edges up but Brent on course for longest stretch of annual losses in 2025
Oil prices were little changed on Wednesday but are set to fall more than 15% for 2025, as supply outpaced demand in a year marked by wars, higher tariffs and OPEC+ output and sanctions on Russia, Iran and Venezuela. Brent crude futures, down nearly 18% - the most substantial annual percentage decline since 2020 - are on track for a third straight year of losses, their longest-ever losing streak. The March contract, which expires on Wednesday, rose 11 cents to $61.44 a barrel at 0451 [Read more]
UK’s Harbour Energy named operator of Mexico’s Zama oilfield
Britain's North Sea-focused Harbour Energy said on Wednesday it has been named operator of the Zama oil field in Mexico, after project partners Pemex, Grupo Carso and Talos Energy agreed to the appointment. The announcement comes days after Harbour sealed a $3.2 billion deal for LLOG that will give it entry into the Gulf of Mexico, and positions the company as operator of two of Mexico's most important offshore oil projects. "Once onstream, Zama will contribute materially to Mexico's domestic [Read more]
Oil slips as Brent heads for longest stretch of annual losses in 2025
Oil prices slipped more than 10% in 2025, with Brent heading for its longest stretch of annual losses ever, as supply outpaced demand in a year marked by wars, higher tariffs and OPEC+ output and sanctions on Russia, Iran and Venezuela. Brent crude futures, down nearly 18% - the most substantial annual percentage decline since 2018 - are on track for a third straight year of losses. The March contract, which expires on Wednesday, fell 6 cents to $61.27 a barrel at 0147 GMT. U.S. West Texas [Read more]
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