Venezuela's state-run oil production and refining were operating normally on Saturday and suffered no damage from a U.S. strike to extract the country's president, two sources with knowledge of the operations of energy company PDVSA said. U.S. forces captured President Nicolas Maduro, U.S. President Donald Trump said, after months of pressuring him over accusations of drug-running and illegitimacy in power. The port of La Guaira near Caracas, one of the country's largest but one not used for [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures narrowed on Friday. WCS for February delivery in Hardisty, Alberta, settled at $13.15 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $13.40 on Wednesday. * After spending much of the year in the $9-$11 range, in large part due to the Trans Mountain pipeline expansion that has given Canadian oil producers additional export capacity, the WCS discount has [Read more]
US sets new LNG export records in banner year marked by new capacity
The U.S. in 2025 became the first country to export more than 100 million metric tons (mmt) of liquefied natural gas in a single year, powered by the startup of production from new plants, preliminary data from LSEG showed. The world's largest LNG exporter sold 111 mmt of the fuel, almost 20 mmt more than its nearest rival Qatar and nearly 23 mmt more than it did last year, LSEG data showed. U.S. shipments accounted for roughly a quarter of global LNG exports last year. Venture Global's [Read more]
Venezuela’s Maduro holds out olive branch to US, suggests serious talks
Venezuela's President Nicolas Maduro has extended an olive branch to U.S. President Donald Trump, proposing serious talks on combating drug trafficking and offering U.S. companies ready access to Venezuelan oil. Maduro said Venezuela was a "brother country" to the United States and a friendly government. He noted that when he and Trump last spoke in November, the U.S. president had acknowledged his authority by addressing him as "Mr. President." The longtime Venezuelan strongman spoke in an [Read more]
Oil inches up following biggest annual loss since 2020
Oil prices edged up on the first day of trade in 2026, after last year posting their biggest annual loss since 2020, as Ukrainian drones targeted Russian oil facilities and a U.S. blockade pressured Venezuela's exports. Brent crude futures climbed 35 cents on Friday to $61.20 a barrel by 0409 GMT, while U.S. West Texas Intermediate crude was at $57.76 a barrel, up 34 cents. Russia and Ukraine have traded allegations of attacks on civilians on New Year's Day despite talks overseen by U.S. [Read more]
US oil production hit record high in Oct, EIA says
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]
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