Chevron's fourth-quarter profits fell but came in ahead of estimates as it focused on cutting costs and making its operations more efficient to contend with lower crude prices throughout 2025. The only U.S. oil producer currently operating in Venezuela and now in the geopolitical spotlight after the U.S. capture and removal of former Venezuelan leader Nicolas Maduro this month, Chevron also said on Friday that it was evaluating more opportunities in the country. Chevron's adjusted earnings [Read more]
Oil needs an Iran supply shock, not tough talk, to break out of range: Bousso
Oil prices remain stuck in a narrow band even after soaring 15% in January, partly on fears of a fresh U.S. strike on Iran. Tough talk on either side is unlikely to push crude prices much higher, given today's well-supplied market. What would be needed is big-time action that results in a meaningful, sustained hit to the global supply-demand balance. This month so far, Brent crude futures have climbed above $70 a barrel, their highest since last July. That puts the global benchmark on track [Read more]
Canada, Australia LNG cargoes head to the Atlantic in rare move after Arctic storm
At least three liquefied natural gas (LNG) cargoes loaded in Australia and Canada are heading toward Europe and the Americas instead of their usual destination, Asia, after an Arctic storm curbed exports from the U.S., shiptracking data showed. The diversion of supply away from Asia could tighten supply and support spot LNG prices in the region. While much of the Northern Hemisphere saw colder-than-usual weather in the past week, an Arctic storm in the U.S. cut gas output and curbed LNG [Read more]
Oil slips, but set for biggest monthly gain in years on geopolitical risks
Oil prices slipped more than 1% on Friday from multi-month highs, though they are set for their most substantial gains in years, as the risk premium surged due to a potential U.S. attack on Iran that could disrupt supplies. Brent crude futures fell 91 cents to $69.80 a barrel at 0332 GMT after rising 3.4% to close at its highest point since July 31 on Thursday. The March contract expires later on Friday. The more active April contract slid $1.07 to $68.52. U.S. West Texas Intermediate [Read more]
Citi expects limited US-Israel action on Iran to avoid escalation
Citi expects the U.S. and Israel to take limited actions against Iran in the near term that avoid an escalatory response to push the country into a deal over its nuclear programme, the bank said in a note on Thursday. The smaller steps likely include limited U.S. military actions and oil tanker seizures that are expected to keep the risk premium in oil markets elevated, especially over concerns Iran would shut the key Strait of Hormuz transit point, the bank said. Oil prices climbed 3% to [Read more]
Trump threatens tariffs on any nation supplying Cuba with oil
U.S. President Donald Trump on Thursday threatened new tariffs on countries supplying oil to Cuba, escalating a pressure campaign against the Communist-run island. The move, authorized by an executive order under a national emergency declaration, did not specify any tariff rates or single out any countries whose products could face U.S. tariffs. Emboldened by the U.S. military's seizure of ousted Venezuelan President Nicolas Maduro in a deadly raid earlier this month, Trump has repeatedly [Read more]
Trump to impose tariffs on goods from nations nations giving oil to Cuba, White House says
U.S. President Donald Trump on Thursday signed an executive order declaring a national emergency and establishing a process to impose tariffs on goods from countries that sell or otherwise provide oil to Cuba, the White House said. (Reporting by Jasper Ward in Washington) [Read more]
Demand at largest US electric grid hovers near winter record
The largest U.S. electric grid on Thursday operated near record levels for demand amid frigid temperatures as weather forecasters predicted another Arctic blast over the weekend. The PJM Interconnection, which manages the flow of electricity for 67 million people in 13 Midwest and Mid-Atlantic states and Washington, D.C., reported electric demand at about 140 gigawatts in the morning hours. The grid's all-time winter record for demand is 143.7 GW, set in January 2025. Earlier in the week, [Read more]
US eases sanctions on Venezuelan oil industry
The Trump administration on Thursday eased some sanctions on the Venezuelan oil industry as it seeks to expand production there after U.S. forces ousted the South American country's President Nicolas Maduro on January 3. The U.S. Treasury issued a general license authorizing transactions involving the government of Venezuela and state oil company PDVSA that are "ordinarily incident and necessary to the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, [Read more]
US natgas futures soar 140% during Arctic blast, boosting consumer costs
U.S. natural gas futures jumped 140% over the past seven trading days, and cash gas and power prices hit record highs this week as an Arctic blast sent heating demand soaring and froze oil and gas wells, cutting gas output to a two-year low. The sharp jump in power prices will ultimately hit consumers who are already facing higher bills as growing demand, especially from power-hungry data centers, pushes up prices. Retail electricity prices have been on an upward trend, increasing at a faster [Read more]
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