Exports of liquefied natural gas from the U.S. fell in January to 11.3 million metric tonnes - down from December's record of 11.5 MT - as a winter freeze late in the month shuttered some plants and lowered output at others, preliminary data from financial firm LSEG show. Gas flows into U.S. LNG plants fell to a one-year low on January 26. Freeport LNG in Texas, the third-largest exporter in the country, was partly offline during the freeze, while Kinder Morgan's Elba Island facility in Georgia [Read more]
US dropping 25% separate tariff on Indian imports after pledge to cut Russian oil, White House says
The Trump administration is dropping a 25% additional tariffs imposed on Indian imports over its purchases of Russian oil, in addition to lowering a country-specific tariff to 18% from 25%, a White House official said on Monday. "We are also dropping the 25% tariff given India's agreement to stop buying Russian oil," the official said. U.S. President Donald Trump announced the changes in a Truth Social post following a call with Indian Prime Minister Narendra Modi, but did not explicitly [Read more]
AI power needs may turn LNG glut to gap by 2030, says Qatar Energy CEO
Growing electricity demand from AI and data centres, together with rising fuel use in Asia and European gas needs could turn an expected global liquefied natural gas supply glut into a shortage by 2030, Qatar Energy CEO Saad al-Kaabi said on Monday. LNG coming online between 2026 and 2029 has raised concerns of a supply glut that could depress prices, with projects like Golden Pass LNG on the U.S. Gulf Coast and Qatar's North Field Expansion expected to contribute sizeable volumes. "We [Read more]
Venezuela’s oil exports bounce to 800,000 bpd in January under US control -shipping data
Venezuela's oil exports bounced to some 800,000 barrels per day (bpd) in January under U.S. control, from 498,000 bpd in December, following the capture of President Nicolas Maduro and the end of an oil blockade on the country, which has allowed traders to carry most exports, shipping data showed. Washington in December imposed an oil embargo on the U.S.-sanctioned country to pressure Maduro and seized seven tankers. The blockade led to the accumulation of over 40 million barrels of crude and [Read more]
US natural gas futures plunge 19% as output rises and weather normalizes
U.S. natural gas futures plunged 19% on forecasts for a big change in the weather to near-normal levels through mid-February and on a jump in output as frozen wells thaw. Gas futures for March delivery on the New York Mercantile Exchange fell 81.4 cents, or 18.7%, to $3.54 per million British thermal units (mmBtu), putting the contract on track for its lowest close since January 16. Massive price changes over the past few weeks boosted historic or actual 30-day close-to-close futures [Read more]
US shale producers Devon and Coterra to merge in a $58 billion deal
U.S. shale producers Devon Energy and Coterra Energy said on Monday they will merge in a $58 billion all-stock deal, creating a large-cap producer with a dominant position in the Delaware Basin as the industry consolidates to cut costs and boost scale. Under the deal shareholders will receive 0.70 Devon shares for each share held. Devon will own roughly 54% of the combined company. Devon shares fell 3% and Coterra dropped 2.7% in premarket trading on Monday, tracking a 5% decline in the [Read more]
China’s teapots buy Iranian oil to replace Venezuelan supply, sources say
Chinese independent refiners are buying discounted Iranian heavy crude to replace Venezuelan shipments that have stalled after the U.S. claimed control of the OPEC producer last month, two people with knowledge of the matter said on Monday. The drawdown of Iranian oil held in storage is making up for the drop in Venezuelan supply to the world's largest crude importer, they said. Venezuelan shipments to China have fallen sharply since mid-December after U.S. President Donald Trump imposed a [Read more]
Oil falls by nearly 3% on Iran talks, OPEC+ production pause
Oil prices fell by nearly 3% on Monday as U.S. President Donald Trump said over the weekend Iran was "seriously talking" with Washington. Brent crude futures were down $1.90 per barrel, losing 2.8%, to $67.39 per barrel at 2350 GMT. U.S. West Texas Intermediate crude also fell $1.90 per barrel, losing 2.9%, to $63.32 per barrel. Both contracts dropped sharply from the previous session, when Brent hit a six-month high and WTI was hovering near its highest since late September on mounting [Read more]
Two things OPEC+ can’t control. Trump and China imports: Russell
There are two factors that are largely beyond the control of OPEC+ and they are likely to determine the price of crude oil in the coming weeks. The first is whether U.S. President Donald Trump does decide to start a shooting war with Iran, and if he does whether both sides will be able to keep oil cargoes moving and production infrastructure intact. The second is whether China, the world's biggest crude importer, decides to ease back on its recent run of strong imports in light of the 16% [Read more]
BP’s Whiting refinery union workers agree to 24-hour rolling extension
United Steelworkers members at BP's 440,000-barrel-per-day refinery in Whiting, Indiana agreed to a rolling 24-hour contract extension at the largest refinery in the U.S. Midwest, the company said in a statement on Sunday. This would mean that the current collective bargaining agreement would automatically renew every 24 hours unless either the union or BP cancels the extension, according to BP's statement. (Reporting by Chandni Shah in Bengaluru) [Read more]
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