Chevron is expected to receive an expanded Venezuela license from the U.S. government this week that could allow for increased production and exports from the South American country, three oil industry sources told Reuters on Wednesday. The U.S. oil producer is anticipated to be one of several firms to get approvals from President Donald Trump's administration to do business in Venezuela as oil companies, traders and refiners look for access to the country's heavy crude, sources [Read more]
US completes first Venezuelan oil sales valued at $500 million, US official says
The U.S. has completed the first sales of Venezuelan oil that are part of a $2 billion deal reached earlier this month between Caracas and Washington, a U.S. official told Reuters on Wednesday. Additional sales are expected in the coming days and weeks, the official added. Revenue from the initial oil sales - valued around $500 million - is being held in bank accounts controlled by the U.S. government, according to an administration official, citing an order issued on Friday. The main [Read more]
Saudi Aramco and Commonwealth LNG sign long-term supply deal
Saudi Aramco and Commonwealth LNG have signed a long-term contract for the U.S. LNG developer to supply the world's largest oil exporter with 1 million metric tonnes per annum (mtpa), three people familiar with the deal tell Reuters. The deal includes an option for Saudi Aramco to double the volume to 2 mtpa. Saudi Aramco wants to become a major liquefied natural gas player, especially in the U.S., where LNG capacity is set to almost double over the next four years. It has already signed [Read more]
EIA sees Henry Hub natgas prices dipping in 2026 before climbing in 2027
The Energy Information Administration (EIA) projects that the U.S. benchmark natural gas spot price at Henry Hub will decline by about 2% to just under $3.50 per million British thermal units (mmBtu) this year, before gaining in 2027 to nearly $4.60 per mmBtu. The EIA attributed the decline to annual supply growth keeping pace with demand throughout the year. However, it noted that next year, demand growth is expected to outpace supply, driven primarily by increased feed gas requirements from [Read more]
US natural gas futures drop 7% on lower LNG export flows
U.S. natural gas futures fell about 7% on Wednesday on a drop in preliminary gas flows to liquefied natural gas export plants in Texas. That price drop came despite a preliminary decline in daily production and forecasts for colder weather and more heating demand next week than previously expected. Front-month gas futures for February delivery on the New York Mercantile Exchange fell 23 cents or 6.7%, to $3.189 per million British thermal units. In the cash market, average prices at the [Read more]
US crude stocks and gasoline inventories rise, distillate stocks fall, EIA says
U.S. crude stocks and gasoline inventories rose while distillate stockpiles fell last week, the Energy Information Administration said on Wednesday. Crude stocks rose by 3.4 million barrels to 422.4 million barrels in the week ended January 9, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.7 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 745,000 barrels in the week, the EIA said. Refinery crude runs rose by 49,000 barrels [Read more]
Canadian Natural in talks to buy Tourmaline’s natgas portfolio, Globe and Mail reports
Canadian Natural Resources is in talks to buy a $1-billion-plus portfolio of natural gas properties from Tourmaline Oil Corp, Globe and Mail reported on Wednesday, citing two sources familiar with the negotiations. The report said Canadian Natural filed the paperwork for federal Competition Bureau approval of a transaction with Tourmaline on December 30, but details of the potential deal had not been disclosed. The Canadian oil and gas producer is seeking preliminary regulatory feedback on [Read more]
Venezuelan oil exports to China set to drop as US blockade limits cargoes
China's oil imports from Venezuela are expected to slump starting from February as fewer tankers have managed to leave for Caracas' top crude buyer after the U.S. claimed control of the OPEC producer, traders and analysts said. The number of oil tankers departing Venezuela for China has fallen sharply after U.S. President Donald Trump imposed a blockade in December on sanctioned ships transporting Venezuelan oil, part of its pressure campaign on Venezuelan President Nicolas Maduro that [Read more]
BP flags up to $5 billion in energy transition impairments, weak oil trading
BP expects to book $4 billion to $5 billion in impairments in the fourth quarter, mainly related to its energy transition businesses, it said on Wednesday, while flagging weak oil trading. The company is rerouting spending from lower-carbon businesses to oil and gas in a bid to improve profitability under the new leadership of Chair Albert Manifold, who has said BP's portfolio needed to be simplified. New CEO Meg O'Neill will replace interim chief Carol Howle in April after Murray [Read more]
Exxon Baton Rouge, Louisiana refinery preparing to run Venezuelan oil, sources say
Exxon Mobil is preparing to run Venezuelan crude oil at its Baton Rouge, Louisiana refinery, said people familiar with plant operations. The 522,500 barrel-per-day Baton Rouge refinery previously ran Venezuelan heavy sour crude, but has not since sanctions were imposed on Venezuela, the sources said. (Reporting by Erwin Seba; Editing by Chris Reese) [Read more]
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