It’s that time of year again, when those who follow or opine on financial markets take stock of the year just gone and look forward to the year to come. In many ways, it might seem like a pointless exercise. I mean, if a year is a long time in politics, it is an eternity in trading, and there is no way of knowing even what will be driving commodity prices twelve months from now, or in which direction. Despite that, though, sober year-end reflection does have a purpose for traders and investors. It enables you to look back at what you got…

The current U.S. approach to Venezuela is a deliberate financial strangulation strategy, as we have previously noted, with the objective of degrading Maduro’s ability to fund his patronage network and parallel economic networks. This week’s escalation in the form of asset seizures and tanker interdictions is designed to raise transaction costs prohibitively, if it doesn’t backfire first. This is classic soft regime change logic that assumes–perhaps erroneously–that this economic pain will fragment the elite faster…

Adani Group, the conglomerate of Indian billionaire Gautam Adani, is in talks with the state government of India’s northern Uttar Pradesh state on a public-private partnership to build small modular reactors (SMRs) as India opens its nuclear energy sector to private investment.  Adani Group is in discussions with Uttar Pradesh officials to build eight SMRs with capacity of 200 megawatts (MW) each at yet-to-be-identified sites in the state, anonymous sources with knowledge of the matter told Bloomberg on Friday.  A potential deal…

Shipping giant A.P. Moller-Maersk completed on Friday the first transit of a container ship via the Red Sea and Bab el-Mandeb Strait in almost two years, after having stopped voyages through the Suez Canal following Houthi attacks on vessels in the region.    Since December 2023, global shipping traffic has been upended by intensified attacks from the Iran-aligned Houthis in Yemen on commercial vessels transiting the Red Sea before and after entering or exiting the Suez Canal. The Houthi attacks forced many tanker and container…

Russia and China aren’t even attempting to hide anymore the rise of sanctioned LNG trade as they continue to defy U.S. and other Western sanctions on Russian energy exports and vessels of the shadow fleet.  The China-linked Kunpeng LNG carrier has docked at Portovaya, a small export plant on the Baltic Sea run by Russia’s gas giant Gazprom, marking the first time a Chinese tanker has been sent to ship LNG from the export facility sanctioned by the United States, vessel-tracking data compiled by Bloomberg showed on Friday. …

Harbour Energy has made a gas and condensate discovery in the Norwegian section of the North Sea, which could be tied back to existing infrastructure, the Norwegian Offshore Directorate said on Friday.  Harbour Energy, as operator of the license, and its partners have proven gas condensate in the ‘Camilla Nord’ prospect, the regulator said, adding that preliminary estimates indicate the size of the discovery is between 2.2 million and 4.7 million barrels of oil equivalent.   Wildcat wells 35/8-8 S and A were drilled in…

Crude oil prices were down today, set for the second consecutive weekly loss as glut perceptions deepen amid reports of rising oil inventories. At the time of writing, Brent crude was trading at $59.71 per barrel while West Texas Intermediate was changing hands for $55.99 per barrel, both down by around $2 since the start of the week. Brent briefly slid below $59 earlier in the week. All the major oil market forecasters expect an oversupplied world in 2026 and consequently predict even lower oil prices, with some seeing Brent crude slipping closer…

The oil markets are looking to finish the year on the back foot, with oil prices falling again amid expectations of a supply glut and Russia-Ukraine peace talks reviving. Nearly half of oil executives in the Dallas Fed’s latest survey have reported that their companies’ outlooks have worsened in the current year compared with last year as low oil prices take a toll. “Decreasing oil prices are making many of our firm's wells noneconomic,” one executive said in the new survey. “Natural gas is becoming an expense to operators.…

China has rattled Tehran by again backing the United Arab Emirates’s claim over three Persian Gulf islands controlled by Iran. Following a visit to Abu Dhabi by Chinese Foreign Minister Wang Yi, the countries in a joint statement on December 13 highlighted Beijing’s “support for the efforts of the UAE to reach a peaceful solution to the dispute” over the three islands of Greater Tunb, Lesser Tunb, and Abu Musa. Notably, there is no explicit mention of Iran in the statement. In response, Iranian Foreign Ministry…

China’s dominance in the global electric vehicle market looks set to deepen as policy reversals in Europe and strategic pullbacks by U.S. automakers reduce competitive pressure just as Chinese EV makers push aggressively into overseas markets. China’s booming EV market has its own set of issues to address, especially the battery and manufacturing overcapacity denting the profits of the EV makers. However, the race to the bottom and the price wars in China’s electric vehicle market have sunk costs so much that China has a competitive…

President Trump’s massive naval build-up off the coast of Venezuela and the threat of invasion was labelled by the country’s illegitimate President Nicolas Maduro as a bloody grab for oil. Other Latin American leaders, notably Colombia’s leftist President Gustavo Petro, are making similar assertions. A long history of U.S. intervention to secure vital fossil fuel resources, coupled with Venezuela controlling the world’s largest proven crude oil reserves totaling 303 billion barrels, supports this rationale. There are, however,…

Lithium-ion batteries dominate the tech world. You probably have at least one within reach right this moment, considering that lithium-ion batteries now power a whopping 70 percent of all rechargeable devices, from your smartphone to electric vehicles, and even power utility-scale energy storage. And while the tech industry is eager to diversify battery design to relieve its dependency on this “white gold”, lithium continues to dominate the sector – and will likely remain essential for a long time to come.  While lithium…

U.S. natural gas futures have reversed their recent decline, climbing more than 3% on Thursday to trade above $4 per MMBtu thanks to near-record flows of natural gas to LNG export plants. Gas deliveries to the eight major U.S. LNG facilities have averaged 18.6 Bcf/d so far this month, above November’s average at 18.2 Bcf/d. Meanwhile, one of its three liquefaction trains at Freeport LNG’s export terminal in Texas has returned to service, with the terminal increasing its volumes. However, the rebound might be short-lived, with predictions…

U.S. natural gas futures have reversed their recent decline, climbing more than 3% on Thursday to trade above $4 per MMBtu thanks to near-record flows of natural gas to LNG export plants. Gas deliveries to the eight major U.S. LNG facilities have averaged 18.6 Bcf/d so far this month, above November’s average at 18.2 Bcf/d. Meanwhile, one of its three liquefaction trains at Freeport LNG’s export terminal in Texas has returned to service, with the terminal increasing its volumes. However, the rebound might be short-lived, with predictions…

Texas battery storage operators are pushing back after ERCOT changed how power is priced and dispatched, effectively asking batteries to behave more like power plants while reducing some of the market opportunities that made them profitable in the first place. For years, battery storage has been described as a game-changer for wind and solar and with a very good reason. The biggest problem of both is the fact their output depends on constantly changing weather. Batteries, however, can store whatever excess electricity wind and solar produce and…

The abrupt resignation of Nigeria’s top petroleum regulator shortly after the launch of one of the country’s largest oil block auctions in years has sparked fresh concerns. Gbenga Komolage, head of the Nigerian Upstream Petroleum Regulatory Authority, and Farouk Ahmed, head of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, have both resigned. Their exits came after Aliko Dangote, Africa’s richest man and the owner of the giant Dangote Refinery, criticized Ahmed for allowing cut-price fuel imports that threaten…

Israel's agreement to supply Egypt with 130 billion cubic meters of natural gas worth $35 billion through 2040 has been approved after pressure from Washington, with Egypt emphasizing the deal is "purely commercial," according to Egypt's State Information Service, adding that the deal was struck by private energy companies with zero government involvement. Under the agreement, Chevron Corp. (NYSE:CVX), NewMed Energy (OTCPK:DKDRF)(TASE: NWMD) and Ratio Petroleum Energy (TASE: RTPT) will supply Egypt with natural gas from Israel's Leviathan gas field,…

The bell may be tolling for a long-standing Russian-Kazakh space program following the launch of a “nanosatellite” jointly developed by Kazakhstan and China and launched into orbit by a Chinese rocket. The launch of the Dier-5 spacecraft on December 13 placed the satellite into an orbit roughly 330 miles above Earth, according to a Kazakh government statement. It took a team of specialists from Kazakhstan’s Al-Farabi University and Northeastern Polytechnical University in Xi’an, China, just a little over one year to develop…

Millions of barrels of Nigerian and Angolan crude remain unsold in the December and January loading programs, as they struggle to compete with ample supply and cheaper cargoes, traders and analysts have told Reuters.  Nigeria alone had about 20 million unsold cargoes as of December 17, two traders told the publication. In addition, there are a lot of Angolan cargoes still waiting for buyers for the December and January loadings.  As many as 26 cargoes remain unsold, signaling that there is a lot of supply from other producers and much…

Millions of barrels of Nigerian and Angolan crude remain unsold in the December and January loading programs, as they struggle to compete with ample supply and cheaper cargoes, traders and analysts have told Reuters.  Nigeria alone had about 20 million unsold cargoes as of December 17, two traders told the publication. In addition, there are a lot of Angolan cargoes still waiting for buyers for the December and January loadings.  As many as 26 cargoes remain unsold, signaling that there is a lot of supply from other producers and much…