Europe’s benchmark natural gas prices were headed on Friday for their largest monthly gain since 2023 as cold snaps in January boosted heating and power demand and fast-draining storage sites fueled a market rally. The front-month Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, were on track for a 38% monthly gain on Friday, the biggest advance in one month since the summer of 2023, when a supply crunch sent prices skyrocketing. On Friday morning in Amsterdam, the benchmark price was 1.3% higher on the day, at…

Chevron Corporation (NYSE: CVX) reported on Friday consensus-beating earnings for the fourth quarter as it pledged to boost presence in Venezuela, where it is currently the only U.S. company authorized to operate. Chevron reported today adjusted earnings of $3.0 billion, or $1.52 per share, for the fourth quarter of 2025. While the profit was lower compared to the same period of 2024 – as widely expected due to lower oil prices – Chevron’s earnings beat the analyst consensus estimate of $1.42 per share compiled by The Wall Street…

The UK’s largest energy supplier, Octopus Energy, is entering the Chinese market with a joint venture to trade renewable power in the world’s top clean energy market. Octopus Energy announced the deal on Friday, as the UK’s Prime Minister Keir Starmer is on an official visit to China to restart UK-Chinese relations. As part of an agreement with China’s PCG Power, Octopus Energy will form a joint venture to trade renewable energy across the world’s largest clean energy market. The joint venture is also a major step…

Venezuelan legislators have voted for an updated oil industry law that the country’s leadership hopes will bring in much-needed foreign investment to reverse a decline resulting from mismanagement and U.S. sanctions. Acting President Delcy Rodriguez signed the new law late on Thursday, the AP reported, hours after the parliament voted in favor of it, and on the heels of news that the U.S. has lifted some of the sanctions against Venezuela’s oil industry in a bid to entice energy companies to consider investing in the country. It was…

Venezuelan legislators have voted for an updated oil industry law that the country’s leadership hopes will bring in much-needed foreign investment to reverse a decline resulting from mismanagement and U.S. sanctions. Acting President Delcy Rodriguez signed the new law late on Thursday, the AP reported, hours after the parliament voted in favor of it, and on the heels of news that the U.S. has lifted some of the sanctions against Venezuela’s oil industry in a bid to entice energy companies to consider investing in the country. It was…

Oil prices surged to their highest level in months in Wednesday's session after reports emerged that U.S. President Donald Trump is weighing targeted strikes on Iranian military positions as he pursues regime change. Brent crude for March delivery was up 3.63% to trade at $70.92 per barrel at 12.40 pm ET, marking the first time Brent has crossed the pivotal $70 per barrel mark since July 2025, while the corresponding WTI contract gained 3.72% to $65.49. Unrest in the OPEC-producing country has left thousands dead, with a U.S.-based rights group…

Colombia’s natural gas market is entering a period of sustained pressure as domestic production declines, new supply remains years away, and dependence on imported LNG deepens. The depletion of mature onshore fields, the freeze on new exploration licences, and delays in expanding import and transport infrastructure are converging at a time of rising demand, leaving regasification capacity as the main short-term buffer against widening supply deficits. The decline in domestic output began in 2023 and has continued as legacy fields –…

China played a big role in supporting oil prices in 2025 as it accelerated crude stockpiling and absorbed part of the additional supply that producers put on the market. Despite the easing of the OPEC+ cuts, the large supply growth from the Americas, and the continued flow of sanctioned Iranian, Russian, and Venezuelan barrels for most of 2025, oil prices did not collapse. International crude benchmarks held steady at about $60 per barrel, which China apparently considers cheap enough to buy more crude than it immediately needs and put it in commercial…

For years, Mexico has been a major fuel buyer from the United States. Then the government built a new refinery that cost $20 billion, which was planned to boost the country’s energy independence. It seems it has finally started to do just that—and fuel imports are on the decline. The Olmeca refinery, also called Dos Bocas, was the centerpiece of Mexico’s previous administration, with Andres Manuel Lopez Obrador at the helm and plans for an even greater role for state-owned Pemex in Mexico’s energy system. The project was…

Oil markets got a jolt this week after an explosion and fire tore through part of Türkiye’s largest refinery, the Tupras Izmit complex, forcing evacuations and an emergency response. The blast reportedly hit a gasoline storage tank and spread quickly, sending flames across part of the facility. Officials have not yet said what caused the incident or how much damage was done, though workers were evacuated and no immediate injuries were reported. The global oil market is already dealing with tighter trade routes, shifting product flows,…

Oil markets got a jolt this week after an explosion and fire tore through part of Türkiye’s largest refinery, the Tupras Izmit complex, forcing evacuations and an emergency response. The blast reportedly hit a gasoline storage tank and spread quickly, sending flames across part of the facility. Officials have not yet said what caused the incident or how much damage was done, though workers were evacuated and no immediate injuries were reported. The global oil market is already dealing with tighter trade routes, shifting product flows,…

Oil markets got a jolt this week after an explosion and fire tore through part of Türkiye’s largest refinery, the Tupras Izmit complex, forcing evacuations and an emergency response. The blast reportedly hit a gasoline storage tank and spread quickly, sending flames across part of the facility. Officials have not yet said what caused the incident or how much damage was done, though workers were evacuated and no immediate injuries were reported. The global oil market is already dealing with tighter trade routes, shifting product flows,…

As Americans brave a brutal cold snap, households are facing higher heating bills this summer.  According to a report released last week by the National Energy Assistance Directors Association (NEADA), heating prices are expected to rise by 9.2% in the 2025-2026 winter vs. one year ago. According to the NEADA analysis, electricity costs are expected to rise $12.2%, or $133 this winter, while gas prices are projected to rise 8.4% or $54. Heating oil costs are expected to remain flat, while propane should be down 1.4%,…

After the Henry Hub natural gas price for February doubled, oil-and-gas producers aggressively locked in hedges. Cold weather caused the largest one-week rally since at least 1990. Oil and gas producers leaned into the historic rally in Nymex Henry Hub prices driven by Winter Storm Fern. The storm brought sub-freezing temperatures across much of the Lower 48, tightening balances and sending natural gas prices sharply higher in a ten-day period from January 19 to January 28. AEGIS client hedging activity for natural gas reached the most active levels…

Washington is starting to ask the quiet part out loud: who, exactly, is making money off Venezuela’s oil? This week, U.S. Representative Robert Garcia, the top Democrat on a House investigative committee, sent letters to Vitol and Trafigura demanding records of any communications they’ve had with the Trump administration since January of last year. The timing is not subtle. U.S. forces captured Venezuela’s longtime strongman Nicolás Maduro earlier this month, and Washington has since taken control of Venezuelan oil sales…

Washington is starting to ask the quiet part out loud: who, exactly, is making money off Venezuela’s oil? This week, U.S. Representative Robert Garcia, the top Democrat on a House investigative committee, sent letters to Vitol and Trafigura demanding records of any communications they’ve had with the Trump administration since January of last year. The timing is not subtle. U.S. forces captured Venezuela’s longtime strongman Nicolás Maduro earlier this month, and Washington has since taken control of Venezuelan oil sales…

The upstream sector is set to carry strong momentum into 2026, with high-impact wildcat drilling activity expected to remain elevated following a solid 2025. Last year, the success rate for high-impact wildcat wells rose to 38% from 23% in 2024, while total discovered volumes increased by 53% year on year to around 2.3 billion barrels of oil equivalent (boe), according to Rystad Energy’s research and analysis. Wells are designated as high-impact based on a variety of factors: the size of the potential resources, whether they could open new…

The finances of Latin America’s fourth-largest economy, Colombia, are in total disarray. Nearly four years of fiscal mismanagement by Colombia’s first elected leftist leader, President Gustavo Petro, sparked fears of a financial crisis engulfing the strife-torn Andean nation. A combination of dwindling tax revenue and excessive spending is rapidly depleting Bogota’s coffers. Even Petro’s tax hikes, which took on a worrying sense of regularity, did little to salvage government finances while sharply impacting economically…

Gold prices surged sharply on Thursday morning as energy markets jolted higher following fresh Iran-related rhetoric from U.S. President Donald Trump, briefly sending oil prices up by as much as 5% intraday and reigniting demand for hard-asset hedges. The move in gold came as Brent crude punched back above the $70 a barrel level earlier in the session, after Trump warned that military action against Iran remained on the table if tensions escalate further.  The remarks brought geopolitical risk back into oil markets that had recently been driven…

Gold prices surged sharply on Thursday morning as energy markets jolted higher following fresh Iran-related rhetoric from U.S. President Donald Trump, briefly sending oil prices up by as much as 5% intraday and reigniting demand for hard-asset hedges. The move in gold came as Brent crude punched back above the $70 a barrel level earlier in the session, after Trump warned that military action against Iran remained on the table if tensions escalate further.  The remarks brought geopolitical risk back into oil markets that had recently been driven…