Below-average winter temperatures are driving the fastest pace of withdrawals from natural gas storage in Europe in five years, as heating demand is rising. EU gas storage sites were only 47% full as of January 21, according to the latest data from Gas Infrastructure Europe.   That’s well below the average for the past few years, signaling that Europe will have to import more gas in the summer to replenish storage supplies. Gas withdrawals have accelerated this month amid colder-than-normal temperatures in most of Europe, and the pace…

The European Union has proposed sanctions against Iran's interior minister and 14 other senior officials for their role in a violent crackdown on nationwide protests that erupted in late December, documents obtained by RFE/RL show. Protests erupted on December 28 over economic woes, including currency collapse, but morphed into anti-regime demonstrations that were met with lethal force. The bloc's foreign ministers could adopt the measures, which include asset freezes and visa bans, when they meet in Brussels on January 29. All member states must…

From Monday, January 19, through Thursday, January 22, 2026, WTI crude oil moved on geopolitical noise, U.S. inventory surprises, and shifting demand assumptions. The early week brought geopolitical headlines that traders briefly entertained, but by mid-week, the story was all about supply-side pressure - specifically, those U.S. inventory numbers that just wouldn't quit. The week became an exercise in risk recalibration as headline risks failed to deliver actual supply disruptions. Late Thursday, Light Crude Oil Futures are trading $59.60, up…

Politics, Geopolitics & Conflict Markets are not reacting to where U.S. policy is headed; rather, they are reacting to how quickly U.S. policy positions are adopted, amplified, and then walked back, or even abandoned. With the Trump administration, the distance between escalation and reversal has shortened to a single news cycle, turning geopolitics into a source of short-term volatility where it would normally be a longer-term indication of direction. This week’s Greenland episode captured that dynamic in real time. Tariff threats surfaced,…

I rarely recommend shorting a stock, here or elsewhere, for a few reasons. First, short selling doesn’t fit my personality. I like to think of myself as a positive person, and many years ago, I vowed that I would not let any part of my life, personal or professional, be ruled by fear.  Shorting is a negative thing by its very nature and is often based on fear, so it is just not something with which I am comfortable. More important than its effect on my fragile feelings, though, selling a stock short always comes with significant risk.…

On the Sudan civil war front, the government is trying to draw a hard boundary around a shrinking but still critical part of the oil system. As fighting between the Sudanese Armed Forces and the Rapid Support Forces, a paramilitary group, continues across much of the country, Khartoum is insisting that the Heglig oil field remains operational and under state control, even as regional actors tighten scrutiny on the RSF’s external supply lines. Heglig’s importance is often overstated in volume terms. Most of the crude that matters economically…

India’s state-owned refiner Bharat Petroleum Corporation Limited (BPCL) is set to sign next week an oil supply deal with Brazilian state giant Petrobras for the delivery of 12 million barrels of crude, valued at about $780 million. The signing of the agreement is expected to take place during the India Energy Week 2026 forum, which will be held between January 27 and January 30 in Goa, the Indian government said in a statement on Friday carried by Reuters.   Indian refiners, including BPCL, are looking to diversify their crude supply…

Europe is expected to import a record-high volume of liquefied natural gas this year as stronger demand for replenishing storage sites, the phase-out of Russian supply, and continued pipeline exports to Ukraine will drive increased demand, the International Energy Agency (IEA) said on Friday. After setting a record in 2025, European LNG imports are poised to reach a new all-time high of over 185 billion cubic metres (bcm) in 2026, the agency said in its Gas Market Report Q1 2026. Europe’s LNG imports hit an all-time high of over 175 bcm in…

China plans to launch LNG futures in yuan as it aims to hedge against volatile prices and have more power over global LNG pricing. The futures could be launched on the Shanghai Futures Exchange (ShFE) as soon as February, Reuters reported on Friday, quoting sources familiar with the plans. The Shanghai Futures Exchange has sought for years to launch yuan-denominated futures of key commodities, including LNG and nickel, to seek a role for China in the global pricing of the major Chinese commodity imports. The biggest global LNG markets are linked…

Shell plans to invest $20 billion in the Bonga South West deepwater project offshore Nigeria, the special adviser to Nigeria’s president said after the government approved investment-linked incentives for the project. Nigerian President Bola Ahmed Tinubu has approved the adoption of targeted, investment-linked incentives to support the proposed Bonga South West deepwater offshore oil project by Shell and its partners, the office of the president said after Tinubu met with the supermajor’s chief executive, Wael Sawan.   Shell has…

The U.S. stock market has pared back heavy losses it posted earlier in the week after U.S. President Donald Trump relented on his threat to slap European and NATO nations with tariffs for opposing his push to acquire Greenland. Trump also ruled out the use of military force to take over the semi-autonomous Danish territory, but said the U.S. will still pursue ownership of the country. In contrast, oil prices have reversed course, slipping nearly 2% after Trump softened threats against Greenland and Iran. While President Trump dominated headlines…

As U.S. shale production plateaus, America’s frackers are looking at opportunities abroad to tap new growth markets and develop emerging shale basins overseas, leveraging two decades of experience and technological innovation. Opportunities abound—from Argentina to Australia—as oil and gas-producing nations look to unlock unconventional resources to increase domestic output and boost energy security. U.S. expertise is the best chance these countries have to develop their shale industries, and American producers and oilfield service…

Russian diesel has moved from being the main bullish factor in global middle-distillate markets in 2025 to an overwhelmingly bearish force by early 2026, reversing a year-long surge in refining margins. The European diesel crack spread rose from $16.7/bbl in early January 2025 to $34.17/bbl in November as Russian supply – already structurally weakened since the start of the war – slid into acute shortage. That squeeze has now eased with the diesel crack spread averaging $21.7/bbl in January 2026. Refinery repairs, recovering runs and…

Venezuela is often described as sitting atop the largest oil reserves on Earth. Officially, the country reports more than 300 billion barrels of proven oil—more than Saudi Arabia. To many readers, that figure implies vast, untapped wealth waiting only for political change to unlock it. But Venezuela did not become the world’s reserve leader through a wave of new oil discoveries. Its rise to the top was largely the result of reclassification—driven by oil prices, evolving reserve definitions, Western technology, and political incentives.…

Canada is cozying up to China as political tensions heat up between Canada and the United States. Canadian Prime Minister Mark Carney made key deals with China earlier this month on a diplomatic trip to Beijing, including major agreements for Chinese electric vehicles on the Canadian market and Canadian canola on the Chinese market. Carney also agreed to cooperate with China on generating more energy – both clean and conventional – going forward. These deals signal a broad shift in Canada’s diplomatic and trade strategy with a…

Galp and Moeve (formerly Cepsa) announced on January 8, 2026 that they have reached a non-binding agreement to merge their downstream businesses, combining their refining and fuel retail operations into two new entities. Under the proposed structure, refining assets will be consolidated into IndustrialCo and service stations into RetailCo. The combined refining system will total roughly 710,000 b/d in capacity, placing it among the largest downstream players in Southern Europe, with Moeve’s shareholders Mubadala and Carlyle controlling 80%…

Tokyo Electric Power Company Holdings said on Wednesday it has halted operations at a reactor at the Kashiwazaki Kariwa nuclear power plant just one day after restarting the unit, in a move that comes as Japan continues efforts to bring nuclear capacity back online more than a decade after Fukushima, Reuters reported.  The operator stopped the reactor after detecting an equipment issue during post-restart checks, marking an immediate setback at the world’s largest nuclear power station by capacity, according to Reuters.  The halt…

Tokyo Electric Power Company Holdings said on Wednesday it has halted operations at a reactor at the Kashiwazaki Kariwa nuclear power plant just one day after restarting the unit, in a move that comes as Japan continues efforts to bring nuclear capacity back online more than a decade after Fukushima, Reuters reported.  The operator stopped the reactor after detecting an equipment issue during post-restart checks, marking an immediate setback at the world’s largest nuclear power station by capacity, according to Reuters.  The halt…

As domestic onshore supply continues to decline, higher LNG imports are a must for the country, and after 2031, it could have the option to produce offshore gas from Sirius, pending its FID. With the alternatives in hand, the Caribbean coast will increasingly anchor gas supply, reinforcing coast-to-interior flows, and transport infrastructure should be adapted to enable this profile change. In this context, targeted upgrades to existing high-capacity corridors are emerging as a very cost-effective and resilient strategy, while investing in greenfield…

U.S. officials told oil executives on Wednesday that Washington will not provide security guarantees for companies operating in Venezuela, even as the Trump administration encourages the industry to re-engage with the country’s oil sector.  According to people familiar with the discussions, senior administration officials said companies would be expected to manage their own physical and political risk if they choose to invest, signaling limits to U.S. involvement as Venezuelan crude re-enters global markets.  “We are not going…