Asian spot LNG prices have risen in the winter period, but not enough to keep a wide enough premium to Europe’s benchmark prices to incentivize selling U.S. cargoes to Asia, according to shipping data and analysts.
Analysts at Wall Street bank Citigroup have predicted that oil prices will remain elevated in 2025 thanks to U.S. sanctions on oil exports, logistical challenges and strategic policy decisions by major producers and governments. Citigroup notes that Over 180 vessels, integral to transporting Russian crude, are now restricted. Two weks ago, the Biden administration issued sanctions against Russian crude, and targeted Surgutneftgas and Gazprom Neft, two firms that handle 25% of Russian oil exports. The two companies shipped an average of 970,000 bbls per day in 2024. Earlier, Citigroup issued a Brent crude average price target of $67 per barrel for 2025, well below current price at $79.10.
The American Petroleum Institute (API) estimated that crude oil inventories in the United increased by 1 million barrels for the week ending January 17. Analysts surveyed by Reuters had expected the API to report a draw of around 1.6 million barrels.
In the latest sanction package, reported to be the harshest yet, the Treasury of the outgoing Biden administration imposed sanctions on Gazprom Neft and Surgutneftegaz, as well as on 183 tankers, many of them in the so-called shadow fleet Russia uses to ship its oil abroad without having to use Western vessels or insurance.
In the quarterly financial update, the pipeline company reported an 11% annual jump in earnings per share for the last quarter of 2024, at $0.30, slightly below analyst expectations. Revenue for the quarter dipped on an annual basis, however, because of low crude oil and condensate volumes on its pipeline network. These volumes were down by 5% on the year in Q4 2024.
President Donald Trump’s sweeping measures aimed at maximising U.S. oil and gas production mark a U-turn in energy policy from President Joe Biden’s term, and make it clear that Trump expects domestic fossil fuel production to rapidly rise.
Indonesia will exempt oil and gas exporters from its new rule that all proceeds from natural resource exports be kept onshore for a year, as companies urge adjustments to the rule out of concern over its impact on their cashflows.
Venture Global LNG is preparing to cut the proposed price range for its blockbuster initial public offering and increase the number of shares it may sell to investors, a source with direct knowledge of the matter said on Tuesday.
Eni SpA has signed an agreement to acquire a 49 percent stake in a portfolio of EDP Renewables projects comprising two operational photovoltaic facilities and an under-construction battery energy storage system (BESS) project in California.
The U.S. Energy Information Administration (EIA) revealed its latest U.S. crude oil production forecasts in its January short term energy outlook (STEO), which was published on January 14 and completed its forecast on January 9.