Canada’s energy exports to the United States surged in the latter part of 2024, helping the country record its biggest surplus with its main trading partner since 2022.
The report, which was released on January 29 and included data for the week ending January 24, showed that crude oil stocks, not including the SPR, stood at 415.1 million barrels on January 24, 411.7 million barrels on January 17, and 421.9 million barrels on January 26, 2024. The EIA report highlighted that data may not add up to totals due to independent rounding.
That’s what Phil Flynn, a senior market analyst at the PRICE Futures Group, told Rigzone in an exclusive interview on Tuesday when asked why the U.S. natural gas price has dropped lately.
Chevron and Engine No. 1 have announced a new partnership to develop scalable, reliable power solutions for U.S.-based data centers running on U.S. natural gas. Early actions of the Trump Administration are setting the critical foundation to encourage investment leveraging America’s energy abundance to enable America’s AI leadership.
The U.S. supermajors, ExxonMobil and Chevron, continue with their plans to make the most of their priority oil and gas assets and projects and grow cash flows despite the changing geopolitical scene.
President Trump’s ‘drill, baby, drill’ policy promises to unleash a new boom in U.S. oil and gas production with eased regulations and greater access to export markets.
Crude oil’s strong start to the year was reinforced on January 10 with the announcement of the latest, and most extensive yet, round of U.S. sanctions on Russia.
Shell has launched production from its Whale floating production facility in the US Gulf of Mexico, the company said on Thursday.
Sanctions have become the main news in 2025 so far, with this week seeing a tightening of US sanctions against China as the Pentagon targeted state-backed oil and shipping firms. Rumors are circulating that the outgoing Biden administration will slap further sanctions on Russia and Iran, inadvertently lifting oil prices before Donald Trump takes office on January 20. For the time being, ICE Brent futures are hovering around $77 per barrel, with a potential spike above $80 per barrel becoming an increasingly likely outcome.
Doubts about oil demand growth will persist beyond 2024, and fears of a price slump will be there to keep them company. That’s according to some recent predictions about the state of the oil market in 2025, which see demand growing, China directing the market, and OPEC still likely to unwind its production cuts.