The WTI prompt-month contract fell $0.69 to $57.77/Bbl on Thursday morning (7:45 AM CT)
US forces intercepted and seized a sanctioned VLCC off Venezuela, a notable escalation that could complicate the country’s crude exports
The move may deter other shippers from loading Venezuelan cargoes, adding friction to outbound flows
The IEA trimmed its projected global surplus for 2025–26 as demand expectations firmed and supply growth moderated
Global liquids supply is now forecast to exceed demand by 3.815 MMBbl/d in 2026, a 231 MBbl/d reduction from last month
The revision reflects OPEC+’s pause on supply hikes, softer non-OPEC growth, and a stronger view of global consumption
Even with rising geopolitical tension in South America, crude has eased to the weakest levels since October, pressured by broader risk-asset weakness and losses across equities
Natural gas continues to fall ahead of EIA storage report
The January Henry Hub contract is down another 20c this morning, as prices continue to slide following yesterday’s recovery (8:15 AM)
Weather forecasts continue to show a shift to a warmer pattern starting next week and through the end of the two-week forecast period
The EIA will release its weekly natural gas storage report this morning, with an expected draw of -167 Bcf
The reports released this week and next week should show larger than average withdrawals driven by cooler temperatures recently
Venture Global to begin work on CP Express Pipeline project (NGI)
FERC has given Venture Global authorization to begin work on a key component of the CP Express pipeline being built to supply the Calcasieu Pass 2 LNG export plant
Venture Global will build a new 187k horsepower compressor facility as part of a plan to supply 4.4 Bcf/d of feedgas to the export plant
Production at the plant is expected to begin around 2027
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