natural gas price at a new 35 month high, more than triple last year’s low; largest gasoline inventory increase in six months

US oil prices finished higher for the third time in four weeks after Putin threatened Europe and Trump threatened Venezuela….after rising 0.8% to $58.55 a barrel last week as drawn-out peace talks kept geopolitical risks in play and odds increased for a Fed interest rate cut in December, the contract price for the benchmark US light sweet crude for January delivery advanced in early Asian trading Monday, as geopolitical risk remained a central market driver, as renewed optimism around Russia-Ukraine peace negotiations was tempered by structural supply constraints stemming from ongoing U.S. sanctions on Russian energy companies, then rose $1 a barrel on broader global markets following drone attacks on a Russian pipeline by Ukraine, the closure of Venezuelan airspace by the United States, and OPEC’s decision to leave output levels unchanged in the first quarter of 2026, then rallied during US trading on the news that one of three mooring points at the Caspian Pipeline Consortium’s Novorossiisk terminal had been damaged causing a temporary halt in operations​, and settled 77 cents or 1.3% higher at $59.32 a barrel as Ukrainian drone attacks on ​the Russian shadow fleet and a commitment by OPEC to maintain current production levels left the market in an optimistic state…oil prices rose in early Asian trading Tuesday as traders assessed the risks posed by Ukrainian drone attacks on Russian energy sites, as well as escalating tensions between the United States and Venezuela, but fell in US morning trading as market sentiment turned bearish as the global crude oil balance increasingly tilted toward oversupply, and settled 68 cents lower at $58.64 a barrel as markets weighed faltering Russia-Ukraine peace hopes against fears of oversupply…oil prices fell in early Asian trading on Wednesday as traders awaited the outcome of peace talks between Russia and Ukraine, amid broader concerns over supply surpluses and rising inventories, then climbed on global markets, after high-stakes U.S.-Russia discussions ended without progress and fresh geopolitical risks resurfaced, and continued higher in US morning trading after comments by Russian President Vladimir Putin weighed on hopes of a quick diplomatic solution to the war in Ukraine, and settled 31 cents higher at $58.95 a barrel as prices failed to find momentum in either direction as traders weighed builds in U.S. oil inventories against the news that U.S. and Russian officials failed to reach a compromise on a potential Ukraine peace deal…crude prices extended their gains in global trading on Thursday after a fresh round of Ukrainian attacks on Russian oil supplies amid stalled peace talks, and continued to edge up in early US trading even as fuel prices fell, as growing U.S. pressure on Venezuela and an increasingly bellicose tone from the administration added to supply concerns, and settled 72 cents higher at $59.67 a barrel on expectations of Fed rate cut, while stalled Ukraine peace talks tempered expectations of a deal restoring Russian oil flows….oil prices fell slightly on global markets Friday, on Ukraine peace talks and on expectations of an oversupply after Saudi Arabia cut the price of its main crude grade to Asia to the lowest level in five years, then rallied during the US session on news reports that the Group of Seven Countries (G7) and the European Union might ban all Western tankers from carrying Russian oil, a development that would affect near-term energy supplies, and settled 41 cents higher at $60.08 a barrel on increasing expectations the Fed will cut interest rates next week, boosting economic growth and energy demand, as well as geopolitical uncertainty that could limit supplies from Russia and Venezuela, and thus ended 2.6% higher for the week…

Meanwhile, natural gas prices finished higher for a seventh straight week on forecasts for waves of polar air to plunge thru the eastern half of the US over the next two weeks…. after rising 2.3% to a 35 month high of $4.850 per mmBTU last week on record LNG demand, a larger than expected draw of gas from storage, and a much colder than normal two week forecast, the price of the benchmark natural gas contract for January delivery rose to $4.915 by 9:10 AM Monday​ before retreating to the intraday low of $4.781 at 10:15 AM, as the Friday session’s volatility bled into this Monday’s morning trading, then rallied late in the session to finish 7.1 cents or nearly 1.5% higher at $4.921 per mmBTU​, on record flows to liquefied natural gas export plants and ​on forecasts for colder weather and higher demand than had been expected over the next two weeks…however, that natural gas contract gave up those ​Monday gains ​by opening 7.1 cents lower Tuesday, as the market seemed to be waiting for clarification on mid-month temperatures before venturing any higher, but then rallied to near $5 before reversing course and settling 8.1 cents lower ​at $4.840 per mmBTU, as profit-taking overwhelmed support from approaching cold weather….Wednesday saw that front-month natural gas contract open 11.2 cents higher, as forecasts for frigid temperatures to reach the East coast by the weekend bolstered an already bullish sentiment, and settle 15.5 cents higher at $4.995 per mmBTU, as a sweeping blast of cold and stormy weather lifted demand across major U.S. markets…natural gas prices opened 4.9 cents lower ​on Thursday and momentarily dipped to an intraday low of $4.871 as an “in-line” storage report publication hit the wire, but rallied from there to settle 6.8 cents higher at $5.063 per mmBTU​, as the market looked past the bearish storage miss and toward the next two reports, which are expected to show massive ​gas withdrawals tied to weather-driven demand…natural gas futures rallied as trading got underway Friday, as winter demand forecasts leapt while production was off its highs, then soared into early afternoon trading on Friday, bolstered by a double-digit jump in Lower 48 demand and steady export activity, and settled 22.6 cents higher at a new 35 month high of $5.289 per mmBTU, building on Thursday’s decisive breach of the psychological $5 threshold amid frigid weather and near-record LNG demand, and thus finished up 9.1% for the week​, at a price that was more than triple last year’s low…

The EIA’s natural gas storage report for the week ending November 28th indicated that the amount of working natural gas held in underground storage fell by 12 cubic feet to 3,923 billion cubic feet by the end of the week, which left our natural gas supplies 18 billion cubic feet, or 0.5% lower than the 3,941 billion cubic feet of gas that were in storage on November 28th of last year, but 191 billion cubic feet, or 5.1% more than the five-year average of 3,732 billion cubic feet of natural gas that had typically been in working storage as of the 28th of November over the most recent five years….the 12 billion cubic foot withdrawal from natural gas storage for the cited week was less than the 16 billion cubic foot withdrawal from storage that the market was expecting ahead of the report, and also less than the 26 billion cubic foot of gas that were pulled out of natural gas storage during the corresponding week of 2024, and quite a bit less than the average 43 billion cubic foot withdrawal from natural gas storage that had been typical for the same late November week over the past five years…

The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending November 28th indicated that even after a decrease in our oil imports and sizable increase in demand from our refineries, we still had surplus oil to add to our stored crude supplies for the 24th time in forty-three weeks, and for the 41st time in seventy-three weeks, largely because of an increase in our oil supplies that the EIA could not account for….Our imports of crude oil fell by an average of 456,000 barrels per day to average 6,436,000 barrels per day, after rising by an average of 486,000 barrels per day over the prior week, while our exports of crude oil rose by an average of 15,000 barrels per day to average 3,613,000 barrels per day, which, when used to offset our imports, meant that the net of our trade of oil worked out to an import average of 2,368 barrels of oil per day during the week ending November 28th, an average of 471,000 fewer barrels per day than the net of our imports minus our exports during the prior week. At the same time, transfers to our oil supplies from Alaskan gas liquids, from natural gasoline, from condensate, and from unfinished oils were 8,000 barrels per day higher at 607,000 barrels per day, while during the same week, production of crude from US wells was 1,000 barrels per day higher than the prior week at 13,815,000 barrels per day. Hence, our daily supply of oil from the net of our international trade in oil, from transfers, and from domestic well production appears to have averaged a total of 16,790,000 barrels per day during the November 28th reporting week…

Meanwhile, US oil refineries reported they were processing an average of 16,876,000 barrels of crude per day during the week ending November 28th, an average of 433,000 more barrels per day than the amount of oil that our refineries reported they were processing during the prior week, while over the same period, the EIA’s surveys indicated that a net average of 118,000 barrels of oil per day were being added to the supplies of oil stored in the US… So, based on that reported & estimated data, the crude oil figures provided by the EIA appear to indicate that our total working supply of oil from net imports, from transfers, and from oilfield production during the week ending November 28th averaged a rounded 205,000 fewer barrels per day than what was added to storage plus what our oil refineries reported they used during the week. To account for the difference between the apparent supply of oil and the apparent disposition of it, the EIA just plugged a [+205,000 ] barrel per day figure onto line 16 of the weekly U.S. Petroleum Balance Sheet, in order to make the reported data for the supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil”, thus indicating there must have been an error or omission of that magnitude in this week’s oil supply & demand figures that we have just transcribed.…moreover, since 340,000 barrels per day of demand for oil could not be accounted for in the prior week’s EIA data, that means there was a 545,000 barrel per day difference between this week’s oil balance sheet error and the EIA’s crude oil balance sheet error from a week ago, and hence the changes to supply and demand from that week to this one that are indicated by this week’s report are also off by that much, and also useless.... But since most oil traders react to these weekly EIA reports as if they were gospel, and since these weekly figures therefore often drive oil pricing and hence decisions to drill or complete oil wells, we’ll continue to report this data just as it’s published, and just as it’s watched & believed to be reasonably reliable by most everyone in the industry…(for more on how this weekly oil data is gathered, and the possible reasons for that “unaccounted for” oil supply, see this EIA explainer….also see this old twitter thread from an EIA administrator addressing these ongoing weekly errors, and what they had once hoped to do about it)

This week’s rounded 118,000 barrel per day average increase in our overall crude oil inventories came as an average of 82,000 barrels per day were being added to our commercially available stocks of crude oil, while an average of 36,000 barrels per day were being added to our Strategic Petroleum Reserve, extending the string of nearly continuous weekly additions to the SPR since September 2023, which followed nearly continuous SPR withdrawals over the 39 months prior to August 2023… Further details from the weekly Petroleum Status Report (pdf) indicated that the 4 week average of our oil imports rose to 5,897,000 barrels per day last week, which was still 14.4% less than the 6,891,000 barrel per day average that we were importing over the same four-week period last year. This week’s crude oil production was reported to be 1,000 barrels per day higher at 13,815,000 barrels per day as the EIA’s estimate of the output from wells in the lower 48 states was 15,000 barrels per day lower at 13,379,000 barrels per day, while Alaska’s oil production was 16,000 barrels per day higher at 436,000 barrels per day...US crude oil production had reached a pre-pandemic high of 13,100,000 barrels per day during the week ending March 13th 2020, so this week’s reported oil production figure was 5.5% higher than that of our pre-pandemic production peak, and was also 42.4% above the pandemic low of 9,700,000 barrels per day that US oil production had fallen to during the third week of February of 2021.

US oil refineries were operating at 94.1% of their capacity while processing those 16,876,000 barrels of crude per day during the week ending November 28th, up from the 92.3% utilization rate of a week earlier, with increasing utilization largely due to the end of routine Fall refinery maintenance….the 16,876,000 barrels of oil per day that were refined that week were 0.2% less than the 16,910,000 barrels of crude that were being processed daily during the week ending November 29th of 2024, but were 0.5% more than the 16,798,000 barrels that were being refined during the prepandemic week ending November 29th, 2019, when our refinery utilization rate was at 91.9%, which was a bit below the pre-pandemic normal range for this time of year…

With this week’s increase in the quantity of oil that was refined this week, gasoline output from our refineries was also higher, increasing by 197,000 barrels per day to 9,754,000 barrels per day during the week ending November 28th, after our refineries’ gasoline output had increased by 286,000 barrels per day during the prior week.. This week’s gasoline production was 2.7% more than the 9,496,000 barrels of gasoline that were being produced daily over the week ending November 29th of last year, but 1.9% less than the gasoline production of 9,941,000 barrels per day seen during the prepandemic week ending November 29th, 2019….at the same time, our refineries’ production of distillate fuels (diesel fuel and heat oil) increased by 53,000 barrels per day to 5,051,000 barrels per day, after our distillates output had increased by 87,000 barrels per day during the prior week. Even after those production increases, our distillates output was 5.0% less than the 5,315,000 barrels of distillates that were being produced daily during the week ending November 29th of 2024, and 4.5% less than the 5,263,000 barrels of distillates that were being produced daily during the pre-pandemic week ending November 29th, 2019....

With this week’s increase in our gasoline production, our supplies of gasoline in storage at the end of the week rose for the third consecutive week​, but for just the fifth time in twenty weeks, increasing by 4,518,000 barrels to 214,422,000 barrels during the week ending November 28th, the largest increase in six months, coming after our gasoline inventories had increased by 2,513,000 barrels during the prior week. Our gasoline supplies increased by more this week because the amount of gasoline supplied to US users fell by 400,000 barrels per day to 8,326,000 barrels per day, and even as our exports of gasoline rose by 158,000 barrels per day to 1,246,000 barrels per day, as our imports of gasoline rose by 114,000 barrels per day to 772,000 barrels per day… Even after thirty gasoline inventory withdrawals over the past forty-three weeks, our gasoline supplies were less than 0.1% less than last November 29th’s gasoline inventories of 214,603,000 barrels, and just about 2% below the five year average of our gasoline supplies for this time of the year…

Likewise, after this week’s increase in distillates production, our supplies of distillate fuels rose for the 21st time in 46 weeks, increasing by 2,059,000 barrels to 114,286,000 barrels during the week ending November 28th, after our distillates supplies had increased by 1,147,000 barrels during the prior week.. Our distillates supplies rose by more this week even as the amount of distillates supplied to US markets, an indicator of domestic demand, rose by 68,000 barrels to 3,430,000 barrels per day, because our exports of distillates fell by 154,000 barrels per day to 1,517,000 barrels per day, while our imports of distillates fell by 9,000 barrels per day to 190,000 barrels per day... With 55 withdrawals from distillates inventories over the past 96 weeks, our distillates supplies at the end of the week were 3.2% less than the 118,100,000 barrels of distillates that we had in storage on November 29th of 2024, and about 7% below the five year average of our distillates inventories for this time of the year…

Finally, even with the decrease in our oil imports and the increase in our oil refining, our commercial supplies of crude oil in storage rose for the 13th time in twenty-six weeks, and for the 30th time over the past year, increasing by 574,000 barrels over the week, from 426,929,000 barrels on November 21st to 427,503,000 barrels on November 28th, after our commercial crude supplies had increased by 2,774,000 barrels over the prior week… After this week’s increase, our commercial crude oil inventories were 3% below the recent five-year average of commercial oil supplies for this time of year, while they were about 23% above the average of our available crude oil stocks as of the last weekend of November over the 5 years at the beginning of the past decade, with the big difference between those comparisons arising because it wasn’t until early 2015 that our oil inventories had first topped 400 million barrels. After our commercial crude oil inventories had jumped to record highs during the Covid lockdowns in the Spring of 2020, then jumped again after February 2021’s winter storm Uri froze off US Gulf Coast refining, but then fell sharply due to increased exports to Europe following the onset of the Ukraine war, only to jump again following the Christmas 2022 refinery freeze-offs, changes in our commercial crude supplies have generally leveled off since, and as of this November 28th were 1.0% more than the 423,375,000 barrels of oil left in commercial storage on November 29th of 2024, but were 3.9% below the 445,031,000 barrels of oil that we had in storage on December 1st of 2023, and 2.0% less than the 419,084,000 barrels of oil we had left in commercial storage on November 25th of 2022…

This Week's Rig Count

The US rig count was up by five over the 9 day ​period ending December 5th, the 10th increase in fourteen weeks, as the number of rigs targeting oil rose by six to 413, while the count of rigs targeting natural gas was down by one, and miscellaneous rigs were unchanged…for a quick snapshot of this week's rig count, we are again including below a screenshot of the rig count summary pdf from Baker Hughes...in the table below, the first column shows the active rig count as of December 5th, the second column shows the change in the number of working rigs between last week’s count (November 26th) and this week’s (December 5th) count, the third column shows last week’s November 26th active rig count, the 4th column shows the change between the number of rigs running on Friday and the number running on the Friday before the same weekend of a year ago, and the 5th column shows the number of rigs that were drilling at the end of that reporting period a year ago, which in this week’s case was the 6th of December, 2024…

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Ohio landfills take drilling waste, but don’t track or test much of it - The Allegheny Front - The process of drilling and fracking a well brings up gas or oil from deep underground. But it also brings dirt and rocks that could be contaminated with radioactivity and other chemicals. An Allegheny Front investigation in collaboration Inside Climate News found that this waste is often sent to the same landfills as household trash, and a patchwork of state rules that can allow it to slip by regulators, especially in Ohio. Tina and Bill Higgins have lived among forested Appalachian hills in the tiny village of Amsterdam in eastern Ohio for nearly 25 years. Bill said that a few years after they moved in, the Apex Sanitary Landfill was built about a mile from their house. “There’s times you just couldn’t even go out in the summertime to enjoy a cookout or anything because the smell was bad,” he said. They joined a class action lawsuit over the smell. When a new company, Interstate Waste Services (IWS), bought the landfill in 2020, the Higginses said the smell improved. But the landfill continued to get bigger. This year, the Ohio Environmental Protection Agency increased the amount of waste it’s allowed to receive, to double what it was a decade ago. Between 2014 and 2022, the Amsterdam landfill accepted over 3 million tons of solid waste from the oil and gas industry, according to state records. During that time, a total of more than 7.3 million tons were sent to eight landfills in Ohio. That waste can include the ground rock and soil, called drill cuttings, that come to the surface after a well is drilled deep into the ground. It could also have things like filter socks, sludges from the bottom of tanks, and buildup from inside pipes. Folks here can be forgiven for not knowing the local landfill was taking frack waste. Ohio regulators aren’t tracking it anymore, either. “Since 2023, facilities are no longer required to report shale drilling waste separately in their annual reports,” said Ohio EPA spokesperson Max Moore in an email, though “some still opt to do so.” Moore said this reporting requirement, which started with the shale boom, was discontinued because “the data was not consistent.” Landfills also are not required to track the origin of shale drilling waste they receive; it could be from a well pad in Ohio, Pennsylvania or elsewhere. “This is the perpetual problem; we don’t know,” said Melissa Troutman, who wrote an analysis of Pennsylvania’s oil and gas waste policy for the non-profit group Earthworks in 2019. In Pennsylvania, the Department of Environmental Protection requires drillers to report where they are sending their waste. But even in Pennsylvania, it’s hard to tell where much of it is being sent, “because regulatory agencies are not tracking shale gas waste going to landfills adequately,” Troutman said. And that worries environmental advocates. According to the U.S. EPA, solid waste from shale formations, like the Marcellus and Utica regions of Pennsylvania and Ohio, can contain salts, heavy metals like cadmium, volatile organic compounds such as cancer-causing benzene and radioactive materials like radium. But the U.S. EPA doesn’t regulate it as “hazardous” waste. In Ohio, some drilling waste, such as filter socks, sludges and scale from pipes, is required to be tested for radioactivity before it can be sent to a landfill. These are considered TENORM in Ohio – waste that is “technologically enhanced naturally occurring radioactive material.” But drill cuttings, which make up much of the solid waste from fracking, are not defined as TENORM in Ohio. “Drill cuttings are considered naturally occurring radioactive material (not TENORM) and do not require radium testing for disposal in Ohio’s solid waste landfills,” said Ohio EPA spokesperson Bryant Somerville in an email. Earthjustice attorney Megan Hunter, who has researched oil and gas waste regulations in numerous states, doesn’t think drill cuttings should be exempt from those tests, because it’s all radiation going into the landfill. When it rains on a landfill, like the one in Amsterdam, water runs through all the household trash, construction debris and drilling waste. “It’s sitting there like a tea bag, and every time it rains and things soak through, it creates this product called leachate because things are leaching,” and picking up pollutants, explained Duquesne University professor John Stolz, who has been studying the issue. Stolz looked over the latest leachate testing report for the Amsterdam landfill. He said if the state wants to monitor for contamination from drilling waste, landfills should measure for radium and other indicators of oil and gas waste. “They should be measuring lithium, they should be measuring bromide and strontium,” Stolz said. If test results showed elevated levels, it would indicate that oil and gas waste was contaminating the leachate. “Why [else] would there be strontium in the leachate for a sanitary landfill? I mean, there’s not a lot of strontium in dirty diapers,” he said. In an email, the plant operator said its biological organisms used for treatment have been consuming pollutants from Amsterdam and other landfills for decades. Last year, the sewage plant treated more than 60 million gallons of leachate from four landfills that accept oil and gas waste, according to the landfills’ annual reports. But the sewage plant is not testing for radioactivity; it’s not required in the permit that allows it to discharge treated wastewater into a creek of the Mahoning River, a tributary of the Ohio River. “Neither the landfill or the waste treatment plant have to monitor things that we feel are important to monitor,” Stolz said. “Because they are going to be a problem downstream, literally and figuratively, over time.” Stolz’s biggest concern is that radiation will wind up in the waterways. A study by his team and researchers at the University of Pittsburgh backs this up. They foundradioactivity in river sediments downstream of numerous sewage plants that treat leachate from landfills that accept frack waste. “We did find a statistically significant higher amount of radioactivity downstream than upstream,” Stolz said, “and water chemistries that suggested or were indicative of discharge from oil and gas.” This kind of evidence has prompted environmental groups and radiation safety experts to call for consistent regulation of oil and gas waste. Amy Mall, who authored a report on inconsistencies in state regulations for the Natural Resources Defense Council, wants federal rules for the disposal of frack waste, such as drill cuttings, so the government can require it to be tracked and tested. “And if they’re not regulated, they’re exempt from regulations – they’re not doing any of those things,” Mall said. “And so the public doesn’t know where this waste is going or how dangerous it is.” A new effort in Washington seeks to change that. Congressional Democrats introduced a series of bills in the House to regulate frack waste, including one called “Closing Loopholes and Ending Arbitrary and Needless Evasion of Regulations Act of 2025.’’ It includes a long-shot bid to define the waste as hazardous. So far, only one lawmaker from Pennsylvania and one from Ohio have signed on.

Left Attacks OH for Not Regulating Shale Drill Cuttings in Landfills- Marcellus Drilling News -Here we go again. The environmental left is attacking the shale industry by accusing it of shipping drill cuttings (the leftover rock and dirt that comes out of a borehole) to local landfills in the Buckeye State (Ohio), where it will irradiate everyone and everything close to it. According to the left, drill cuttings “could be contaminated with radioactivity and other chemicals.” And, according to the same people, lack of regulations in Ohio “allows it [radioactive drill cuttings] to slip by regulators, especially in Ohio,” and end up in the same landfills as “household trash.” Is there anything to the claim that drill cuttings are radioactive and a threat to those who live near landfills?

Abu Dhabi sovereign fund accuses US private equity firm of self-dealing in lawsuit - Financial Times -- It is one of the leading gas drillers in the US with vast resources in Ohio's Utica shale. In the ensuing decade, many energy-focused private equity (PE) firms played a pivotal role in transforming Ohio's Utica shale into a major U.S. energy producer, investing billions and driving massive production growth.

Abu Dhabi Investment Council Sues to Block Energy & Minerals Group’s $800M CV - Abu Dhabi Investment Council, part of the emirate’s sovereign wealth operations under Mubadala Investment Company, has taken legal action to stop a continuation fund proposed by Houston-based Energy & Minerals Group. The fund sought to transfer Ascent Resources LLC, a portfolio company, into a new investment vehicle that would allow some investors to exit while others reinvested alongside new backers, Bloomberg reported. The lawsuit centers on governance, valuation practices and procedural transparency, marking a rare public challenge to private equity asset transfers often handled behind closed doors. Ascent Resources, the asset at the center of the dispute, is a major natural gas producer operating primarily in Ohio’s Utica Shale. Known for its substantial footprint in the U.S. energy sector, Ascent has been a key holding in EMG’s portfolio. The proposed transfer would have allowed EMG to continue managing the asset through a new fund structure while offering liquidity to select limited partners.

Packed, Loaded: Utica Oil's Infinity Continues Hunt for Big Bolt-On - Hart Energy - It took 350 deals for Infinity Natural Resources to buy 3,000 net acres in Ohio’s Utica oil and Pennsylvania’s Marcellus gas fairways, while the E&P remains on the hunt for a big bolt-on.

Pipeline operator Enbridge forecasts higher 2026 core profit - (Reuters) - Enbridge on Wednesday forecast higher core profit for 2026, as the Canadian pipeline operator expects to benefit from strong demand and new projects entering service. The company is pushing ahead with expanding its pipelines as U.S. power demand is expected to hit record highs this year and next, fueled by technology firms pouring billions to build data centers to tap the artificial intelligence boom. "We have approximately C$8 billion of new projects entering service in 2026 across our franchises...," CEO Gregory Ebel said in a statement.The Calgary-based company completed the acquisition of Dominion Energy (D.N), opens new tab utilities — East Ohio Gas, Questar Gas and Public Service Co of North Carolina — last year in a $14 billion deal, including debt.Enbridge projected an adjusted core profit of C$20.2 billion ($14.49 billion) to C$20.8 billion, compared with expectations of between C$19.4 billion and C$20 billion for this year.The company expects to deploy about C$10 billion in growth capital next year, up from roughly C$7 billion in 2025.

Utica Shale Academy obtains safety funding – The Utica Shale Academy is adding more protection after receiving grant funding for new safety equipment. Superintendent Bill Watson said the community school received a $29,490 School Safety and Security Grant (SSSG) from the Ohio Bureau of Workers’ Compensation to add cameras and other gear at the new interior welding lab and heavy equipment area located at 83 E. Main St. in Salineville. Construction is still underway on the facility and will feature 27 welding bays, a classroom and space for heavy equipment. Watson said the total cost for the upgrade was $39,320 and USA made a $9,830 contribution, while the funding will help provide some extra safety on the property. “We are acquiring 12 cameras and recording equipment that will be installed both inside and outside,” he said. “It will have the ability to capture both areas.” Officials applied around September and the allotment defrays costs for the cameras, installation, training, and integration as well as controlled badge access to the building. “We will know exactly who is on the premises,” Watson continued. “We hope to have it installed soon.” The Utica Shale Academy includes more than 170 students in grades 7-12 and its campus is comprised of the Hutson Building, the Energy Training Center, the Williams Collaboration Center and the exterior and new interior welding sites along East Main Street, as well as the Utica Shale Academy Community Center that is housed on Church Street. The community school is a dropout recovery and retention facility that focuses on career-tech education for at-risk pupils and provides certifications to enter the workforce.

PA EQB to Consider Ban on New Shale Drilling Via Setbacks Dec. 9 - Marcellus Drilling News - Pennsylvania Environmental Quality Board (EQB) will hold a meeting on Tuesday, December 9, to consider whether or not to accept a petition by radical green groups, including the Clean Air Council and Environmental Integrity Project, to “study” the issue of increasing setbacks for shale drilling so far that it would ban ALL new Marcellus/Utica drilling in the Keystone State. The EQB tabled a decision on accepting the petition back in April (see PA EQB Votes to Delay Consideration of Marcellus-Banning Setbacks). The hectoring green left continues to agitate and demand that the board consider its shale-banning proposal, so the board will oblige.

U.S. Propane Production Sets New Record; PADD 2 Inventories Push Higher | RBN Energy -- EIA reported that U.S. propane/propylene inventories fell by 687 Mbbl for the week ended November 28 — a withdrawal that came in below industry expectations for a draw of 1.5 MMbbl and also below the average draw of 1.2 MMbbl for the week. Despite the modest pull, stocks remain elevated at 103.5 MMbbl, which is 7.5 MMbbl (8%) above the same week in 2024 and the five-year maximum. Inventories are also 14.5 MMbbl (16%) above the five-year average, highlighting a market that remains comfortably supplied as winter demand builds. Total U.S. propane/propylene production increased by 17 Mb/d to a record 2.93 MMb/d — about 4% above the five-year maximum — marking the second consecutive weekly high and reinforcing the strong domestic supply trend. Exports strengthened as well, climbing 339 Mb/d to roughly 2 MMb/d, a level above both the 4-week average of 1.89 MMb/d and the year-to-date average of 1.85 MMb/d, though still below the 2.2 MMb/d exported during the same week last year. The increase reflects firm international demand and higher Gulf Coast export activity, providing a steady pull on domestic supply even amid elevated inventories. In PADD 2 (Midwest), inventories continued to build, rising 193 Mbbl to 27.9 MMbbl, placing stocks 1.3 MMbbl (5%) above year-ago levels and at the five-year maximum. With volumes now 2.2 MMbbl (8%) above the five-year average, the region remains exceptionally well supplied for this point in the heating season.

U.S. Feedgas Demand Hits New Record | RBN Energy - U.S. LNG feedgas demand hit another record, averaging 19.1 Bcf/d last week, up 0.7 Bcf/d from the previous week.Intake at Sabine Pass, Cove Point, Cameron, Elba, Corpus Christi and Calcasieu Pass are all consistent with winter peak operations. Much of this year's growth comes from commissioning terminals. See the blue-dotted line in the graph below, which shows the rise of feedgas demand this year at all terminals, including those commissioning. Feedgas at the commissioning terminal, Plaquemines, rose to more than 4 Bcf/d, which is likely at or near the top of the terminal’s peak performance. Now that winter demand has arrived, feedgas intake is likely to remain high.

Trump Administration Doubles Down on LNG as Sector Breaks Records - Marcellus Drilling News - According to Reuters, U.S. liquefied natural gas (LNG) exports hit a new all-time monthly high in November for the second straight month, driven by cooler weather and robust output from the country’s two largest producers. Even so, the Trump administration is considering further steps to speed up the buildout of LNG export infrastructure. For example, the Federal Energy Regulatory Commission (FERC) is considering a blanket permit rather than assessing each new project individually before approving its construction.

Osaka Gas Strikes Agreement With Archaea Energy to Ship RNG From U.S. to Japan -- A look at the global natural gas and LNG markets by the numbers

• 844 MMBtu: A U.S. subsidiary of Osaka Gas Co. Ltd. plans to export renewable natural gas (RNG) from the United States to Japan after inking an agreement with Archaea Energy Inc. Osaka Gas will source roughly 844 MMBtu over an unspecified period from Archaea’s landfill gas processing facilities for liquefaction at Freeport LNG. Osaka Gas had targeted procurement of RNG as a part of its strategy for carbon neutrality by 2050.
• 0.4 Mt/y: Eni SpA has signed an LNG supply deal with BOTAŞ as Turkey looks to grow its influence as an import hub. Eni will supply BOTAŞ up to 0.4 million tons/year (Mt/y) for 10 years starting from 2028. The parties previously signed a three-year deal in September for an additional 0.4 Mt/y that commenced last month. Eni has targeted becoming a major LNG export player by 2030 with a portfolio of around 20 Mt/y from Africa, Indonesia and the United States.
• 882 MMcf/d: Natural gas nominations to LNG Canada reached an all time high in October and could be climbing. The British Columbia Energy Regulator reported feed gas flows to the facility in Kitimat averaged 882 MMcf/d in October. RBN estimated that average gas intake could have averaged 900 MMcf/d in November. LNG Canada’s feed gas demand and export levels have risen after maintenance wrapped up and a second train began commissioning in October.
• 140,000 boe/d: Equinor AS and Shell plc have finalized a combination deal to create the largest oil and gas producer in the UK’s North Sea. The new joint venture, Adura Group Ltd., launched on Dec. 1. Adura, owned in a split partnership between the two firms, is estimated to have a production rate of 140,000 barrels of oil equivalent/day (boe/d).

Could a Historically Cold December Deplete Natural Gas Inventories? Kyle Cooper Weighs in - Click here to listen to the latest episode of Hub & Flow. IAF Advisors owner Kyle Cooper joins NGI senior editor Andrew Baker to discuss the evolving North American natural gas outlook as winter gets underway. Cooper discusses the bullish near-term weather picture, with forecasts calling for the coldest December in more than a decade. He notes that the market is pricing in the risk of substantial tightening in the supply/demand balance, and cautions that the current storage surplus to historical norms could quickly evaporate, driving further price upside. Cooper also discusses the impacts of record LNG exports and the evolving electricity mix on natural gas power burns and storage trends. As demand continues to rise, Cooper explains how the supply picture will evolve as producers in the Haynesville Shale, Permian Basin and Appalachia adapt to a constantly changing market.

Polar Vortex Threat Sends US NatGas Futs To Highest Level Since 2022 - U.S. natural gas futures spiked to their highest levels in nearly three years as models now show a frigid first half of December across the Lower 48. Several forecasters are also warning of a potential polar-vortex-driven Arctic blast event later this month, which could drive temperatures even lower. Let's begin with an unusual sight (for this time of year) of winter storm alerts across the Northeast on Tuesday morning. Heavy snow (5-10" expected) in the Interior Northeast & disruptive ice (up to 0.2" accretion) in the Central Appalachians will make today's commutes HAZARDOUS. The storm exits by Wednesday morning. pic.twitter.com/kkcnacF82O NatGas futures are on track for their largest quarterly gain since the first quarter of 2022. Prices on Tuesday morning were trading near $5 per mmbtu, the highest level since December 2022. The rally is being fueled by a rapid shift toward colder early-December temperatures across the Midwest and East, which has boosted heating demand expectations. Update (1110ET): U.S. natural gas futures jumped above $5 per MMBtu, the highest level since December 2022, as traders expect colder-than-normal temperatures across the Lower 48 in the first half of December. Meteorologists, such as Mark Margavage, are focused on a polar vortex threat that could "dump the motherload of cold into Eastern North America in the coming weeks." The Polar Vortex looks like it's about to dump the motherload of cold into Eastern North America in the coming weeks... this is only enhanced by the MJO happening to be in Phase 8. #PolarVortex #PV #winteriscoming #wxtwitter #wxXpic.twitter.com/aRX8X52D5x Forecasted Lower 48 average temperatures for the next two weeks will be well below the 30-year average. As a result, heating demand soars... Here's what other meteorologists are saying:

Cooldown Cargo Waiting Offshore Ahead of Golden Pass Startup — LNG Recap -- Feed gas deliveries to U.S. LNG export terminals continued to climb higher on Monday after shattering records last week. North America LNG Export Flow Tracker for Dec. 1, 2025, showing daily U.S. LNG export volumes rising to 19.31 million Dth, alongside a facility-by-facility breakdown of deliveries and capacity utilization for Corpus Christi, Freeport, Golden Pass, Calcasieu Pass, Cameron, Plaquemines, Sabine Pass, Elba Island, and Cove Point, with a U.S. map marking terminal locations. At A Glance:
Vessel Imsaikah arrived from Qatar
U.S. feed gas deliveries again set record
Floating LNG supplies growing

Golden Pass LNG Cleared for First Gas Introduction With Cooldown Cargo, Startup Imminent - Golden Pass LNG has been authorized to introduce gas to key liquefaction equipment and storage tanks ahead of the import of a cooldown cargo expected in the coming days. At A Glance:

• FERC approves cooldown cargo import
• Carrier port call reported for Sunday
• Train 1 feed gas demand estimated at 790 MMcf/d

U.S. LNG Exports Swell as Mexico Flows Hold Steady --U.S. net exports of natural gas totaled 491.4 Bcf in September, up from 383.1 Bcf in the same month a year ago, according to newly released Department of Energy (DOE) data. Bar and line chart showing U.S. natural gas imports, exports, and net exports from 2021 through 2025, with exports consistently rising above 600 Bcf per month, imports remaining stable near 250–300 Bcf, and net exports trending upward toward 2025. At A Glance:
Plaquemines, Corpus Christi driving LNG growth
Analysts warn of oversupply
West Texas flowing more gas to Mexico

US natgas futures climb 2% to 35-month high on record LNG flows and colder forecasts (Reuters) - U.S. natural gas futures climbed about 2% to a 35- month high on Monday on record flows to liquefied natural gas export plants and forecasts for colder weather and higher demand than expected over the next two weeks. Limiting gains were record output, ample amounts of gas in storage and lower gas prices around the world due mostly to the Ukraine peace talks. Front-month gas futures for January delivery on the New York Mercantile Exchange rose 7.1 cents, or 1.5%, to settle at $4.921 per million British thermal units (mmBtu), their highest close since December 27, 2022 for a second day in a row. That also kept the front-month in technically overbought territory for a second day in a row for the first time since mid-November. LSEG said average gas output in the Lower 48 states rose to a record 109.6 billion cubic feet per day (bcfd) in November, up from 107.0 bcfd in October and the prior alltime monthly high of 108.0 bcfd in August. Record output this year has allowed energy companies to stockpile more gas than usual, leaving about 5% more gas in storage than normal for this time of year. Meteorologists forecast temperatures across the country will remain mostly colder than normal through December 16. LSEG projected average gas demand in the Lower 48 states, including exports, would fall from 142.0 bcfd this week to 139.7 bcfd next week. Those forecasts were higher than LSEG's outlook on Friday. Average gas flows to the eight big LNG export plants operating in the U.S. rose to a record 18.2 bcfd in November, topping the prior all-time monthly high of 16.6 bcfd in October. In LNG news, the Ismaikah LNG vessel was anchored near Exxon Mobil/QatarEnergy's 2.4 bcfd Golden Pass LNG export plant under construction in Texas, according to LSEG data and analyst comments. The ship is carrying LNG from Qatar that traders and analysts say will be used to cool equipment as part of the commissioning of the plant. The facility is expected to start producing LNG later this year or early next year. Around the world, gas prices fell to an 18-month low near $10 per mmBtu at the Dutch Title Transfer Facility in Europe on negotiations over a potential peace plan for Russia and Ukraine, while prices at the Japan-Korea Marker (in Asia held near a one-month low of about $11.

US Natgas Futures Climb 3% to 35-Month High on Record LNG Flows, Colder Weather Forecasts - (Reuters) – U.S. natural gas futures climbed about 3% on Wednesday to a 35-month high, on record flows to liquefied natural gas (LNG) export plants and forecasts for colder weather and higher demand over the next two weeks than previously expected. Limiting gains were record output, ample amounts of gas in storage and lower gas prices in Europe and Asia due mostly to the possibility that peace talks in Ukraine could result in the lifting of sanctions against Moscow. That could allow Russia, the world’s second-biggest gas producer behind the U.S., to export more gas in the future. Front-month gas futures for January delivery on the New York Mercantile Exchange rose 15.5 cents, or 3.2%, to settle at $4.995 per million British thermal units (mmBtu), their highest close since December 27, 2022. In intraday trade, the front-month briefly rose over the $5 per mmBtu psychological level of technical resistance. It also closed in overbought territory for the third time in four days. Meteorologists forecast temperatures across the country will remain well below normal through December 9, with the most frigid weather expected on Thursday, before turning warmer than normal next week. Extreme cold this week helped drive cash prices to their highest levels since January 2024 in New England and California and their highest levels since February at the Henry Hub benchmark in Louisiana and in Pennsylvania, Chicago and New York. LSEG said average gas output in the Lower 48 states has risen to 109.7 billion cubic feet per day (bcfd) so far in December, up from a monthly record of 109.6 bcfd in November. On a daily basis, however, output was on track to drop by 2.4 bcfd to a one-week low of 108.9 bcfd on Wednesday since hitting a daily record high of 111.3 bcfd on November 28. Record output has allowed energy companies to stockpile more gas than usual, leaving about 5% more gas in storage than normal for this time of year. LSEG projected average gas demand in the Lower 48 states, including exports, would fall from 145.1 bcfd this week to 142.9 bcfd next week. Those forecasts were higher than LSEG’s outlook on Tuesday. Average gas flows to the eight big LNG export plants operating in the U.S. have risen to 18.4 bcfd so far in December, up from a monthly record high of 18.2 bcfd in November. Freeport LNG’s export plant in Texas was on track to take in more gas on Wednesday in a sign that one of the plant’s three liquefaction trains has returned to service after shutting on Tuesday. Around the world, gas prices held near an 18-month low of around $10 per mmBtu at the Dutch Title Transfer Facility (TTF) in Europe on hopes of a possible peace plan for Russia and Ukraine, while prices at the Japan-Korea Marker (JKM) in Asia slid to a three-month low near $11.

NYMEX Gas Futures Hit $4.995 on Cold Forecast; M-U Spot Avg $4.74 - Marcellus Drilling News -Yesterday, the NYMEX “front-month” futures price for natural gas closed up 15 cents at $4.995 (call it $5), which is the highest closing price for NYMEX in nearly three years (since Dec. 27, 2022). Intraday trading of the front-month contract floated above $5 at points. Weather forecasts of impending frigid weather were the main reason for the increase. Futures prices are now up more than 60% compared with a year ago. “Forecasts for the coldest December since 2010 may tip storage into a deficit by Christmas,” trading firm EBW Analytics wrote in a note to clients. Fewer molecules with more demand equals higher prices. As for the spot price at trading hubs in the Marcellus/Utica region, averaging all of them together, the price closed yesterday at $4.74, nearly at parity with the Henry Hub spot price of $4.87. That’s unheard of!

US natural gas futures edge up to 35-month high on cold snap and near-record LNG export flows -US natural gas futures edged up about one per cent to a 35-month high on near-record flows of gas to liquefied natural gas (LNG) export plants and as extreme cold boosted heating demand and cash prices in several regions to their highest since last winter. Limiting Thursday's price increase for most of the trading day were a small weekly storage withdrawal, reduced forecasts for demand over the next two weeks, ample amounts of gas in inventory and lower prices in Europe and Asia. Front-month gas futures for January delivery on the New York Mercantile Exchange rose 6.8 cents, or 1.4 per cent, to settle at $5.063, their highest close since December 27, 2022 for a second day in a row. That kept the contract in technically overbought territory for a second day in a row and was the front-month's first close over the $5 per mmBtu level of psychological technical resistance since December 2022. Analysts noted that Thursday could be the coldest day in December. Meteorologists expect temperatures to average about 32 degrees Fahrenheit (0 degrees Celsius) on Thursday. In New England, extreme cold so far this week caused next-day gas prices to soar to $25 per mmBtu, their highest since February 2023. That compares with an average of around $5 so far this year and about $4 over the previous five years (2020-2024). Across the rest of North America, next-day gas prices jumped to their highest since February 2025 at the Henry Hub benchmark in Louisiana, in Pennsylvania, Chicago, New York and in Alberta in Canada. Financial firm LSEG said average gas output in the Lower 48 states slid to 109.4 billion cubic feet per day (bcfd) so far in December, down from a monthly record high of 109.6 bcfd in November. On a daily basis, output was on track to drop by about 3.1 bcfd to a three-week low of 108.2 bcfd on Thursday. It hit a daily record high of 111.3 bcfd on November 28. Most of the declines were in Pennsylvania, Texas and West Virginia. LSEG projected average gas demand in the Lower 48 states, including exports, would fall from 144.5 bcfd this week to 142.6 bcfd next week. Those forecasts were lower than LSEG's outlook on Wednesday. Average gas flows to the eight large liquefied natural gas (LNG) export plants operating in the US have dropped to 18.0 bcfd so far this month, down from a monthly record high of 18.2 bcfd in November. In LNG news, the US Federal Energy Regulatory Commission (FERC) on Thursday approved Golden Pass' request to introduce, "hazardous fluids into the boiloff gas and sendout compressors, the LNG storage tanks, and the LNG pumps and receive the LNG marine vessel (i.e. cooldown cargo)." Around the world, gas prices fell to a 19-month low of about $9 per mmBtu at the Dutch Title Transfer Facility (TTF) in Europe on hopes peace talks in Ukraine could result in the lifting of sanctions against Moscow. That could allow Russia, the world's second-biggest gas producer behind the US, to export more gas in the future. Elsewhere, prices at the Japan-Korea Marker (JKM) benchmark in Asia slid to a three-month low near $11 per mmBtu.

Reuters Predicts LNG Exports to Slow if Gas Price Remains High- Marcellus Drilling News -A commentator writing for Reuters warns that soaring U.S. natural gas prices and falling global values are squeezing profit margins for American LNG exporters, threatening future exports. The narrowing price gap between U.S. and European markets, driven by high domestic demand and global oversupply, has reached its lowest point since 2021. The prognosticator postulates that while immediate production cuts are unlikely, a surge in new global capacity by 2027 could force reductions in U.S. LNG exports. Furthermore, rising domestic prices pose a political challenge for President Trump, as his promise to lower consumer energy costs conflicts with market tightening driven by increased LNG exports and energy-intensive data centers

New EPA rule gives oil, gas firms more time to fix equipment leaking methane -On Nov. 26, the Environmental Protection Agency finalized a rule granting oil and gas operators more than a year in additional time to comply with mandates set by former President Joe Biden to replace leaky equipment and routinely monitor for escaped methane.The Trump administration said this rule will affect hundreds of oil and gas sources nationwide and save an estimated $750 million in compliance costs over roughly a decade."By finalizing compliance extensions, EPA is ensuring unrealistic regulations do not prevent America from unleashing energy dominance," said EPA Administrator Lee Zeldin in a statement.Methane is a potent greenhouse gas that warms the planet 80 times more than carbon dioxide in the short term. Oil and gas operations are the nation's top industrial source of methane, and the Biden era rules were designed to reduce its emissions, as well as those of volatile organic compounds including benzene, a known carcinogen. Environmental activists criticized the ruling. "This delay risks the health of millions of Americans living near oil and gas production and undermines progress by industry leaders," said Rosalie Winn, lead counsel for methane and clean air policy at the Environmental Defense Fund.The EPA first announced over the summer that it would be delaying pieces of the methane standards in an interim final rule, triggering a legal challenge by EDF and other green groups that is still pending.Although the EPA's update of the rule is limited to pushing back multiple compliance deadlines set in the original 2024 version, the agency has said it may reconsider more substantial parts of the rule later.This is the latest example of President Donald Trump's EPA rolling back industrial pollution controls set by the previous administration. In recent months, the agency has proposed giving coal-fired power plants more time to meet existing deadlines to regulate wastewater and delaying the phase-down of highly potent greenhouse gases used in refrigerators and air conditioners.

EPA now in charge of large SW Colorado gasoline spill - Nearly a year after a 97,000 gasoline pipeline spill polluted areas of southwestern Colorado, the U.S. EPA joined the cleanup effort and took control of operations. The December 2024 spill happened on the Southern Ute Reservation near Durango and became the largest such spill on record in Colorado. It even threatened the Animas River. The spill occurred on an Enterprise Products pipeline and initially was reported to involve 23,000 gallons of gasoline, but it was later revised to 97,000 gallons. The spill polluted five private wells and last week, the Environmental Protection Agency announced it would become involved. Details of the spill:

• Location: Southern Ute Reservation, near Durango, Colorado.
• Cause: A pipeline failure on December 5, 2024.
• Amount: Originally estimated at 23,000 gallons, but a later estimate is nearly 97,000 gallons, making it the largest refined gasoline pipeline spill in the state’s history.
• Contaminants: The spill released gasoline and other contaminants, including benzene, into the soil.
• Affected areas: The spill has impacted a portion of the Southern Ute Reservation and private property.
• Threat to water: The plume of gasoline is moving south and is threatening the Animas River, which is used for agriculture and recreation.
• Cleanup efforts: Cleanup is ongoing, with contractors excavating soil and using other methods to remove the gasoline.
• Contamination: At least five private residential wells have tested above acceptable limits for gasoline chemicals.
• Frustration: The Southern Ute Tribe has expressed frustration with the slow pace of the response and cleanup from both the company and the state.
• Monitoring: The state is expanding monitoring and installing additional treatment systems in the area.
• Federal involvement: Federal authorities are now watchdogging the cleanup progress.

The Southern Ute Drum reported on November 4, 2025, the Tribe expressed significant concerns with hazardous waste management, treatment, and storage related to the Enterprise remediation site to the EPA. In response to Tribal concerns, the EPA will ensure that the cleanup is performed in accordance with federal requirements and will also monitor Enterprise’s hazardous waste generator requirements, better known as Resource Conservation and Recovery Act (RCRA) compliance. The EPA has issued a notice of non-compliance to Enterprise regarding violations and safety concerns at the site, including hazardous waste characterization, storage and disposal. With hazardous waste stored near Reservation residents and the Animas River, continued delay puts people and the environment at unnecessary risk. The EPA, the Tribe, and CDPHE will conduct a joint inspection on December 2, 2025, to confirm if these issues have been rectified.

Pipeline that supplies fuel to SEA fully restored - The Olympic Pipeline line that supplies fuel to the Seattle-Tacoma International Airport (SEA) is fully operational after repairs were completed, BP Oil confirmed. A segment of the pipeline had been leaking petroleum near Everett. The leak was first discovered on Nov. 11. Governor Bob Ferguson said there are two lines in the Olympic Pipeline, and a leak was identified in the second one. “There are two lines in the Olympic Pipeline: One that delivers fuel to SeaTac and another that carries other types of fuel. BP, the pipeline owner, has identified a leak in the second line and confirmed there is no leak in the line that supplies SeaTac,” He noted there has not been a significant change in gas prices. “We are closely coordinating on the repair and subsequent environmental cleanup, as well as monitoring the impact on gas prices. So far, we have not seen a significant change in gas prices,” Ferguson wrote. Crews working on the Olympic Pipeline found the cause of its leak after more than a week after it was identified. The leak in the pipeline disrupted fuel supply to SEA, causing some flights to be rerouted or rescheduled. U.S. Senator Maria Cantwell stated in a news release that a blueberry farmer first identified the leak. According to BP, testing confirmed a leak in its 20-inch fuel pipeline. Crews are now working to repair the 20-inch segment and are developing plans for a partial restart. The Olympic Pipeline is a 400-mile pipeline system running from Whatcom County to Portland. The Olympic Pipeline transports refined petroleum products, including gasoline, diesel, and jet fuel, to terminal sites in Seattle, SeaTac, Tacoma, Vancouver, and Portland. Ferguson declared a state of emergency last week after a leak forced the shutdown of the Olympic Pipeline. The state of emergency is to ensure adequate jet fuel is delivered to SEA after a leak shut down the major fuel pipeline. The Olympic Pipeline, located near Everett, had a crack, prompting worries about delays in fuel distribution. The order temporarily waived and suspended state regulations limiting the number of hours commercial vehicle operators can drive when transporting jet fuel, Gov. Bob Ferguson’s office stated in a news release. The proclamation ensures safe-driving measures are in place. This leak was discovered during routine maintenance on the 20-inch pipeline between Everett and Snohomish. Early Sunday morning, Nov. 16, crews performed a leak test. Everything seemed to work, so they turned the pipeline back on, only to find more leaking the following day, shutting it down once more. “The release was first reported after discovery of sheen in a drainage ditch in an agricultural field,” BP stated. “Responders have deployed boom and oil recovery equipment to contain and clean up the released product.” Airlines operating at SEA received a warning, according to ABC News, that they may need to preserve their jet fuel due to the pipeline issue. “The Port of Seattle is aware of a continued disruption to the Olympic Pipeline that provides fuel around the region, including to SEA Airport,” the Port of Seattle stated. “Aircraft fueling is managed by the airlines, and there are no impacts to flights at this time. As the situation evolves, SEA operations is working closely with airline partners and Washington state departments on contingency plans.

Oil company asks feds to take over pipeline oversight from California - -- A company pushing to reopen a pipeline carrying oil from offshore drilling rigs to the California coast is attempting to transfer oversight of its infrastructure from Golden State regulators to federal officials.Sable Offshore notified the federal Pipeline and Hazardous Materials Safety Administration last week that the company had determined that its pipeline connecting the Santa Ynez Unit — a trio of platforms in federal waters off the Santa Barbara coast — to Kern County should be considered an interstate pipeline.Sable asked PHMSA to agree with its evaluation and provide the company with guidance on transitioning regulatory oversight from the California Office of the State Fire Marshal to the federal agency, according to a financial filing the company submitted Monday. If Sable’s effort is successful, it will effectively sidestep a California regulator that has signaled skepticism of the company’s reopening plan, landing instead with the Trump administration, which has expressed support for Sable and offshore drilling.

Glenfarne Lands Another Investment for Alaska LNG With Posco Partnership --Glenfarne Group LLC said Thursday it finalized a partnership with Posco International Corp., South Korea’s largest steel producer, to advance the Alaska LNG project. At A Glance:

• Partnership provides steel, investment
• Posco could purchase up to 1 Mt/y
• Texas LNG lands another offtaker

Senate poised to undo Biden ANWR drilling restrictions - The Senate on Wednesday moved to kill Biden-era oil and gas drilling limits in Alaska’s Arctic National Wildlife Refuge. The Congressional Review Act resolution, brought by Sens. Lisa Murkowski (R-Alaska) and Dan Sullivan (R-Alaska), passed an initial procedural vote 49-47. A final vote will happen as soon as Thursday. Maine Sen. Susan Collins was the only Republican to cross the aisle against the legislation. No Democrat voted in favor. S.J. Res. 91 targets the Biden administration’s land management plan for ANWR’s Coastal Plain. A companion measure, H.J. Res. 131, passed in the House last month.

Alaska Republicans push back on Trump offshore drilling plan - --Alaska’s Republican senators are splitting with the Trump administration over an expansive offshore lease plan that would open large swaths of the state’s waters to drilling. Sens. Lisa Murkowski and Dan Sullivan have both contacted the Interior Department after it proposed a new five-year lease schedule that would mandate 21 sales in Alaska waters, as well as expanded drilling in the Pacific and Gulf of Mexico, also known as the Gulf of America. The duo is particularly concerned with plans to drill in the Beaufort Sea, Chukchi Sea, Bering Strait and High Arctic, which the U.S. has recently claimed. They want the administration to instead focus on expanding drilling in Cook Inlet, in southern Alaska. Sullivan said he has already talked to Interior Secretary Doug Burgum and requested that lease sales not proceed in Arctic waters. The Alaska Republican said that he was particularly concerned that offshore drilling could hurt communities in the area that depend on fishing and whaling. “He was listening,” Sullivan said of Burgum. “I mean, what they wanted to do was put out an expansive plan and then they’re going to listen. I told him it was very important to listen to the communities.” Murkowski, similarly, said she had reached out to the Interior Department to share “concerns” with their plan. She cited the remoteness of the Arctic region, its limited infrastructure and lack of industry interest in the area as reasons why Interior should not proceed with sales in the area. “I appreciate where they’re going with putting everything on the table, but as we have seen with prior five-year lease sales, there have been recommendations that we take certain areas off the table,” Murkowski said in an interview. “I’m fully expecting that we’re going to be seeing some comments that will weigh in to that effect, and you’re going to see some of these areas taken off,” she added. Interior didn’t respond to request for comment.

Canadian LPG Stocks – Propane Stocks Tight Ahead of Heating Season; Near Record Drop for Butane | RBN Energy - Western Canada’s propane inventories at the end of October (red line and text in left hand chart below) were posted at 6.5 MMbbl, with a greater than seasonal average decline of 0.6 MMbbl versus September and stand 1.4 MMbbl (-17%) below the five-year average (blue line) according to data from the Canada Energy Regulator (CER). The larger than average decline in the month appears to be a combination of seasonally higher shipments by rail and production which declined slightly versus September. Weather was certainly not a factor with Western Canada recording population weighted heating degree days (a measure of how cold was the weather) in October that were slightly lower than a year ago and 15% and 18% below the 10- and 30-year averages, respectively. In Eastern Canada (right hand chart above) October propane stocks landed at 3.4 MMbbl, with a larger than seasonal increase of 0.3 MMbbl versus September and were 1.4 MMbbl (-29%) below the five-year average (blue line). October’s heating degree days in Eastern Canada were slightly above the year ago reading and 7% and 18% less than the 10- and 30-year averages, respectively. Butane stocks in Western Canada (red line and text in left hand chart above) plunged a much a greater than average 1.0 MMbbl in October to 4.0 MMbbl and were 0.7 MMbbl (-15%) below the five-year average (blue line). Expressed as a daily rate, this is a reduction of 34 Mb/d, the third largest daily rate of decline on record for any month. Butane stocks in Eastern Canada fell a less than seasonal average 0.2 MMbbl to 3.2 MMbbl and stand 0.2 MMbbl (+5%) above the five-year average (right hand chart). The very sharp decline in Western Canada’s butane stocks appears to have been a combination of stronger rail shipments, with the Alberta Energy Regulator (AER) reporting Alberta’s U.S.-bound exports at 32 Mb/d in October, their highest rate since January 2019, as well as record demand in Alberta, possibly related to strong uptake by Keyera’s Alberta EnviroFuels plant, a producer of iso-octane, for which butane is a key ingredient.

Western Canada Sets Monthly Gas Production Record - Western Canada’s natural gas production established a monthly average record in November 2025 at 20.2 Bcf/d (red column in chart below) according to data published in RBN’s Canadian NatGas Billboard. This latest high comes after a very strong recovery in supplies since the end of September when some producers shut in production in response to extremely low prices. With a sharp recovery in prices since late October, wellheads were reactivated and have combined with output from newer wells to send production to the record high. Recent daily data continues to trend at or just above 20 Bcf/d. With RBN’s current assessment that output in December will average 20.2 Bcf/d, this would bring the calendar year average production rate to a record 19.3 Bcf/d (green column in chart below) and 1 Bcf/d higher than 2024. Such an increase, if realized, would be close to our assessment made earlier this year that supplies could rise in the range of 1.2 Bcf/d in response to rising demand in Alberta and for shipment of gas to LNG Canada which entered service in June 2025.

Alberta October Crude Oil Production Down on Oil Sands Turnarounds - Alberta’s crude oil output in October 2025 dipped to 4.14 MMb/d (height of stacked columns inside dashed rectangle in chart below), the second highest level for the month, a small loss of 0.08 MMb/d versus September and a slight 0.01 MMb/d less than a year ago according to data released by the Alberta Energy Regulator (AER). November was only the third year-on-year loss recorded for production since October 2023. The monthly decline was driven by a reduction in the output of non-upgraded bitumen (green columns) to 2.13 MMb/d, a loss of 0.14 MMb/d versus September. Some offset was provided by a small increase in synthetic crude oil (red columns) of 0.05 MMb/d to 1.36 MMb/d, with other production categories marginally higher month-on-month. The reduction in non-upgraded bitumen was linked to the winding down of turnaround work, primarily at Suncor’s MacKay River and Firebag oil sands sites. With production down but Alberta’s refinery demand and oil shipments from the province both higher, stocks of crude oil fell in the month by 1.8 MMbbl to 59.8 MMbbl, representing a rare decline in a month that is typically tied to oil stock increases. The reduction also lowered the days of forward cover to 12.0 days (green arrow and text in chart below) and just one day higher than the 15-year low of 11.0 days recorded in February 2025 (represented by the red dashed line). This metric, a measure of the number of days that Alberta demand and shipments from the province could be sustained from oil inventories alone, has remained near its lowest levels since 2010 thanks to higher crude oil exports in the past year, primarily related to the Trans Mountain Pipeline expansion. Year-to-date average oil production stands at a record 4.10 MMb/d, ahead of 2024’s full-year average of 3.98 MMb/d. RBN is expecting that Alberta’s average oil output in 2025 will rise 0.16 MMb/d to 4.14 MMb/d as expansion work continues in the oil sands, primarily related to the production of non-upgraded bitumen. More recent, but indirect high frequency data suggests that the output of oil sands bitumen may have reached a record in November, ahead of the current record holder of July 2025 at 2.31 MMb/d.

Ocean conservation charity loses High Court bid over oil and gas licences - An ocean conservation charity has lost a High Court challenge against the Government over nearly 30 oil and gas licences granted last year.Oceana UK brought legal action against the Department for Energy Security and Net Zero (DESNZ) and the North Sea Transition Authority (NSTA), saying they had not properly assessed the impact of climate change and accidental spills when granting the licences.DESNZ and the NSTA said the licences are only for exploration and that further assessments will be carried out before final consent to extract is given, and that its approach is lawful. On Friday, Mr Justice Mould dismissed the claim, ruling that the 28 licences for oil and gas exploration are lawful.In his written judgment, Mr Justice Mould said: “The evidence before the court establishes that licensed oil and gas activities in the United Kingdom continental shelf carry with them the risk of accidents, including oil and chemical spills and, at least in principle, of a major polluting or contaminating event. “Oil spills and chemical discharges do occur.” He added that it was nevertheless reasonable for the body, which carried out the assessments, and DESNZ to “approach the task of appropriate assessment on the basis that accidental events, including spills, are ‘not part of the work plan’”. Mr Justice Mould continued: “The approach to assessment of that risk was properly precautionary.” At a hearing in March, Zoe Leventhal KC, for Oceana, told the court in London that many of the 28 licences awarded in May last year overlap with protected zones in three areas – west of the Shetlands, the North Sea and the Irish Sea. She told the court that harbour porpoises, puffins and pink-footed geese are among the species which could be affected. Rose Grogan, for DESNZ and the NSTA, said in written submissions that Oceana was taking a “scattergun approach” to its legal challenge. She said expert advice was “considered in detail” and “legitimate disagreements were reached”, and asked the court to dismiss Oceana’s claim. Hugo Tagholm, executive director of Oceana UK, said: “Legally, the government’s decision to grant these licences stands, but morally, it will never be right.”

EU Reaches Deal to Permanently Ban Russian Natural Gas, Further Lifting U.S. LNG Outlook -- The European Union (EU) has agreed to permanently ban all Russian natural gas imports in a deal that also moves up the timeline for phasing out supplies. A North America LNG Export Flow Tracker graphic dated Dec. 3, 2025, showing U.S. LNG export volumes by facility, daily delivery totals, and a bar chart of flows from Nov. 24 through Dec. 3. The image lists major U.S. LNG terminals—including Corpus Christi, Freeport, Golden Pass, Calcasieu Pass, Cameron, Plaquemines, Sabine Pass, Elba Island and Cove Point—with deliveries, operational capacity and utilization rates. A U.S. map highlights LNG facility locations across Texas, Louisiana, Georgia, Maryland, plus planned sites in Canada and Mexico. The bar chart shows daily LNG feed gas volumes fluctuating between roughly 18.4 and 19.3 million Dth. At A Glance:
Deal establishes long-term ban
LNG import phase out to come sooner
U.S. currently providing most EU LNG

Ukraine’s DTEK Negotiating for More U.S. LNG as Russia Bombards Energy Infrastructure -- More U.S. LNG has been delivered to Ukraine as the country looks to secure additional fuel for the winter amid Russian attacks that have increasingly targeted energy infrastructure. Table showing U.S. Gulf Coast LNG netback prices as of December 1, 2025, detailing monthly forward values for JPN/KOR, NBP, and TTF benchmarks, estimated shipping costs from the Gulf Coast, calculated netbacks, Henry Hub futures comparisons, and margins across the 12-month strip, with netbacks mostly in the mid-$8s/MMBtu and margins generally above $4/MMBtu. At A Glance:
DTEK estimates up to 141 Bcf needed
Other Ukrainian buyers lining up deals
U.S. deliveries to Europe continue increasing

Congo LNG Set to Tip Global Supply Balance in 2026 With Phase 2 Ahead of Schedule - Eni SpA said this week that the second phase of its Congo LNG export facility is on track to ship the first cargo ahead of schedule early next year, adding to a growing list of projects poised to send more of the super-chilled fuel into the global market.At A Glance:

• First cargo targeted for early 2026
• 9 Bcf/d of new supplies coming to market
• International prices under pressure

Vietnam supports oil and gas cooperation expansion with Russia - Vietnam supports and will continue to facilitate the expansion of oil and gas cooperation with Russia, particularly through the joint ventures Vietsovpetro and Rusvietpetro, Prime Minister Pham Minh Chinh told Sergei Kudryashov, General Director of Russia’s oil and gas company Zarubezhneft. Vietnamese Prime Minister Pham Minh Chinh (R) receives Sergei Kudryashov, General Director of Russia’s oil and gas company Receiving the General Director in Hanoi on November 27, the Prime Minister emphasised that oil and gas cooperation has always been one of the most important pillars of the Comprehensive Strategic Partnership between Vietnam and Russia. He noted that joint projects between the Vietnam Oil and Gas Group (PVN) and Zarubezhneft not only generate strong economic benefits but also help reinforce strategic trust, enhance energy security, and improve Vietnam’s technological capacity. The Vietnamese Government has adopted various agreements and intergovernmental protocols to support the operations of the joint ventures and will continue addressing obstacles in the spirit of friendship and mutual benefit, the PM told his guest. He said relevant ministries and agencies are reviewing new proposals from PVN and Zarubezhneft, and welcomed Russia’s interest in participating in additional energy and oil–gas projects beyond the Vietsovpetro framework. He asked both sides to accelerate the implementation of signed documents, maintain regular working mechanisms, support Rusvietpetro in expanding its operations in Russia, and consider accessing new oil and gas fields and nearby potential blocks. Emphasizing that Vietnam–Russia oil and gas cooperation can grow along the entire value chain, the Prime Minister called for further collaboration in areas such as LNG, LNG port and storage infrastructure, LNG supply chains, as well as greater technology transfer and joint development of oil and gas services in third countries. For his part, Kudryashov expressed the company’s desire to expand oil and gas projects with PVN, while also broadening cooperation into other sectors such as energy and minerals. He revealed Zarubezhneft’s ambition to develop an energy centre in Vietnam.

Senegal moves to stop potential oil spill - Authorities in Senegal have launched urgent measures to prevent a potential oil spill after water entered the engine room of the Panamanian-flagged oil tanker Mersin off the coast of Dakar, the port authority said on Sunday. The vessel is owned by Turkey's Mersin Shipping Inc and managed by Besiktas Shipping, according to data from the London Stock Exchange Group. The incident, which led to the vessel issuing a distress signal, occurred overnight from 27 to 28 November, prompting the deployment of tugboats and specialised teams from Senegal's navy and maritime authority, the port authority said. Authorities did not give details about the incident. All crew members were safely rescued with no reported injuries, it said. "Authorities are working to stabilise the vessel, prevent hydrocarbon leaks, and mitigate environmental risks," Dakar's port authority said in the statement. It added that immediate measures included stopping the leak, transferring the fuel cargo, and deploying an anti-pollution boom around the tanker as a precautionary step. Images of the vessel shared online showed its stern close to the waterline, which could indicate it is carrying a full cargo or experiencing flooding. Reuters has not independently verified the images.

OPEC+, Kazakhstan Halt Planned Oil Output Rise - --OPEC+ members, including Kazakhstan, have agreed to halt their planned oil output increases in early 2026. OPEC+ decided to pause planned oil production increases for January, February, and March 2026, citing seasonal trends and shifting global market conditions, The Caspian Post informs via Kazakh media.The decision came after a virtual meeting of key producers - includingSaudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman - where members reviewed the economic outlook and agreed to take a cautious approach.. The group has been steadily boosting output each month since April, but officials say flexibility is crucial as demand patterns change. OPEC+ will reconvene on January 4, 2026, to reassess the situation and determine next steps. This comes after the alliance approved a 137,000 barrels-per-day increase for December, reflecting ongoing efforts to balance global supply and demand.

Oil India commences offshore drilling in Kerala-Konkan basin --Energy sector major Oil India Limited has commenced a landmark offshore drilling campaign in the Kerala-Konkan Basin by spudding the first well, Union Minister for Petroleum and Natural Gas Hardeep Puri announced on Saturday. He termed this landmark development an inspirational stride in India's energy journey guided by the vision of Prime Minister Narendra Modi. This frontier Category-III basin holds immense potential, and the planned 6000 m deep well to be drilled 20 nautical miles offshore will be among the deepest offshore wells in Indian waters (/topic/indian-waters),  nautical miles offshore will be among the deepest offshore wells in Indian waters (/topic/indian-waters), Minister Puri wrote on X. "With over 1,028 sq. km of 3D seismic survey already completed, this campaign will probe key Cretaceous plays (/topic/cretaceous-plays) and strengthen India's pursuit of new energy frontiers," the brief X post concluded. As per estimates, India today imports 80 per cent of its oil and 50 per cent of its natural gas needs. India is now importing oil and gas from as many countries as possible to meet its demand. India is putting in all kinds of effort to ramp up its own traditional fossil-based energy production, and the latest push is to dig deep in the Andaman region. Union Petroleum and Natural Gas Minister, Hardeep Puri, had earlier this year asserted that the exploration in the Andamans is pointing to "good news" and may end up becoming India's 'Guyana moment'. He had noted that a large expanse of sea beds untapped and unexplored. Earlier this month, Oil India Limited (OIL) and TotalEnergies inked a "Technology Service Agreement" here in the national capital to strengthen strategic collaboration for exploration activities in deep and ultra-deepwater offshore frontiers of Indian sedimentary basins, including the stratigraphic wells as mandated by the Indian government. The agreement puts in place a framework to leverage TotalEnergies' world-class expertise in Deep and Ultradeep water exploration value chain across OIL's current and future Offshore portfolio. India has about 3.5 million square kilometres of sedimentary basin, but it was never explored beyond eight per cent area, keeping a large expanse of sea beds untapped and unexplored.

OPEC+ Keeps Oil Output Steady and Approves Historic Capacity Mechanism -- At its Sunday meeting, OPEC+ reaffirmed its decision to keep oil production levels unchanged for the first quarter of 2026 and formally approved a long-debated process to reassess member production capacities for future quotas. The production decision aligned closely with expectations set by delegates, who signaled that the group would pause further supply increases amid concerns about a potential glut. The most significant development in the statement concerns future production baselines. Building on the mandate established at the 39th meeting, OPEC+ announced that it had approved a new mechanism to assess each participating country’s maximum sustainable production capacity. These assessments, which will take place over most of 2026, will form the reference point for 2027 production quotas. This mechanism has been central to internal debates for several years, especially among members such as the UAE that argue their rising capacity is not adequately reflected in current baselines. The mechanism will cover 19 of the group’s 22 members, with special considerations for sanctioned producers, and will be carried out between January and September 2026. Commenting on the mechanism, Saudi Arabia's Energy Minister said, "I care about transparency first and foremost, and the world to know what is left, and act accordingly… being transparent serves us all to bring things into perspective.” Market reaction to the meeting was muted but positive, with oil prices trading higher in early Asian trade. At the time of writing, Brent crude had risen 1.22% to $63.14 per barrel, while West Texas Intermediate had increased 1.25% to settle at $59.28. Traders had largely anticipated a status quo decision, and the modest uptick reflected relief that the group was not introducing fresh barrels into a market that analysts say is showing increasing signs of oversupply. By keeping production levels unchanged, OPEC+ is signaling its reluctance to add barrels at a time when analysts have repeatedly warned of a “looming glut.” The group has already restored roughly 2.9 million barrels per day of supply since April 2025, but continues to hold about 3.24 million bpd of output cuts in place. Those cuts include 1.24 million bpd of 'voluntary cuts' and a further 2 million bpd of baseline cuts that have been in place since 2022. The combination of sticking to its production policy and approving a framework for future quota-setting reflects the group's desire to reduce volatility. The new capacity-assessment mechanism in particular will shape the political landscape inside OPEC+ over the next year, as countries prepare for contentious negotiations over 2027 baselines. Angola’s 2024 exit from the group over its assigned quota remains a reminder that mismanaging this process can carry real costs.

Oil Holds Firm in Asia as Sanctions Offset Diplomacy-Driven Optimism - Crude oil prices advanced in early Asian trade as geopolitical risk remained a central market driver. The energy sector is reacting to renewed optimism around Russia-Ukraine peace negotiations, while strict U.S. sanctions on Russian energy continue to cap the downside for prices. The immediate opportunity lies in the resilience of front-month WTI and Brent futures, with short-term price floors hardening despite fragile demand expectations. The market response reflects a dual narrative. On one hand, diplomatic progress between the U.S., Ukraine, and Russia is fueling cautious optimism that supply disruption risks could moderate. Negotiators described the weekend peace talks as productive, with U.S. envoys preparing for further discussions in Moscow. Markets interpret this as a potential reduction in geopolitical premium if talks gain traction. However, this optimism is tempered by structural supply constraints stemming from ongoing U.S. sanctions on Russian energy companies. These measures restrict Russian export volumes and reinforce a floor under prices. Energy traders view sanctions as a longer-lasting constraint than uncertainty around negotiations. As a result, risk premiums are now being shaped more by policy restrictions than conflict volatility. This shift in drivers is significant. The market is no longer pricing oil purely on the probability of a ceasefire. Instead, it is recognizing that even in scenarios of diplomatic progress, Western sanctions are likely to persist, limiting Russian supply back to global markets. That creates a medium-term structural support for prices, particularly for benchmark contracts such as WTI and Brent. Front-month WTI crude futures rose 1.25 percent to $59.28 per barrel. Brent futures gained 1.2 percent to $63.13 per barrel. These modest but consistent moves show that the geopolitical risk premium remains embedded in prices, even as negotiations progress. The price resilience underscores that sanction-driven supply constraints are being treated by traders as the dominant factor over peace expectations. For investors, the price action signals controlled risk rather than heightened volatility. This suggests that while upside momentum may stay limited without clear supply disruptions, downside pressure is also contained unless sanctions materially ease. Energy equities and oil-linked ETFs could benefit from this stability in the near term, particularly if broader risk sentiment remains constructive on diplomatic momentum. In the short term, developments from Moscow talks will dictate sentiment. A breakthrough could temporarily reduce the conflict premium, but without changes to sanctions, price floors remain intact. The base case is for WTI to hold within the high-50s to low-60s range, supported by policy constraints and seasonal demand trends. The alternative scenario centers on policy adjustments. If the U.S. signals openness to easing energy sanctions contingent on peace progress, oil could retrace toward pre-conflict levels. However, this remains a low-probability scenario in the near term given political positioning and strategic leverage considerations. Medium-term focus will shift to OPEC+ production guidance and inventory data trends, which would either reinforce the current support range or test whether geopolitical resilience can withstand weaker demand signals.

Oil climbs over $1 a barrel on OPEC action, Ukraine attack - Oil prices rose $1 a barrel on Monday following drone attacks by Ukraine, the closure of Venezuelan airspace by the United States, and OPEC’s decision to leave output levels unchanged in the first quarter of 2026. Brent crude futures advanced $1, or 1.6%, to $63.38 a barrel by 9:14 a.m. CDT (1514 GMT). U.S. West Texas Intermediate crude gained 94 cents, or 1.61%, to $59.49 a barrel. “Ukrainian drone attacks on Russian shadow fleet as well as a commitment by OPEC to maintain current production levels has the market in an optimistic state,” “This comes as global oil demand continues to rise despite the negativity that we continue to hear on the demand side of the equation.” The Caspian Pipeline Consortium, which carries 1% of global oil, said on Saturday that one of the three mooring points at its Novorossiysk terminal had been damaged, halting operations. But Chevron, a CPC shareholder, said late on Sunday that loadings were continuing at Novorossiysk. Usually, two moorings are engaged in loadings, while one is used as a backup. The attacks on the CPC export terminal drove oil prices higher, UBS analyst Giovanni Staunovo said. They came as Ukraine stepped up its military operations in the Black Sea and hit two oil tankers, which were heading to Novorossiysk. Meanwhile, the Organization of the Petroleum Exporting Countries and its allies initially agreed on a pause in early November, slowing a push to regain market share with looming fears of a supply glut. “For some time, the narrative has centred on an oil glut, so OPEC+’s decision to maintain its production target provided some relief and helped stabilise expectations for supply growth in the coming months.” Brent and WTI crude futures settled lower on Friday for the fourth straight month, their longest losing streak since 2023, as expectations for higher global supply weighed on prices. On Saturday, U.S. President Donald Trump said “the airspace above and surrounding Venezuela” should be considered closed, sparking fresh uncertainty in the oil market, as the South American nation is a major producer. Trump on Sunday said he had spoken to Venezuelan President Nicolas Maduro but did not give details.

The Crude Market Trended Higher Following a Pipeline Drone Attack -- The crude market continued to trend higher on Monday following a drone attack on the Caspian Pipeline Consortium, while OPEC+ agreed to leave oil output levels unchanged for the first quarter of next year. The market, which posted a low of $58.83 on the opening, traded higher in overnight trading, posting a high of $59.97, on the news that one of three mooring points at the Caspian Pipeline Consortium’s Novorossiisk terminal had been damaged causing a temporary halt in operations. Also, the market was well supported after the OPEC+ meeting on Sunday reaffirmed its plan to pause production increases in the first quarter. The market also remained supported by U.S.-Venezuela tensions after President Donald Trump on Saturday said “the airspace above and surrounding Venezuela” should be considered closed. However, the oil market erased some of its gains, following the news that some loadings were continuing at the Novorossiisk terminal, and traded back towards its low, where it continued to hold support. The market traded back towards $59.60 and settled in a sideways trading range during the remainder of the session. The January WTI contract settled up 77 cents at $59.32 and the January Brent contract settled up 79 cents at $63.17. The product markets ended the session higher, with the heating oil market settling up 3.69 cents at $2.34 and the RB market settling up 4.74 cents at $1.8689. Russia’s Deputy Prime Minister, Alexander Novak, said that the situation on the global oil market is stable on the whole, though there is some volatility and risks related to geopolitics. He also said that oil demand is lower in the winter season. Ukraine’s President Volodymyr Zelenskiy said tough issues have yet to be resolved after U.S. and Ukrainian officials held talks in Florida. In Paris, Ukraine’s President received a show of support from French President Emmanuel Macron on Monday, and will head to Ireland on Tuesday. Ukraine’s Defense Minister was due in Brussels for meetings with NATO. Meanwhile, U.S. envoy, Steve Witkoff was headed to Moscow, where he will meet Russian President Vladimir Putin on Tuesday. BP said its Olympic Pipeline system returned to full service over the weekend following a leak first reported in early November. It said nearly 2,300 gallons of refined products had been recovered as of Saturday, but the total amount of leaked product was still being assessed. IIR Energy reported that U.S. oil refiners are expected to shut in about 54,000 bpd of capacity in the week ending December 5th, increasing available refining capacity by 133,000 bpd. Offline capacity is expected to remain unchanged at 54,000 in the week ending December 12th. On Friday, the EIA reported that U.S. crude oil output in September increased to a record high of 13.844 million bpd from 13.8 million bpd in August. Oil output in New Mexico reached a record 2.351 million bpd, while output from the federal offshore Gulf region increased to 1.983 million bpd in September, the highest level since February 2020. U.S. crude oil exports in September increased to 4.159 million bpd from 3.52 million bpd in August.

Oil Prices Rise Amid Geopolitical Risks and US Inventory Uncertainty | Ukraine news - Oil prices on Tuesday, December 2, 2025, edged up slightly at the start of trading amid assessments of geopolitical risks: possible strikes on Russian energy facilities, tensions between the United States and Venezuela, and mixed expectations for fuel inventories in the United States. Brent crude futures rose by 7 cents, or 0.1%, to $63.24 per barrel, while West Texas Intermediate (WTI) crude climbed by 10 cents, or 0.2%, to $59.42 per barrel. On Monday, prices for both crude grades rose by more than 1%, with WTI even approaching its two-week high. “Oil prices rose as traders expect actions from President Trump regarding Venezuela and assess the damage inflicted on oil terminals in the Black Sea” – Saxo. In addition, ambiguous forecasts for U.S. crude oil and petroleum product inventories somewhat affected prices. A preliminary survey among four analysts indicated that U.S. crude inventories were shrinking, but inventories of petroleum products rose during the past week. Analysts note that the further price dynamics will depend on developments on the geopolitical stage and on fresh data regarding demand and supply, as well as potential U.S. decisions regarding Venezuela and the restoration of supplies. A moderate pace is expected to persist under a stable balance between demand and supply in the global market. All factors indicate that oil prices remain sensitive to external risks: any news concerning energy infrastructure and geopolitical developments can quickly shift investor sentiment and price dynamics in the near term. After recent moderate gains, market participants anticipate further moves by global players and new data on inventories in the United States.

Oil Prices Soften as Markets Shrug Off Supply Risks -- Oil prices fell Tuesday, Dec. 2, morning, relinquishing some of the gains made on the back of growing supply risks. The NYMEX WTI contract for January delivery fell $0.30 bbl to $59.02 bbl, and ICE Brent for February delivery retreated $0.32 to $62.85 bbl. January RBOB gasoline futures softened $0.0188 to $1.8501 gallon, and front-month ULSD futures dropped $0.0288 to $2.3112 gallon. The U.S. Dollar Index was little changed, down 0.037 points to 99.325 against a basket of foreign currencies. Oil prices have been supported by a growing geopolitical risk premium amid intensifying attacks on Russian energy infrastructure, new sanctions, and mounting U.S. pressure on oil producer Venezuela. Kazakh crude oil exports were halted for one day over the weekend after a drone attack damaged a mooring at their Black Sea terminal. On Tuesday, another tanker was struck mid-voyage after loading cargo in Russia, marking the fourth attack on a Russia-linked tanker in less than a week. Despite the increased risk of supply outages, market sentiment remained bearish as the global crude oil balance is increasingly tilting toward oversupply. New supply additions have dwarfed demand growth this year, and oil producers in the Middle East still have access to ample idle spare capacity. Barring a major disruption to global supply, geopolitical risks will continue to have a limited and short-lived impact on price.

Oil eases amid uncertainty around Russia-Ukraine peace plan, oversupply worries (Reuters) - Oil prices declined 1% on Tuesday as markets weighed faltering Russia-Ukraine peace hopes against fears of oversupply. Brent crude futures settled 72 cents lower, or 1.14%, at $62.45 a barrel, while U.S. West Texas Intermediate crude was down 68 cents, or 1.15%, at $58.64 a barrel. Both benchmarks advanced more than 1% on Monday. Investors turned their focus to the Russia-Ukraine peace talks as Russian President Vladimir Putin met with U.S. President Donald Trump's special envoy Steve Witkoff and son-in-law Jared Kushner in the Kremlin on Tuesday. “Oil prices are in check on expectations for a breakthrough in Ukraine peace talks that could lift restrictions on Russian supplies,” said Clayton Seigle, senior fellow at the Center for Strategic and International Studies. “But those hopes are likely to be dashed, and the market will be facing even more disruption risks as energy remains under fire by both sides.” Just before the meeting, Putin warned European powers that if they started a war with Russia, Moscow was ready to fight. Putin also threatened to sever Ukraine's access to the sea in response to drone attacks on tankers of Russia's "shadow fleet" in the Black Sea. Putin is set to start a two-day visit to India starting on Thursday, pitching more sales of Russian oil, missile systems and fighter jets in a bid to restore energy and defense ties hit by U.S. pressure on the South Asian nation. "The mixed rhetoric caused a little shakedown in oil, initially showing confidence that Russia will continue to be a supplier of oil to India," said Phil Flynn, senior analyst with Price Futures Group. However, Putin's comments signalled that the peace deal may not be as close as the market would have hoped, Flynn said. The latest concerns about oversupply, which put pressure on prices, have been balanced by attacks on Russian infrastructure over the weekend and tensions between the U.S. and Venezuela. On Monday, the Caspian Pipeline Consortium said it had resumed oil shipments from one mooring point at its Black Sea terminal following a major Ukrainian drone attack on Saturday.A Russia-flagged tanker loaded with sunflower oil reported a drone attack off the Turkish coast on Tuesday. Trump said over the weekend that the airspace above and surrounding Venezuela should be considered closed, sparking fresh uncertainty in the oil market, as the South American nation is a major producer. OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026 at its meetings on Sunday as the group slows its push to regain market share, amid fears of a looming supply glut. U.S. crude stocks rose by 2.48 million barrels in the week ended November 28, while gasoline inventories rose by 3.14 million barrels and distillate inventories rose by 2.88 million barrels from a week earlier, sources citing American Petroleum Institute figures on Tuesday..

Oil Prices Fall on Weak Demand Amid Anticipation of Ukraine Peace Efforts -- Oil prices fell for the second consecutive day on Wednesday as investors awaited the outcome of peace talks between Russia and Ukraine, amid broader concerns over supply surpluses and rising inventories. Brent crude futures dropped 13 cents, or 0.21%, to $62.32 per barrel by 02:21 GMT, after falling 1.1% in the previous session. West Texas Intermediate (WTI) lost 12 cents, or 0.20%, to $58.52 per barrel following a 1.2% decline on Tuesday. The Russian government stated Wednesday that Russia and the United States had not reached a compromise on a potential peace agreement to end the war in Ukraine, after a five-hour meeting at the Kremlin between President Vladimir Putin and US envoys of President Donald Trump. Oil markets are closely monitoring the talks to determine whether any agreement would lead to the lifting of sanctions on Russian companies, including oil giants Rosneft and Lukoil. Tony Sycamore, a market analyst at IG, said in a note that despite concerns that the talks might end without a decisive outcome, “oversupply fears and weak demand continue to pressure crude oil prices, which need to stay above mid-$50 support levels to avoid further declines.” The Ukraine conflict, ongoing since Russia’s 2022 invasion, has seen Ukraine regularly target Russian oil infrastructure with drone strikes. Recent attacks on export sites along Russia’s Black Sea coast have highlighted the geopolitical risks stemming from the war. According to market sources citing data from the US Energy Information Administration (EIA), US crude and gasoline inventories rose last week. Crude stocks increased by 2.48 million barrels in the week ending November 28, gasoline stocks rose by 3.14 million barrels, and distillate inventories grew by 2.88 million barrels.

Oil prices rebound as U.S.-Russia peace talks stall and supply risks intensify -Global oil prices climbed on Wednesday, recovering from the previous session’s decline, after high-stakes U.S.-Russia discussions ended without progress and fresh geopolitical risks resurfaced in the market.By 08:05 ET (13:05 GMT), Brent futures for February delivery were up 1.1% at $63.15 per barrel, while WTI rose 1.3% to $59.38. Both benchmarks had slipped more than 1% on Tuesday, but the renewed wave of geopolitical tension quickly restored upward pressure on crude. A late-night meeting in Moscow between Russian President Vladimir Putin and U.S. envoys Steve Witkoff and Jared Kushner ended without meaningful progress toward ending the conflict in Ukraine. Despite describing the talks as “constructive,” Kremlin adviser Yuri Ushakov noted that critical disagreements, particularly over the status of the Donbas region, remain unresolved.The lack of movement reaffirmed what analysts have warned for months: the oil market does not expect a peace deal anytime soon. Goldman Sachs highlighted that traders and prediction platforms continue to assign a low probability to a near-term resolution or any removal of sanctions on Russian crude.The broader security environment in the region added further support to prices. Ukrainian forces intensified strikes on Russian energy infrastructure, renewing concerns about potential disruptions to crude and fuel flows. These ongoing attacks maintain a geopolitical risk premium around oil, even as diplomatic channels reopen.ING analysts also noted rising maritime tensions. Moscow has warned it may begin targeting vessels belonging to nations supporting Ukraine, a threat emerging just days after Ukrainian strikes on Russian naval assets. Any escalation at sea could complicate global shipping routes and put renewed pressure on supply chains.Market sentiment was also influenced by fresh data from the American Petroleum Institute (API). The week ending November 28 saw U.S. crude inventories fall by 2.48 million barrels, a notably sharper draw than the prior week. Such declines typically signal stronger demand or tightening supply, both of which lean bullish for oil markets.However, traders remain cautious ahead of official data from the U.S. Energy Information Administration (EIA). The upcoming report will offer key insights into gasoline and distillate stock movements, which could either reinforce or temper Wednesday’s rebound.Market participants are now positioning around three major forces: stalled diplomacy, heightened geopolitical threats, and U.S. inventory dynamics. With none of these factors showing signs of quick resolution, volatility is expected to persist, and any new developments on the Ukraine war front could rapidly shift price momentum.

WTI Holds Gains As Cushing 'Tank Bottoms' Loom; US Crude Production At Record High -- Oil prices are higher this morning after API's report showed crude inventories fell last week, while negotiations to end Russia's war on Ukraine failed to reach an agreement. Prices have stuck in a narrow range in recent weeks as geopolitical concerns have countered rising supply as OPEC+ returned 2.6-million barrels of production cuts to market amid increasing production outside of the cartel. But, a lack of progress in U.S.-led negotiations to reach a peace deal between Ukraine and Russia and the Trump Administration's military build up off Venezuela continue to command a risk premium for the commodity. "Traders weighed prospects for an end to the war in Ukraine while watching for Trump's next moves on Venezuela. Ahead of today's EIA report, the API said US crude stockpiles rose by 2.5 million barrels last week. Overall, Brent and WTI remain confined to tight ranges as ample global supply continues to offset geopolitical risk," Saxo Bank noted. Will the official data confirm API's draw? API

• Crude -2.48mm
• Cushing -89k
• Gasoline +3.1mm
• Distillates +2.88mm

DOE:

• Crude +574k
• Cushing -457k
• Gasoline +4.518mm - biggest build since May
• Distillates +2.059mm

The official report was delayed but once it hit, it showed a small crude build (as opposed to API's reported draw). Products saw big builds (Gasoline largest weekly add since May) and Cushing stocks fell for the 4th straight week... Graphics Source: Bloomberg. Cushing's ongoing draws leave stocks near 'tank bottoms' once again... US Crude production hovers near record highs despite the rapid decline in rig counts... WTI is holding gains after the delayed data...

The Market Weighed Builds in U.S. Oil Inventories - The crude market on Wednesday posted an inside trading day as it failed to find momentum in either direction as the market weighed builds in U.S. oil inventories against the news that U.S. and Russian officials failed to reach a compromise on a potential Ukraine peace deal. The oil market posted a low of $58.37 in overnight trading amid an unexpected build in crude stocks of over 2.4 million barrels reported by the API late Tuesday. The market, which held support at its previous low, rallied higher on news that there was no breakthrough in the peace talks to end the war in Ukraine. The crude market traded to a high of $59.64 by mid-morning. However, the market erased some of its gains after the EIA also reported builds across the board. The January WTI contract settled up 31 cents at $58.95 and the February Brent contract settled up 22 cents at $62.67. The product market settled in negative territory in light of the builds in distillates and gasoline stocks, with the heating oil market settling down 1.19 cents at $2.3008 and the RB market settling down 31 points at $1.8272. The EIA reported that U.S. crude and fuel inventories built last week as refining activity increased. Crude inventories increased by 574,000 barrels to 427.5 million barrels in the week ended November 28th. Refinery crude runs increased by 433,000 bpd in the week, while refinery utilization rates increased by 1.8 percentage points in the week to 94.1%. U.S. East Coast refining utilization increased to the highest level since January 2023, while U.S. Gulf Coast refining utilization rate increased to the highest level since June 2023. Net U.S. crude imports fell 470,000 bpd to 2.37 million bpd. U.S. crude oil imports from Mexico fell by 431,000 bpd to a weekly record low of 131,000 bpd in the week ended November 28th. On Wednesday, a White House official said U.S. envoys Steve Witkoff and Jared Kushner briefed President Donald Trump and Ukrainian officials after a “thorough, productive meeting” with Russian President Vladimir Putin in Moscow on Tuesday. Meanwhile, the Kremlin said that Russian President Vladimir Putin had accepted some U.S. proposals to end the war in Ukraine and rejected others and that Russia was ready to meet U.S. negotiators as many times as it took to reach an agreement. Ukrainian President Volodymyr Zelenskiy said senior Ukrainian negotiator Rustem Umerov will hold talks in Brussels on Wednesday with European leaders’ national security advisers and then visit the United States. IIR Energy said U.S. oil refiners are expected to shut in about 54,000 bpd of capacity in the week ending December 5th, increasing available refining capacity by 133,000 bpd. Offline capacity is expected to remain unchanged at 54,000 in the week ending December 12th. UBS expects crude oil prices to start recovering in the second quarter of 2026. It said its base case forecast Brent crude trading at around $65/barrel in mid-2026 and $67/barrel at the end of 2026. It forecast WTI crude trading at a $3/barrel discount to Brent crude. The Financial Times reported that Trafigura forecast China’s oil demand will fall to a multi-year low in 2026. It said Trafigura’s chief economist Saad Rahim said India’s oil consumption will grow more quickly than China’s for the first time next year.

Oil prices edge higher on supply fears after renewed attacks on Russian infrastructure --Oil prices edged higher on Thursday as renewed attacks on Russian oil infrastructure in Ukraine raised concerns over potential supply disruptions. International benchmark Brent crude was trading at $62.82 per barrel at 9.24 a.m. local time (0624 GMT), up 0.2% from the previous close of $62.68. US benchmark West Texas Intermediate (WTI) also increased by about 0.3% to $59.11, compared to $58.93 in the prior session. Gains were driven by reports that oil depots in Russia, one of the world’s major oil suppliers, had been targeted, stoking concerns that the country’s crude production and export capacity could be disrupted. A stalemate in peace negotiations between Moscow and Kyiv also dampened expectations that Russian oil could return to global markets. Ukrainian President Volodymyr Zelenskyy said in a video posted on social media on Wednesday that Ukraine’s interests must be taken into account to achieve an honorable peace. He also referred to recent work on a US-backed peace plan to end the war, saying preparations were underway for new talks. Noting that a US delegation discussed the plan with Russia in Moscow on Wednesday, Zelenskyy said Ukraine’s negotiating team would travel to the US again and that preparations were underway for the meeting. Meanwhile, data showing a rise in US commercial crude oil inventories capped further price gains. US commercial crude oil inventories increased by 0.1% during the week ending Nov. 28, according to data released by the Energy Information Administration (EIA) late Wednesday. Inventories rose by around 600,000 barrels to 427.5 million barrels, exceeding the market prediction of a 1.9 million-barrel decline. Strategic petroleum reserves, which are excluded from commercial crude stocks, increased by 300,000 barrels, reaching 411.7 million barrels, the data revealed. Over the same period, gasoline inventories rose by around 4.5 million barrels to 214.4 million barrels. The data weighed on prices by reinforcing perceptions of weak demand in the US, one of the world’s largest oil consumers.

ULSD Softens, Oil Prices Edge Up as US Fuel Stocks Grow -- ULSD futures continued to soften Thursday morning while crude oil and gasoline futures held to Wednesday's gains following the Energy Information Administration's report of across-the-board builds in U.S. oil and fuel inventories last week. NYMEX ULSD futures for January delivery traded around the $2.3 gallon mark for a second day, sliding $0.0044 to $2.2964 gallon. Front-month RBOB futures, meanwhile, edged up $0.0065 to $1.8337 gallon. WTI futures for January delivery rose $0.38 barrel (bbl) to $59.33 bbl, and ICE Brent for February delivery advanced $0.33 to $63 bbl. The U.S. Dollar Index was little changed, up 0.073 points to 98.927 against a basket of foreign currencies. The EIA on Wednesday reported increases in crude and transportation fuel inventories in the week ended Nov. 28. Commercial crude oil stocks rose by 600,000 bbl, and distillate fuel oil and gasoline inventories expanded by 2.1 million bbl and 4.5 million bbl, respectively, the agency said. While fuel inventories typically rise this time of year, the builds helped alleviate some pressure off diesel futures prices, which have slumped 15% since peaking in mid-November. The European Union's plan to ban imports of fuels refined from Russian crude oil -- amid globally low refinery runs, attacks on Russian refineries and tight inventories -- sparked a diesel rally in late October. Prices reversed course with emerging prospects for Russia-Ukraine peace in mid-November, although the U.S.-led initiative on that has not brought any results. The overall market outlook for crude oil remains dire, as supply additions are expected to continue to outpace demand growth next year. The geopolitical risk premium helped support prices, but supply outages from attacks on export infrastructure have so far been short-lived. Growing U.S. pressure on Venezuela and an increasingly bellicose tone from the administration added to supply concerns. Last week, U.S. President Donald Trump announced the U.S. will expand the scope of the strikes it has been carrying out for three months to "land operations" in Venezuela. Last month, crude oil exports from the country surpassed 900,000 bpd, according to tanker tracking data.

Stalled Ukraine Peace Talks Push Oil Market Higher - The oil market traded higher on Thursday as the stalled Ukraine peace talks tempered any expectations of a deal that would likely result in the removal of sanctions on Russian oil. The market was also supported by the expectations for the Federal Reserve to cut interest rates at its meeting next week. The crude market traded sideways in overnight trading and sold off to a low of $58.81 early in the session. The market pressured by Saudi Arabia announcing cuts to its official selling prices for January, with its prices for crude bound for Asia falling to its lowest level in five years. The cut in prices could spur additional Chinese imports, where independent refiners received the first batch of their 2026 import quotas. The market, however, bounced off its low and retraced almost 62% of its move from a high of $61.84 to a low of $57.10 as it rallied to a high of $60.02 by mid-day. The oil market later settled in a sideways trading range during the remainder of the session. The January WTI contract ended the session up 72 cents at $59.67 and the February Brent contract settled up 59 cents at $63.26. The product markets settled in mixed territory, with the heating oil market settling up 29 points at $2.3037 and the RB market settling down 1 point at $1.8271. Russian President Vladimir Putin said that his meeting with U.S. envoys Steve Witkoff and Jared Kushner had been “very useful”, and that it had been based on the proposals discussed with President Donald Trump in Alaska. He said there were issues that Russia did not agree with and were discussed. Russia’s President said that European countries should get involved in a Ukrainian peace settlement, rather than hindering it. Separately, Russian President Vladimir Putin said, in an interview, that Russia would take full control of Ukraine’s Donbas region by force unless Ukrainian forces withdraw, something Ukraine has flatly rejected. In discussions with the United States over the outline of a possible peace deal to end the war, Russia has repeatedly said that it wants control over the whole of Donbas and that the United States should informally recognize Moscow’s control.ANZ said fears of ongoing disruptions from Russia and Ukraine continuing to attach each other’s energy infrastructure will ultimately keep Brent crude above $60/barrel. It said further upside in Brent prices would be limited as supply outpaces demand in 2026, pushing the oil market into a surplus. It said lower refinery runs rates coupled with the increases in OPEC+ output would have seen global crude oil inventories build and likely keep prices below $65/barrel in the first half of 2026. ANZ said a revival in the global economy would likely support oil prices in the second half of 2026, with prices subsequently moving towards $70/barrel. It said it expects oil prices to end the year at $62/barrel. It expects any impact on Russian oil exports to be relatively short-lived, which should cap any further upside to oil prices.According to a Reuters survey, OPEC’s oil output fell in November, despite an OPEC+ agreement to raise production for the month, due to outages in some members. OPEC produced 28.40 million bpd in November, down 30,000 bpd from October’s total.

Saudi Aramco cuts crude price to 5-year low -- Saudi Arabia has cut the price of its main crude grade to Asia to the lowest level in five years, as global oil markets continue to show signs of surplus.State producer Saudi Aramco will reduce the price of its flagship Arab Light crude grade to a 60 cents premium to the regional benchmark for January, according to a price list reported on by Bloomberg on Thursday. This marks the lowest level since January 2021.The cut was slightly larger than market expectations, exceeding the anticipated 30 cents a barrel reduction based on a survey of refiners and traders.This pricing decision comes just days after the Organization of the Petroleum Exporting Countries and its allies confirmed they would pause planned production increases during the first quarter of next year. Oil prices have declined approximately 16% in 2025, primarily due to increasing supply from the Americas combined with production increases from the OPEC+ group itself, which have outpaced modest demand growth.

Oil prices remain stable, WTI heads for almost 2% weekly gain -- Brent and WTI oil prices fell slightly, remaining stable throughout the week. Peace talks on Russia's war against Ukraine and expectations of oversupply are affecting the market. Oil prices remained stable on Friday, supported by stalled peace talks regarding Russia's war against Ukraine, although gains were offset by expectations of an oversupply, UNN reports with reference to Reuters. Brent crude oil prices fell by 7 cents, or 0.1%, to $63.19 per barrel by 12:55 GMT (14:55 Kyiv time). US West Texas Intermediate crude oil prices fell by 10 cents, or 0.2%, to $59.57 per barrel. Throughout the week, Brent crude oil prices were generally stable, while WTI crude oil prices are expected to rise by approximately 1.7%, marking the second consecutive weekly increase. "It was virtually unchanged today, and traded in a narrow range this week," . "The lack of progress in Ukrainian peace talks provides a supportive backdrop, but on the other hand, steady OPEC production acts as a bearish brake. These two opposing forces make trading seem quiet." The market is also assessing the impact of a potential US Federal Reserve rate cut and tensions with Venezuela, which analysts say could lead to higher oil prices. 82% of economists surveyed by Reuters from November 28 to December 4 expect a 25 basis point interest rate cut next week. A rate cut would stimulate economic growth and energy demand. "Looking ahead, supply factors remain in focus. A peace deal with Russia would bring more barrels to the market and likely reduce prices," "On the other hand, any geopolitical escalation would lead to higher prices. OPEC+ has agreed to maintain production at current levels until early next year, which also provides some support to prices," Markets also continued to brace for a possible US military intervention in Venezuela after President Donald Trump said late last week that the US would "very soon" begin taking action to stop Venezuelan drug traffickers on land, the publication writes. Rystad Energy noted in its memo that such a move could jeopardize Venezuela's 1.1 million barrels per day of oil production, which is mainly supplied to China. This week's price increase was also driven by the failure of US talks in Moscow, which failed to achieve a significant breakthrough on the war in Ukraine, including an agreement to return Russian oil to the market. These factors supported prices despite a growing supply surplus. Saudi Arabia lowered January prices for Arab Light crude oil for Asian deliveries to a five-year low amid oversupply, according to a document seen by Reuters on Thursday.

ULSD, RBOB Futures Rise on Additional Russian Oil Sanctions (DTN) -- Oil futures rallied Friday, Dec. 5, on news reports that the Group of Seven Countries (G7) and the European Union could ban all Western tankers from carrying Russian oil, a development that would affect near-term energy supplies. Media reports said Friday that the G7 and EU were in talks to replace the $60 bbl price cap on Russian oil exports with a full maritime services ban. The new restriction could impact a third of the oil the country carried via Western tankers to Indian and Chinese refineries located mostly in India and China, the reports said. Traders said Russia would have to expand its fleet of non-Western shippers in the event the ban came through. They noted that Russian diesel supplies were already affected by Ukrainian strikes on refineries and by U.S. sanctions targeting Russian energy firms Rosneft and Lukoil. All this while Washington tries to find a solution to the near four-year Russia-Ukraine conflict. "This is certainly going to further disrupt the access the world has to Russian oil, particularly at a time when global diesel supplies are already tight," said John Kilduff, a partner at New York energy hedge Again Capital. Russia's decision to delay a quick end to the war in Ukraine unless the settlement was on its terms also contributed to the bullish sentiment in the oil futures market. Additionally, expectations of a Federal Reserve rate cut next week also supported the rise in oil prices, which typically benefit from a boost in economic activity lent by lower interest rates. Market participants are expecting the Fed to agree to a third 25-basis point rate cut this year at the Wednesday, Dec. 10, Federal Open Market Committee. NYMEX front-month ULSD futures rose $0.0593 to $2.3630 gallon after a session high at $2.38. Front-month RBOB futures climbed by $0.0071 to $1.8342 gallon after rallying to $1.8515. WTI futures for January delivery dipped $0.09 to $59.58 bbl, while ICE Brent for February rose $0.46 to $63.72 bbl. The U.S. Dollar Index was little changed at 98.97 against a basket of foreign currencies.

Oil climbs to 2-week high on Fed rate-cut signals, supply concerns (Reuters) - Oil prices edged up nearly 1% to a two-week high on Friday on increasing expectations the U.S. Federal Reserve will cut interest rates next week, which could boost economic growth and energy demand, as well as geopolitical uncertainty that could limit supplies from Russia and Venezuela. Brent futures rose 49 cents, or 0.8%, to settle at $63.75 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 41 cents, or 0.7%, to settle at $60.08. Those were the highest closes for both crude benchmarks since November 18. For the week, Brent was up about 1% and WTI was up about 3%, marking a second straight weekly gain for both contracts. Investors digested a U.S. inflation report and recalibrated expectations for the Fed to reduce rates at its December 9-10 meeting. U.S. consumer spending increased moderately in September after three straight months of solid gains, suggesting a loss of momentum in the economy at the end of the third quarter as a lackluster labor market and the rising cost of living curbed demand. Traders have been pricing in an 87% chance that the Fed will lower borrowing costs by 25 basis points next week, according to CME Group's FedWatch Tool. Separately, top Chinese and U.S. officials held a call on Friday to discuss trade, including ongoing efforts to implement an agreement to their trade war. In other trade news, U.S. President Donald Trump said he will meet with the leaders of Mexico and Canada to discuss trade issues on Friday after they gather in Washington for the 2026 World Cup draw. Any talks that could reduce trade tensions between the U.S. and other nations could boost economic growth and energy demand. Investors also focused on news from Russia and Venezuela to determine whether oil supplies from the two sanctioned OPEC+ members will increase or decrease in the future. The failure of U.S. talks in Moscow to achieve any significant breakthrough over the war in Ukraine has helped to boost oil prices so far this week. "The lack of progress in the Ukrainian peace talks provides a bullish backdrop, but on the other hand, resilient OPEC production provides a bearish backstop. These two opposing forces make trading seemingly quiet," The Group of Seven countries and the European Union are in talks to replace a price cap on Russian oil exports with a full maritime services ban in a bid to reduce the oil revenue that helps finance Russia's war in Ukraine, six sources familiar with the matter said. OPEC+ includes the Organization of the Petroleum Exporting Countries and allies such as Russia. Any deal that could lift sanctions on Russia, the world's second-biggest crude producer after the U.S., could increase the amount of oil available to global markets. Russian President Vladimir Putin, on his first trip to New Delhi since Russia's 2022 invasion of Ukraine, on Friday offered India uninterrupted fuel supplies, eliciting a cautious response even as he and Indian Prime Minister Narendra Modi agreed to expand trade and defense ties. State refiners Indian Oil Corp and Bharat Petroleum Corp have placed January orders for the loading of Russian oil from non-sanctioned suppliers due to widening discounts, trade sources with knowledge of the matter said. A Ukrainian drone attack caused a fire at Russia's Azov Sea port of Temryuk, the local emergencies center said on Friday. Temryuk handles liquefied petroleum gas (LPG), oil products and petrochemicals, as well as grain and other bulk food commodities. Markets also were bracing for a potential U.S. military incursion into Venezuela after Trump reiterated the U.S. would start taking action to stop Venezuelan drug traffickers on land "very soon." Rystad Energy said in a note that such a move could put at risk Venezuela's 1.1 million barrels per day of crude oil production, which goes mostly to China.

Zelensky’s chief of staff and closest ally forced to resign amid massive corruption scandal - Ukrainian President Volodymyr Zelensky’s chief of staff Andriy Yermak was forced to resign on Friday just hours after investigators from Ukraine’s National Anti-Corruption Bureau of Ukraine (NABU) raided Yermak’s apartment as part of a $100 million scheme case known as “Operation Midas” that has shaken the crisis-ridden Zelensky government. Yermak, Ukraine’s most powerful political figure next to Zelensky, served as both Zelensky’s top aide and lead negotiator in the ongoing United States-backed plan to end the ongoing NATO-backed proxy war against Russia. In a joint statement, the NABU and the Specialised Anti-Corruption Prosecutor’s Office stated the raids were officially “authorised” and linked to an unspecified investigation, which was certainly related to the $100 million embezzlement scandal first exposed by NABU earlier in November. According to the allegations, several leading members of the Ukrainian government and a close business associate of both Zelensky and Yermak were involved in an embezzlement scheme around Energoatom, the state nuclear company. Energy Minister Svitlana Hrynchuk and Justice Minister Herman Halushchenko were already forced to resign after it was revealed they had allegedly received kickback payments worth 10 to 15 percent of contract values from contractors building fortifications on Ukraine’s energy infrastructure. Other alleged accomplices in the scheme included former Deputy Prime Minister Oleksiy Chernyshov and Timur Mindich—a close Zelensky and Yermak associate who is a co-owner of Zelensky’s own former TV studio Kvartal95. Mindich was reportedly tipped off about the raid and had already fled for Israel by the time investigators raided his apartment. In the following weeks rumors circulated that Yermak and even Zelensky may be next, as their well-known close association with Mindich rendered their claims of innocence in the kickback scheme both logically and politically untenable. Yermak’s voice also allegedly appears on recorded conversations with Mindich released by NABU. Mindich and his other close business associate Ukrainian oligarch Igor Kolomoysky were instrumental in bringing the former comedian Zelensky to power in the 2019 presidential elections and Zelensky even traveled in Mindich’s personal armored car during the campaign. Zelensky also owned a high end apartment in the same building as Mindich, where NABU investigators discovered a gold plated bathroom that Mindich had built for himself. That Yermak and Zelensky himself were completely unaware of Mindich’s massive embezzlement scheme involving ministers in their own government is highly improbable. Zelensky, clearly aware that his own fate is up in the air, announced Yermak’s resignation on Friday in a video. The resignation of Yermak is the temporary culmination of a ferocious battle within the Ukrainian state and ruling class. On the surface, this struggle has been centered on a war between the Zelensky regime and NABU, which has in the past been strongly backed by both the EU and the United States as means to intervene directly in Ukraine’s turbulent and clannish oligarchical politics. Earlier in July, Zelensky—likely aware of the massive embezzlement and robbery endemic to his government—had moved to limit the power of NABU and SAPO, leading to the largest protests across the country since the beginning of the NATO-backed proxy war in February 2022. According to Zelensky, stripping the agency of its independence was necessary to combat “Russian influence.” At the same time, Ukraine’s security services (SBU), which is closely aligned with Zelensky, had carried out raids of NABU to supposedly arrest Russian spies. As a result of both domestic outrage and intervention from the EU and the US, Zelensky ultimately was forced to backtrack and withdraw his attempt to take over NABU. NABU was set up in the wake of the US and EU-backed coup of elected President Viktor Yanukovych in February 2014, which triggered an eight-year-long civil war in East Ukraine, leading up to Russia’s full-scale invasion in February 2022. Founded in 2015 by the right-wing nationalist government of Petro Poroshenko, NABU is almost entirely created and directed by the US. Its staff is trained directly by the FBI and European Union. In 2020, the former Prosecutor General of Ukraine, Viktor Shokin, complained that NABU was created by order of then US Vice President Joe Biden in order to undermine Ukraine’s own State Bureau of Investigation and “put there emissaries who listen to the United States.” In the days leading up to his resignation Ukrainska Pravda reported that Yermak was attempting to undercut the ongoing NABU corruption investigation by ordering Zelensky’s loyal security forces in the SBU to prepare charges against Oleksandr Klymenko, Head of the Specialised Anti-Corruption Prosecutor’s Office (SAPO). The popular Ukrainian news outlet also reported that Zelensky had attempted but failed to call a truce with NABU and SAPO officials in a meeting following the scandal’s outbreak. Prior to his resignation, NABU officials had publicly hinted that Yermak was under investigation and that he was openly attempting to undermine it. It has been no secret that Washington and EU officials have long been extremely skeptical, if not hostile, to Yermak and his immense influence in Ukrainian politics. In July, the Financial Times ran an extensive essay about Yermak as the “grey cardinal” of Ukrainian politics, citing numerous officials complaining about his influence on Zelensky. In recent months, the Trump administration, in particular, has viewed Yermak as an obstacle to a negotiated deal—strongly opposed by its EU rivals—with Russia that would maximize US profit from the end of the proxy war that has already killed hundreds of thousands while at the same time striking a long term agreement with the oligarchic Putin regime. In an interview with the Atlantic just days ago, Yermak as the chief negotiator outright refused to even consider conceding Ukrainian territory—one of the main stipulations of the Trump peace plan—in order to end the war. With Yermak gone, the position of Zelensky has been dramatically weakened. In the population, there is immense anger and disgust over the corruption scandal, which reveals the shameless theft of money by the same oligarchs and government officials who have been sending hundreds of thousands of Ukrainians into their death, falsely promising them “democracy” and “freedom”. Zelensky’s approval has plunged nearly 40 percentage points and is now below 20 percent—the lowest mark since his election in 2019. For the first time since the beginning of the war, more Ukrainians now distrust than trust him.

Explosion Rocks Part Of Russia's Strategic Druzhba Pipeline - All Caught On Camera - While Donald Trump's special envoy, Steve Witkoff, and his son-in-law, Jared Kushner, were in Moscow working to negotiate an end to the war in Ukraine, a series of attacks on Russia-linked oil tankers unfolded both before and during their visit. Now, reports are also emerging of an explosion along the Druzhba oil pipeline.On Wednesday morning, Kyiv Post cited sources in Ukraine's Military Intelligence (HUR) that reported an explosion struck the Druzhba ("Friendship") oil pipeline - one of Europe's most important energy arteries, which moves roughly 1.2 to 1.5 million barrels per day from Russia through Belarus and Ukraine into Central Europe. Kyiv Post said an incendiary explosive device detonated on the pipeline near Kazynskiye Vyselki along the Taganrog-Lipetsk segment. The outlet cited residents who heard the powerful blast. Per the outlet: The source said the strike took place near Kazynskiye Vyselki, along the Taganrog-Lipetsk section of the pipeline. A HUR official familiar with the operation said the blast was triggered by a remotely detonated explosive fitted with incendiary compounds to intensify the fire.Footage of the incident has emerged on X...The pipeline attack is part of Kyiv's broader campaign against Russian oil infrastructure, including four Russia-linked tanker attacks in just one week and additional strikes on land-based crude-processing facilities in recent months:

• Moscow Paper Claims Ukrainian Drones Hit Russia-Linked Oil Tanker Off West Africa
• Ukraine Releases Footage Of Kamikaze Drone Boats Striking Russian Shadow-Fleet Tankers
• Another Russian Shadow-Fleet Tanker Hit By Drones

NATO's Top Military Officer Floats Idea of 'Pre-Emptive Strike' on Russia - NATO’s top military officer has floated the idea of the Western alliance conducting a “pre-emptive” strike on Russia, a comment that drew a sharp rebuke from Moscow.Adm. Giuseppe Cavo Dragone, the chair of NATO’s Military Committee, made the provocative comment in the context of discussing alleged “Russian hybrid attacks” in Europe. He told theFinancial Times that a “pre-emptive strike” could be considered a “defensive action,” but added that “it is further away from our normal way of thinking and behavior.”“Being more aggressive compared with the aggressivity of our counterpart could be an option. [The issues are] legal framework, jurisdictional framework, who is going to do this?” the Italian admiral said.The Russian Foreign Ministry called Dragone’s comments “extremely irresponsible” and said it could be an effort to undermine peace talks around Ukraine. “People who make such statements should be aware of the risks and potential consequences, including for the alliance members themselves,” said Russian spokeswoman Maria Zakharova.Zakharova also criticized NATO officials for constantly hyping the threat of a Russian attack on Europe, saying that “against the backdrop of the anti-Russian hysteria being whipped up by the alliance and the fearmongering about an ‘inevitable attack’ by Russia on the bloc’s member states, such statements not only add fuel to the fire, but also seriously escalate the already existing confrontation.”

Live: Israeli forces kill several Palestinians across the West Bank and Gaza Middle East Eye. In case you missed that there is and has been no ceasefire.

It’s not just Gaza. From the West Bank to Syria and Lebanon, Israel’s onslaught continues -It is clear now that the ceasefire in Gaza is only a “reducefire”. The onslaught continues. There are near-daily attacks on the territory. On a single day at the end of October, almost 100 Palestinians were killed. On 19 November, 32 were killed. On 23 November, 21. And on it goes. Since the ceasefire, more than 300 have been killed and almost 1,000 injured. Those numbers will rise. The real shift is that the ceasefire has reduced global attention and scrutiny. Meanwhile, Israel’s emerging blueprint becomes clearer: bloody domination not only in Gaza, but across Palestine and the wider region.A “dangerous illusion that life in Gaza is returning to normal”, is how Amnesty International’s secretary general, Agnès Callamard, described this post-ceasefire period. Israeli authorities have reduced attacks and allowed some aid into Gaza, she said, but “the world must not be fooled. Israel’s genocide is not over.” Not a single hospital in Gaza has returned to being fully operational. The onset of rain and cooling weather has left thousands exposed in dilapidated tents. Since the ceasefire on 10 October, almost 6,500 tonnes of UN-coordinated relief materials have been denied entry into Gaza by Israeli authorities. According to Oxfam, in the two weeks after the ceasefire alone, shipments of water, food, tents and medical supplies from 17 international NGOs were denied.The result is that a population whose homes, livelihoods and stable shelter have been eliminated still are not allowed to secure safer tents or adequate food. Israeli authorities hold people in Gaza in a painful purgatory, continuing collective punishment, preventing the conditions for a normal life from emerging and establishing Israel as sole unaccountable overlord, with unlimited power over the people of the territory.Gaza is at the sharp end of an expansion of Israeli imperialism, one that stretches to the West Bank and beyond. In the occupied territories of the West Bank, a crackdown that has intensified since 7 October 2023 continues to escalate into a full military siege. Tens of thousands of Palestinians have been forced out of their homes this year in a pattern that Human Rights Watch saidamounted to “war crimes, crimes against humanity, and ethnic cleansing … that should be investigated and prosecuted”. Last week, footage emerged of two Palestinian men in Jenin being executed by Israeli soldiers after it appeared that they had surrendered. Itamar Ben-Gvir, the far-right national security minister, said that the forces involved in the killings have his “full backing”. They “acted exactly as expected of them – terrorists must die”. Moment Israeli forces shoot dead surrendered Palestinians – video report 1:24 And this is only a small window, in a rare filmed moment, into the bloodshed. More than 1,000 people have been killed by Israeli forces and settlers in the West Bank over the past two years. One in five of them are children. More than 300 cases were suspected “extrajudicial executions”. In October of this year, the UN registered more than 260 settler attacks, the highest level since its records began 20 years ago. More than 93% of investigations into these attacks end with no charges filed. Scores of Palestinian prisoners are reported to die in Israeli prisons of physical violence or medical neglect, and those who do make it out alive recount a hellscape of torture and abuse.And still, the parameters of Israel’s mandate to assault, kill and land grab continue to widen. Last week, Israeli forces launched a ground incursion in southern Syria, killing 13 Syrians, among them children. The Israeli military refused to provide information on the group it claimed to be targeting in the raid. It was simply reserving its right to reach into Syrian territory, as it has several times since it invaded and occupied the buffer zone between the two countries, and other parts of southern Syria. Since it has done so, Israeli forces have been accused by Human Rights Watch of applying the colonial playbook seen in Palestinian territories: forced displacements, home seizures, demolitions, cutting of livelihoods and unlawful transfer of Syrian detainees to Israel. Israel intends to maintain its presence indefinitely.

UN says Israel has “de facto state policy” of organised torture - The United Nations committee on torture has said that Israel has “a de facto state policy of organised and widespread torture” and ill-treatment that has gravely intensified since October 7, 2023. It expressed “deep concern over allegations of repeated severe beatings, dog attacks, electrocution, waterboarding, use of prolonged stress positions [and] sexual violence,” as well as the impunity of Israeli security forces for war crimes. The report, published Friday alongside reports on Albania, Argentina and Bahrain, was part of the committee’s regular monitoring of countries that have signed the UN convention against torture. It covered the last two years since the start of the Gaza genocide. The UN’s committee of 10 independent experts expressed its concern about the disproportionate nature of Israel’s response to the October 7 attacks that have resulted in 70,000 deaths, the destruction of or damage to much of Gaza’s infrastructure and buildings and the displacement of 90 percent of the population. It said Palestinian detainees were humiliated by “being made to act like animals or being urinated on”, were systematically denied medical care and subject to excessive use of restraints, “in some cases resulting in amputation”. It noted that Israel lacked a distinct offence criminalizing torture and that its legislation exempts public officials from criminal culpability under the “necessity” defence when unlawful physical pressure is applied during interrogations. It drew attention to the “high proportion of children who are currently detained without charge or on remand”, noting the age of criminal responsibility imposed by Israel is 12, and that children younger than 12 have also been detained. Children categorised as security prisoners “have severe restrictions on family contact, may be held in solitary confinement, and do not have access to education, in violation of international standards,” it states. The UN committee appealed to Israel to amend its legislation so that solitary confinement is not used against children. The UN report adds to the mounting evidence produced by Israeli and Palestinian human rights and legal advocacy groups of the torture, abuse and neglect in Israel’s detention centres, operated by the Israel Defence Forces (IDF) and the Israel Prison Service (IPS). Israel’s Channel 14 aired a programme showing an Israeli prison officer describing the abuse, while testimony of the abuse and torture have been widely disseminated on social media, accompanied by the photos and videos shot by Israeli soldiers and former detainees.

Sorry If This Is Antisemitic But I Think It's Wrong To Train Dogs To Rape Prisoners - Caitlin Johnstone -One thing I try not to think about very often is how many reports we’ve been seeing about Israeli prison guards training dogs to rape Palestinian captives in torture camps like Sde Teiman. Drop Site News has a new write-up about a testimony from a journalist published by the Palestinian Journalists Protection Center. The reporter says that during his 20 months of hell in Israeli prisons he was electrocuted, beaten, starved, and sexually assaulted on film. He also says he was sexually assaulted by a “trained dog” — just the latest in a long string of such allegations coming out of Israel’s notorious network of torture prisons. Last month Novara Media published an article titled “Israeli Prison Guards Are Using Dogs to Rape Palestinians, Former Detainees Say,” based on informationcollected by the Palestinian Centre for Human Rights. The Electronic Intifada published an article titled “Palestinians recount gang rapes by Israeli soldiers, dogs” based on the same testimonies. In August of last year The New Arab interviewed a Palestinian law graduate who was detained by Israeli forces and said he watched as “a dog raped another hostage before my eyes” after the Israelis poured some sort of liquid on him. In June of last year Euro-Med Monitor published a report saying it had “received horrific testimonies from recently released detainees confirming the brutal and inhumane use of Israeli police dogs to rape prisoners and detainees.” There are records of Nazis and Chilean fascists using dogs to rape prisoners in this way, though according to the IHRA definition of antisemitism that western governments have been shoving down our throats lately it is against the rules to draw any comparisons between Israel and the Nazis. So I am very sorry if this comes across as antisemitic, but I think it’s wrong to sexually assault prisoners using trained rape dogs. I actually think it’s one of the most evil things I’ve ever heard of. I am taking great pains to say I don’t mean to be antisemitic with my anti-rape dog rhetoric because apparently literally any criticism of literally any Israeli atrocity can land one with that label. Just this past weekend, for example, the pro-Israel group StopAntisemitism announced that children’s YouTube star Ms Rachel is a nominee for its annual Antisemite of the Year designation. To be clear, Ms Rachel has never at any time said anything negative about Jewish people or Judaism. Her one and only offense making her an Antisemite of the Year nominee is that she has been saying on social media that it is wrong to kill children. Opposition to murdering children by starvation and bombing campaigns is what led to this celebrity being accused of hating Jews. Why is an institution which calls itself StopAntisemitism equating the mass murder of children with the Jewish faith? Why are they suggesting that opposition to slaughtering kids is the same as opposition to Jews? If it was my job to stop antisemitism, I personally would not be actively circulating the idea that massacring children is synonymous with Judaism or plays some special role in the religious practices of its adherents. To clarify, I am absolutely not suggesting that the mass murder of children is an important part of Jewish life. I think that would be a terrible thing to say, not much different from the libels which have been spread about Jewish people since medieval times. But it sure does sound like StopAntisemitism is saying that. Maybe I’m just confused by this whole “antisemitism” label. Maybe it doesn’t mean what I think it means. In any case, I do think it’s wrong to murder children, and I do think it’s wrong to rape prisoners with trained rape dogs. I truly do not mean to hurt anyone’s feelings or offend anybody when I say this.

Israel's Ben Gvir Promotes Officer Whose Soldiers Executed Surrendered Palestinians - Israeli National Security Minister Itamar Ben Gvir has informed the commander of the Israeli border police’s West Bank undercover unit that he was being promoted, after two of his subordinates executed unarmed Palestinians who attempted to surrender, Haaretz reported on Sunday.A video of the execution, which occurred on Thursday in Jenin, shows two Palestinians exiting a building with their arms up and showing they had nothing under their shirts. The Palestinians then get on the ground, and it appears that the Israeli troops direct them to re-enter the building, and as they do so, they are shot at point-blank range.After the incident and the publication of the video, Ben Gvir, leader of Israel’s Jewish Power Party, wrote on X that he was providing full backing to “the Border Guard fighters and IDF soldiers who fired at wanted terrorists who emerged from a building in Jenin. The fighters acted exactly as expected of them – terrorists must die!”The Haaretz report said that on Friday, Ben Gvir arrived at the Israeli border police’s base in the Israeli-occupied West Bank to inform the unit’s commander that he was being promoted to the rank of deputy superintendent. An Israeli police source told the paper that the decision to promote the officer was made two weeks ago, but it needed Ben Gvir’s final approval. While Ben Gvir was visiting the border unit, three of its officers were being questioned at IDF headquarters about the execution that was caught on video. Ben Gvir released a video statement from the border unit’s base, where he said he opposed the questioning.

Report: Israeli-Backed Gang Leader Killed in Gaza -Yasser Abu Shabab, the leader of an Israeli-backed militia in Gaza known for looting aid and its ties to ISIS, has been killed, according to media reports.Initial reports said that Abu Shabab was killed in clashes with “Gaza clans,” but Israeli media later reported that he died after being beaten by a member of his own group. According to the Israelinews site Ynet, Abu Shabab was evacuated by Israeli forces from Rafah but died of his injuries en route to an Israeli hospital. Abu Shabab’s death is seen as a blow to Israel’s plans for Gaza, as the Israeli government wants to use the militias it backs against Hamas. Abu Shabab’s group, formally known as the “Popular Forces,” is the largest of the Israeli-backed militias that operate under the watch of the IDF in the Israeli-occupied side of Gaza.

Egypt Denies Reaching Deal With Israel on Rafah Crossing That Would Only Allow Palestinians To Leave Gaza - Egypt on Wednesday denied that it reached an understanding with Israel on a deal to open Gaza’s Rafah border crossing to just allow Palestinians to exit the Strip and not return. “If an agreement is reached to open the crossing, it will be in both directions, for entry and exit from the Gaza Strip, in accordance with US President Donald Trump’s plan,” Egypt’s State Information Service said, according to The Cradle. Israel’s Coordinator of Government Activities in the Territories (COGAT) announced earlier in the day that the Rafah crossing would be opened in the coming days “exclusively for the exit” of Palestinian residents of Gaza to Egypt. Under the US-backed ceasefire deal, Israel was supposed to open the Rafah crossing for medical evacuations and for travel to and from Gaza.

Hezbollah Lauds Pope Leo’s Peace Message During Historic Visit to Lebanon - Pope Leo XIV delivered a carefully-worded and symbolically charged address at the Lebanese Presidential Palace on Sunday, urging political leaders, communities, and civil society to embrace Lebanon’s “historic vocation as peacemakers” at a moment of escalating regional tensions and continued Israeli aggression along the southern border. Speaking before President Joseph Aoun, religious figures, diplomats, and key state officials, the pontiff described Lebanon as a land where “peace is more than a word — it is a desire, a vocation, a gift, and a work in progress.” Despite the country’s profound political paralysis and deep social fractures, Pope Leo praised Lebanese society as one that “does not give up,” calling its resilience an “essential characteristic of authentic peacemakers.”He warned, however, that peace cannot be built “on precarious balances” or factional interests, stressing that true reconciliation requires confronting painful truths and healing generational wounds. “The truth can only be honored through encountering one another,” he said.His remarks concluded with a cultural metaphor: Lebanon as a country that “turns music into unity,” where peace must become “a divine melody capable of restoring harmony.”The Lebanese movement Hezbollah issued a warmly worded statement welcoming the Pope’s visit and message.The group affirmed that Lebanon is “a civilizational bridge between the followers of the two divine messages: Christianity and Islam,” emphasizing that coexistence and national consensus are not merely political arrangements but pillars of the country’s sovereignty and stability. Hezbollah lauded the pontiff’s longstanding stance on human dignity and rights, stating: “In your guidance and messages, we see a clear commitment to human rights and the necessity of respecting and protecting them.”Addressing global conflicts, the statement attributed the roots of violence worldwide to “the unwillingness of some to acknowledge or respect the rights of others,” in reference to Israel’s actions in South Lebanon and Gaza. Hezbollah’s statement also positioned Pope Leo’s visit as particularly timely, given Israel’s ongoing aggression, warning that Lebanon’s stability cannot be isolated from violations of sovereignty and regional dynamics.