US oil imports at a 58 month low; largest US fuel inventory increase in 52 weeks; gasoline supplies at a 43 week high

US oil imports at a 58 month low; gasoline supplies at a 43 week high; largest increase in distillates supplies after 51 weeks after US distillates imports hit a 45 week high; largest US fuel inventory increase in 52 weeks…

US oil prices finished a higher for a second consecutive week after falling to a 58 month low three weeks ago, as deterioration of peace prospects in Ukraine, escalating tensions in the Middle East, and US saber rattling against Venezuela and Iran offset expectations for a worsening oil glut ​later this year….after rising 0.4% to $56.74 a barrel last week as US attacks on oil tankers off the coast of Venezuela and airstrikes against militants in Nigeria offset progress in Ukraine peace talks, the contract price for the benchmark US light sweet crude for February delivery recorded modest gains on global markets early Monday, supported by concerns over potential disruptions in key producing regions and cautious optimism surrounding diplomatic efforts to end the Russia–Ukraine conflict, then gradually traded higher to $58.30 by mid-day during the US session, after Saudi airstrikes in Yemen and Ukraine drone attacks on the Russian presidential residence in northern Russia, and settled $1.34 or 2.4% higher at $58.08 a barrel after Moscow said it planned to review its position in peace talks following Ukraine’s drone attack on the Russian presidential residence….oil prices were mostly flat on global markets ​on Tuesday​, as traders weighed fading optimism over a potential Russia–Ukraine peace agreement against escalating geopolitical tensions in the Middle East, particularly around Yemen, then moved slightly higher during US trading on a renewed geopolitical risk premium, after Trump suggested that the United States could launch new strikes on Iran if they resumed work on their nuclear program, but ​later edged lower to settle down 13 cents at $57.95 a barrel in New York as traders weighed geopolitical tensions from Venezuela to Russia and Yemen against concerns about a global glut ahead of an OPEC+ meeting this weekend…oil prices edged lower in early Asian trading Wednesday, underscoring a market that had increasingly become unwilling to price in geopolitical risk when the medium-term supply outlook pointed toward excess barrels, then rallied early in New York trading after the EIA reported US crude stocks fell for the 3rd week in the last four, but gave up its early gains and sold off sharply during the remainder of the session to settle down 53 cents at $57.42 a barrel, and down almost 20% for the year, as the market’s expectation of an oversupply offset geopolitical risks…oil prices edged up in early Asian trading on Friday, as Ukrainian drones targeted Russian oil facilities and a U.S. blockade pressured Venezuela's exports, but turned lower in international trading amid weak global trends, as oversupply concerns and tariff-related uncertainties weighed on prices, and settled down 10 cents to $57.32 a barrel in New York as traders weighed oversupply concerns against geopolitical risks, including the war in Ukraine and Venezuela exports, but still finished 1.0% higher for the week…

meanwhile, natural gas prices finished lower for the third time in four weeks, as near term forecasts turned warmer across most of the US….after rising 5.8% to $3.877 per mmBTU last week after serious cold reappeared in the forecasts for the densely populated Northeast for the following two weeks, the price of the benchmark natural gas contract for February delivery added to early gains on Monday, after the EIA reported a heavier-than-normal withdrawal of 166 billion cubic feet from working storage for the week ended Dec. 19th, wiping out what was left of a surplus to the five-year average, and trended higher into afternoon trading after the latest federal inventory data showed underground stocks slipped into deficit territory relative to historical norms, but stalled below $4 to settle 10.9 cents higher at $3.986 per mmBTU, as natural gas futures failed to break out of a larger downtrend that has been in place for much of the year…natural gas prices climbed back above $4.00 per mmBTU on Tuesday, as the February contract drew support from cold weather risks and sustained strength in LNG demand, but traded in a narrow range between gains and losses into Tuesday afternoon on a mixed outlook for demand, and settled 1.4 cents lower at $3.972 per mmBTU, as traders took cues from late-winter weather forecasts, inventory uncertainty, rising LNG exports and steady production…. natural gas futures sold off early Wednesday​, as weather models shed heating demand and traders positioned for a weekly storage report that was expected to show a seasonally light withdrawal, then traded substantially lower in early afternoon action as traders digested a seasonally light storage pull, and extended their losses to settle 28.6 cents lower at $3.686 per mmBTU amid light holiday trading, as moderating storage erosion and persistently mild weather forecasts reinforced expectations for softer winter demand….natural gas prices continued to slide in light trading Friday and settled 6.8 cents lower at $3.618 per mmBTU, and thus ended down 6.7% for the week..

Note that because of the extended Christmas holiday, the natural gas storage report the week ending December 19th was postponed until Monday of this past week, and hence we had two weekly storage reports released th​e past week… The EIA’s natural gas storage report for the week ending December 26th indicated that the amount of working natural gas held in underground storage fell by 38 billion cubic feet to 3,375 billion cubic feet by the end of the week, after falling by 166 billion cubic feet over the week ending December 19th, which left our natural gas supplies 55 billion cubic feet, or 1.6% less than the 3,430 billion cubic feet of gas that were in storage on December 26th of last year, but 58 billion cubic feet, or 1.7% more than the five-year average of 3,317 billion cubic feet of natural gas that had typically been in working storage as of the 26th of December over the most recent five years….the 204 billion cubic foot withdrawal from natural gas storage over the past two weeks was close to the 210 billion cubic foot of gas that were pulled out of natural gas storage during the corresponding two weeks of 2024, but was somewhat less than the average 230 billion cubic foot withdrawal from natural gas storage that had been typical for the same two December weeks over the past five years…

The Latest US Oil Supply and Disposition Data from the EIA

Note: Publication of US oil data for the week ending December 19th was postponed until Monday of this past week (December 29th) ​a​fter Trump declared December 24th and 26th to be Federal Holidays this year. Subsequently oil data for the week ending December 26th was released on it’s usual schedule on Wednesday, December 31st. ​  While we’re not going to review both reports, our review of the reports for the week ending December 26th will incorporate references to oil data from the week ending December 19th​, whenever that can be done without too much difficultly…

US oil data from the US Energy Information Administration for the week ending December 26th indicated that after a sizable decrease in our oil imports and a modest increase in our oil refining, we had to pull oil out of our stored crude supplies for the 22nd time in forty-seven weeks, and for the 35th time in seventy-seven weeks, in spite of a big increase in oil supply that the EIA could not account for….Our imports of crude oil fell by an average of 1,133,000 barrels per day to a 58 month low ​of 4,953,000 barrels per day, after falling by an average of 440,000 barrels per day during the week ending December 19th, while our exports of crude oil fell by an average of 176,000 barrels per day to average 3,440,000 barrels per day after falling by an average of 1,048,000 barrels per day during the week ending December 19th, which, when used to offset our imports, meant that the net of our trade of oil worked out to an import average of 1,513,000 barrels of oil per day during the week ending December 26th, an average of 957,000 fewer barrels per day than the net of our imports minus our exports during the week ending December 19th.. At the same time, transfers to our oil supplies from Alaskan gas liquids, from natural gasoline, from condensate, and from unfinished oils were 11,000 barrels per day higher at 689,000 barrels per day, while during the same week, production of crude from US wells was 2,000 barrels per day higher than the prior week at 13,827,000 barrels per day, after falling by 18.000 barrels per day during the week ending December 19th. 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 16,029,000 barrels per day during the December 26th reporting week…

Meanwhile, US oil refineries reported they were processing an average of 16,847,000 barrels of crude per day during the week ending December 26th, an average of 71,000 more barrels per day than the 16,776,000 barrels per day that our refineries reported they were processing during the week ending December 19th, while over the same period, the EIA’s surveys indicated that a net average of 241,000 barrels of oil per day were being pulled out of the supplies of oil stored in the US, after 172,000 barrels per day were added to storage during the week ending December 19th… 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 storage, from net imports, from transfers, and from oilfield production during the week ending December 26th averaged a rounded 578,000 fewer barrels per day than 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 [ +578,000 ] 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 the week’s oil supply & demand figures that we have just transcribed.…moreover, since 24,000 barrels per day of demand for oil not be accounted for in the prior week’s EIA data, that means there was a 602,000 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 241,000 barrel per day average decrease in our overall crude oil inventories came as an average of 276,000 barrels per day were being pulled out of our commercially available stocks of crude oil, while an average of 35,000 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 fell to 6,038,000 barrels per day last week, which was 7.2% less than the 6,507,000 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 2,000 barrels per day higher at 13,853,000 barrels per day even as the EIA’s estimate of the output from wells in the lower 48 states was 9,000 barrels per day lower at 13,389,000 barrels per day, because Alaska’s oil production was 11,000 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 42.5% 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 94.7% of their capacity while processing those 16,847,000 barrels of crude per day during the week ending December 26th, up from the 94.6% utilization rate of the week ending December 19th, with higher utilization ​levels typical near year end, following the end of routine Fall refinery maintenance….the 16,847,000 barrels of oil per day that were refined that week was barely changed from the 16,857,000 barrels of crude that were being processed daily during the week ending December 27th of 2024, but were 2.5% less than the 17,283,000 barrels that were being refined during the prepandemic week ending December 27th, 2019, when our refinery utilization rate was at 94.5%, close to the pre-pandemic normal range for this time of year…

Even with the modest increase in the quantity of oil that was refined this week, gasoline output from our refineries was somewhat lower, decreasing by 352,000 barrels per day to 9,472,000 barrels per day during the week ending December 26th, after our refineries’ gasoline output had increased by 215,000 barrels per day during the week ending December 19th... This week’s gasoline production was still 5.7% more than the 8,964,000 barrels of gasoline that were being produced daily over the week ending December 27th of last year, but 6.9% less than the gasoline production of 10,173,000 barrels per day seen during the prepandemic week ending December 27th, 2019….at the same time, our refineries’ production of distillate fuels (diesel fuel and heat oil) decreased by 76,000 barrels per day to 5,234,000 barrels per day, after our distillates output had increased by 107,000 barrels per day during the week ending December 19th. After that production decrease, our distillates output was 2.6% less than the 5,371,000 barrels of distillates that were being produced daily during the week ending December 27th of 2024, and also 1.4% less than the 5,311,000 barrels of distillates that were being produced daily during the pre-pandemic week ending December 27th, 2019....

Even with this week’s decrease in our gasoline production, our supplies of gasoline in storage at the end of the week rose for the seventh consecutive week, but for just the ninth time in twenty-four weeks, increasing by 5,845,000 barrels to a 43 week high of 234,334,000 barrels during the week ending December 26th, coming after our gasoline inventories had increased by 2,862,000 barrels during the week ending December 19th. Our gasoline supplies increased by more this week because the amount of gasoline supplied to US users fell by 379,000 barrels per day to 8,563,000 barrels per day, after falling 136,000 during the week ending December 19th, and because and because our exports of gasoline fell by 56,000 barrels per day to 901,000 barrels per day, after our gasoline exports fell by 34,000 during the week ending December 19th. and even as our imports of gasoline fell by 143,000 barrels per day to 525,000 barrels per day, after our gasoline imports fell by 66,000 barrels per day during the week ending December 19th. … Even after thirty gasoline inventory withdrawals over the past forty-seven weeks, our gasoline supplies were 1.3% more than last December 27th’s gasoline inventories of 231,384,000 barrels, and about 2% above the five year average for this time of year…

Similarly, even after this week’s decrease in distillates production, our supplies of distillate fuels also rose for the seventh consecutive week, and for the 25th time in 50 weeks, increasing by 4,977,000 barrels to 123,679,000 barrels during the week ending December 26th, the largest increase in 51 weeks, coming after our distillates supplies had increased by 202,000 barrels during the week ending December 19th.. Combined, this week’s distillates and gasoline inventory increases add up to the largest fuel inventory increase in 52 weeks… Our distillates supplies rose by more this week because the amount of distillates supplied to US markets, an indicator of domestic demand, fell by 777,000 barrels to 3,379,000 barrels per day, after rising by370,000 during the week ending December 19th, and because our imports of distillates rose by 102,000 barrels per day to a 45 week high of 283,000 barrels per day, after falling by 87,000 barrels per day over the week ending December 19th, while our exports of distillates rose by 120,000 barrels per day to 1,427,000 barrels per day, after they’d fallen by 133,000 barrels per day over the week ending December 19th... With 55 withdrawals from distillates inventories over the past 100 weeks, our distillates supplies at the end of the week were 0.7% more than the 122,867,000 barrels of distillates that we had in storage on December 27th of 2024, but about 6% below the five year average of our distillates inventories for this time of the year…

Finally, after the big decrease in our oil imports, our commercial supplies of crude oil in storage fell for the 13th time in twenty-six weeks, and for the 22nd time over the past year, decreasing by 1,934,000 barrels over the week, from 424,822,000 barrels on December 19th to 422,888,000 barrels on December 26th, after our commercial crude supplies had increased by 405,000 barrels over the week ending December 19th… After this week’s decrease, 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 29.0% above the average of our available crude oil stocks as of the fourth weekend of December 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 December 26th were 1.8% more than the 415,601,000 barrels of oil left in commercial storage on December 27th of 2024, but were 1.9% below the 431,065,000 barrels of oil that we had in storage on December 29th of 2023, while 0.9% higher than the 418,952,000 barrels of oil we had left in commercial storage on December 23rd of 2022…

This Week's Rig Count

After last week’s rig count was released on Tuesday December 23rd to beat the holiday weekend, this week’s rig count was released on Tuesday December 30th, apparently for the same reason, so it accounts for the rig changes over 7 days, like any weekly Friday report does….so for the 7 day period ending December 30th, the US rig count was up by 1, the 12th increase in eighteen weeks, as the number of rigs targeting oil was up by three, while the count of rigs targeting natural gas was down by two, 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 30th, the second column shows the change in the number of working rigs between last week’s count (December 23rd) and this week’s (December 30th) count, the third column shows last week’s December 23rd active rig count, the 4th column shows the change between the number of rigs running on December 23rd and the number running on the Friday of the same week 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 3rd of January, 2024…

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12 New Shale Well Permits Issued for PA-OH-WV Dec 15 - 21 - Marcellus Drilling News - The combined number of new permits issued to drill shale wells across the Marcellus/Utica region was 12 for the week of Dec. 15 - 21. Pennsylvania issued 8 new permits, while Ohio issued 4. West Virginia issued no new permits for that period. Among the companies receiving new permits were Seneca Resources, CNX Resources, Gulfport Energy, and EOG Resources. Belmont County | CNX Resources | Energy Companies | EOG Resources | Gulfport Energy | Ohio | Pennsylvania | Seneca Resources | Tioga County (PA) | Tuscarawas County | Weekly Permits | West Virginia | Westmoreland County

PA Oil & Gas Weekly Compliance Dashboard - Dec. 20 to 26 - 378,000 Gallon Gasoline Spill; 521,600 Gallon Spilled Into Mine Voids; Crude Oil Pipeline Rupture - From December 20 to 26, DEP’s Oil and Gas Compliance Database shows oil and gas inspectors filed 379 inspection entries and inspection reports posted from previous weeks. Follow these links to spreadsheets showing the violations and inspections occurring between December 20 to 26-- Click Here for violations issued. Click Here for inspection entries. [Note: There were many more violations issued by DEP than PA Environment Digest can highlight here.] So far this year, DEP took these actions as of December 19--

• -- NOVs Issued In Last Week: 65 conventional, 14 unconventional
• -- Year To Date - NOVs Issued: 5,702 conventional and 1,258 unconventional
• -- Enforcements 2025: 405 conventional and 166 unconventional (orders, agreements)
• -- Inspections Last Week: 322 conventional and 583 unconventional
• -- Year To Date - Inspections: 20,140 conventional and 25,433 unconventional
• Monroe Energy Reported 378,000 Gasoline Spill In Delaware County. On December 23, the Department of Environmental Protection issued an administrative order to Monroe Energy’s MIPC, LLC to develop an interim cleanup plan and start a thorough investigation at its Chelsea Pipeline Station and Tank Farm in Aston, Bethel, and Upper Chichester townships, Delaware County, as a result of a gasoline leak reported from the tank farm. In addition, MIPC must provide bottled water to residents within 1,000 feet of the facility who utilize private drinking water wells until the extent of contamination is determined. DEP learned from MIPC on December 17, 2025, that gasoline that leaked from a tank within its property in August 2025 may have released up to 378,000 gallons of fuel. MIPC is currently reporting no known offsite impacts and has been inspecting the unnamed tributary to Marcus Hook Creek. Read more here.
• MarkWest Midstream Reports 2 More Pipeline Construction Fluid Releases Into Mine Voids - On December 19 and 22, the Department of Environmental Protection was notified by MarkWest Liberty Midstream & Resources LLC that horizontal drilling operations on the construction of the shale gas-related Chiarelli to Imperial pipeline resulted in losses in 45,000 gallons of drilling fluids into coal mine voids under Mount Pleasant Township, Washington County. MarkWest reported at least 10 incidents with a total of 521,600 gallons of drilling fluids lost to abandoned mines since this project began since the first losses on October 27. Read more here.
• Allegheny National Forest Doing Superfund Assessment Of American Refining Group Oil & Gas Properties. On December 26, the Warren Times Observer reported the US Forest Service is conducting a federal Superfund environmental assessment of the pollution left behind at oil and gas facilities abandoned by American Refining Group [ARG Resources, Inc.] in Highland Township, Elk County.The Warren Times said the Forest Service is coordinating with the US Environmental protection and the Department of Environmental protection on the assessment and possible cleanup work. Read more here.

10 Abandoned Conventional Well Violations

• Diversified Prod LLC [2,478 Days] December 18, 2025 compliance violation of the Thompason/Bloniarz 1 and Yasenosky 2 conventional wells in Georges and Nicholson Townships, Fayette County and found them in violation of a March 7, 2019 DEP Consent Order requiring the wells to be plugged and site site fully restored by November 17, 2025. New violation issued for failure to comply with a DEP order. Response requested by January 7.
• Amer Natural Resources LLC [2,202 Days] December 22, 2025 compliance evaluation of the Grove/Crambo 1 (Ohio Twp.), Grove/Crambo 2 (Ohio Twp.), Merle Minick 1 (Aleppo Twp.), Merle Minick 2 (Aleppo Twp.), John Lenzner 1 (Ohio Twp.) and John Straka 2 (Glenfield Boro) conventional wells in Allegheny County found the wells continued to be abandoned and not plugged. The owner remains in violation of a plugging order issued on December 12, 2019 and again on March 27, 2025.. Original violation for failing to comply with order issued on September 24, 2025. Violations continued. No response requested of the owner. DEP inspection report example. Amer Natural Resources holds 49 permits.
• Bemorich Inc. [684 Days] December 16, 2025 follow-up inspection of the American Window 1 conventional well in Washington Township, Fayette County found the well still abandoned, not plugged and venting gas. Owner did not submit annual production (most recent report 2015), waste generation or well integrity (most recent report 2018) reports. Original abandonment violation issued February 1, 2024. Violations continued. Response requested by January 2. DEP inspection report Bemorich holds 2 permits.
• Tombuco Inc. December 22, 2025 inspection of the McCalmont 69 conventional oil and gas well in Butler Township, Butler County found the well abandoned and not plugged. Owner failed to submit annual production, waste generation and well integrity reports. Well was never inspected. Violations issued. Response requested by January 12. DEP inspection report. Tombuco holds 4 permits, including one other abandoned well.

So far in 2025, DEP issued or continued 685 violations to 131 conventional oil and gas well owners for abandoning and not plugging their wells. In 2024, DEP issued 860 new or continued violations to conventional oil and gas well owners for abandoning and not plugging their wells.The violations were issued to these conventional owners in 2025: Conventional Well Spill/Releases - Minard Run Oil Co December 22, 2025 inspection of Allegheny National Forest Warrant 5107 25P conventional well in Jenks Township, Forest County in response to a notification of a crude oil release from a pipeline rupture. The crude oil traveled down a road ditch for 20 feet, across the road through a culvert and flowed downhill into a spring ultimately entering Guiton Run (High Quality) after traveling 150 feet. Pockets of crude oil were found in Guiton Run for about 1,400 feet. Remediation measures were installed at various locations in the path of the release to stop the flow. A repair crew was onsite to fix the pipeline. Violations issued. Response requested by January 14. DEP inspection report. Minard holds 4,610 permits, including 390 abandoned wells.

DEP Invites Comments On Chapter 105 Permit ForDaylighting 3 CNX Midstream Natural Gas Pipelines To Prevent Damage From Longwall Coal Mining In Washington County The Department of Environmental Protection published notice in the December 27 PA Bulletin inviting comments on a Chapter 105 permit for the daylighting three 10-inch CNX Midstream Operating Company, LLC natural gas pipelines to prevent damage from underground longwall coal mining. (PA Bulletin, page 8793)The project impacts 3,300 feet of the Morris to Ninevah Jumper, Morris to Ninevah Jumper Upgrade and the NV113 well pad pipelines in Morris Twp., Greene County and Morris Twp., Washington County. No hearings on the applications have been scheduled, but hearings may be requested.Comments are due January 26-- 30 days after these notices.Send comments to DEP Southwest Oil and Gas Management Program, 400 Waterfront Drive, Pittsburgh, PA 15222-4745 or send email to: RA-EPSW-OGSUBMISSION@pa.gov. Contact DEP Southwest Oil and Gas Management Program, 400 Waterfront Drive, Pittsburgh, PA 15222-4745 or send email to: RA-EPSW-OGSUBMISSION@pa.gov to arrange to review the applications.

Appalachian Gas Output, Data Center Outook a Match Made in Heaven - Hart Energy (paywalled) Legacy Marcellus operations built by Chesapeake Energy—now Expand Energy—form the backbone of one of the most prolific gas regions in North America, where scale and infrastructure continue to anchor Appalachian supply. Chesapeake Energy’s former Marcellus operations, now part of Expand Energy, underscore the scale and durability of Appalachian gas as infrastructure and demand converge to extend the basin’s relevance. The Marcellus and Utica shales are already legends carved into Appalachia's rock, but their story may be among the biggest in the natural gas market ...Natural gas development continues across Appalachia, where Marcellus and Utica production supports rising regional demand, LNG exports, and data center growth. Williams Cos.’ Appalachian infrastructure anchors the Marcellus and Utica as demand-backed gas basins, moving molecules from prolific shale to power plants, data centers and LNG markets as growth resumes.Coterra Energy’s Marcellus drilling reflects Appalachia’s steady, demand-driven growth, where disciplined development, pipeline access and rising power and LNG demand are reshaping the basin’s next phase. PDC Energy’s Marcellus operations highlight Appalachia’s mature but growing play, where strategic drilling, infrastructure access, and rising natural gas demand continue to drive regional production.

MVP’s Southgate Natural Gas Expansion Gets FERC Blessing - Changes to an expansion of the Mountain Valley Pipeline LLC (MVP), designed to move natural gas supply into North Carolina, is one step closer after FERC gave its approval. (Map showing the Mountain Valley Pipeline Southgate expansion in Virginia and North Carolina, highlighting the proposed MVP Southgate segment in red connecting to Transco near Danville, alongside existing MVP and ETNG pipeline routes.) At A Glance:
Project to add 175,000 Dth/d capacity
Shorter route cuts environmental impacts
Staff flags overlap with Transco expansion

U.S. Propane Inventories Build as Gulf Coast Stocks Hit Records and Exports Decline - The EIA reported a 785-Mbbl build in U.S. propane/propylene inventories for the week ended December 26, a notable departure from industry expectations for a 1.5-MMbbl draw and the historical average draw of 2.2 MMbbl for the week. This marked the first inventory build for the corresponding week since our recordkeeping began in 2011. Total stocks increased to 100.3 MMbbl, placing inventories 18% above the same week in 2024 and the five-year high. Inventories are also 22.3 MMbbl, or 29%, above the five-year average, underscoring the unusually high level of supply entering the winter period. PADD 3 (Gulf Coast) propane inventories rose by 2 MMbbl, pushing total regional stocks to a record-high 64 MMbbl. Inventories are 13.3 MMbbl, or 26%, above the same period in 2024 and the five-year maximum. Stocks are also 20.7 MMbbl, or 48%, above the five-year average, indicating that Gulf Coast propane inventories remain elevated relative to historical late-December levels. Weekly U.S. propane exports averaged about 1.7 MMb/d, down roughly 418 Mb/d from the prior week and below the year-to-date average of about 1.9 MMb/d. Exports fell below the four-week average of about 2 MMb/d and the roughly 2.1 MMb/d reported during the same week last year, reflecting a softer week for propane export activity.

U.S. LNG Buildout Accelerates Ahead of Schedule With Fourth Train Completed at Corpus Christi Expansion -- Cheniere Energy Inc. has completed the fourth train at the Corpus Christi LNG (CCL) Stage 3 expansion project in South Texas. North America LNG export flow tracker showing daily U.S. LNG feed gas deliveries near 18.9 million Dth on Dec. 29, 2025, with volumes by export terminal including Sabine Pass, Corpus Christi, Freeport, Calcasieu Pass, Cameron, Plaquemines, Cove Point and Elba Island.At A Glance:
Fourth train finished Dec. 19
Project expected to be completed in 2026
U.S. feed gas demand grows

American LNG Supply Hits High Gear in 2025 With Output Poised to Double - Lower 48 LNG exports shattered records this year, preserving a trend that began in 2016 when shipments first began, and one that is likely to continue as even more projects are under construction. Bar chart showing U.S. LNG exports rising from 3.6 million tons in 2016 to 108.6 million tons in 2025, illustrating rapid growth in U.S. liquefied natural gas export volumes, with 2025 data as of Dec. 17. At A Glance:
U.S. exports top 100 Mt/y for first time
Most shipments went to Europe
Climb is likely to continue

Legal Fights Over LNG Exports Intensify as Activists Reopen Commonwealth, Rio Grande Cases -Environmental opponents of U.S. natural gas exports are back on the offensive with a slate of state and federal permit challenges for two Gulf Coast projects already under development. At A Glance:

• Groups seek to overturn Commonwealth permit
• Rio Grande LNG FERC authorization under fire
• Activists previously won in both venues

Seasonal Demand Swings, Increasing LNG Supplies Pose Risks for U.S. Feed Gas Demand in 2026 - U.S. LNG feed gas is up by nearly 5 Bcf/d as the year comes to a close and peaked at 18.8 Bcf/d in December, according to NGI data. The four trains at Cheniere Energy Inc.’s Corpus Christi LNG (CCL) expansion project in South Texas and the Plaquemines LNG facility that came online in 2025 lifted feed gas deliveries from year-ago levels of about 14 Bcf/d.

U.S. LNG Exports Break 100 Million Tons in Record 2025 - U.S. liquefied natural gas exports set new records in 2025 as new capacity came online and existing terminals ran at high utilization, pushing annual shipments past levels previously thought years away. Preliminary data from LSEG show the United States exported 111 million metric tons of LNG last year, making it the first country to surpass the 100-million-ton threshold in a single year. That volume puts U.S. exports nearly 20 million tons ahead of Qatar and about 23 million tons above 2024 levels, reinforcing the country’s position as the world’s largest LNG supplier. The growth was driven primarily by new projects entering service and a rapid ramp-up at recently commissioned facilities. Plaquemines LNG shipped 16.4 million tons in 2025 after starting exports at the end of last year, according to LSEG data. U.S. export terminals remained highly utilized through most of the year, with December exports reaching a record 11.5 million tons. Europe remained the dominant destination for U.S. LNG as the region continued to replace Russian gas and manage winter demand. About 9 million tons were shipped to Europe in December alone. Turkey sharply increased its purchases late in the year, buying more U.S. LNG in December than the entire Asian market. Asia took 1.23 million tons during the month, while Egypt remained a notable buyer amid domestic supply shortages. The scale of the shift is difficult to overstate. In less than a decade, the United States has moved from no LNG exports to supplying roughly a quarter of global trade. The approach — flexible contracts, free-on-board pricing, and access to abundant shale gas — has made U.S. cargoes increasingly attractive to buyers seeking supply security. More capacity is set to come online in 2026. Plaquemines is targeting full output, several smaller projects are still ramping up, and the first train at Golden Pass LNG is expected to begin production later this year.

Freeport LNG Reports All Three Trains at Texas Export Plant Experienced a Trip - U.S. liquefied natural gas company Freeport LNG said all three trains at its LNG export plant in Texas experienced a trip due to an interruption of feed gas to the facility, according to a regulatory filing on Wednesday. “The plant operators managed the cooldown and restarts of train 1, train 2, and train 3 as efficiently as possible to minimize flaring,” the filing said. Freeport’s three trains are capable of turning about 2.4 billion cubic feet per day (bcfd) of gas into LNG. One billion cubic feet of gas is enough to supply about five million U.S. homes for a day. Get the Latest US Focused Energy News Delivered to You! It's FREE: Quick Sign-Up Here Freeport did not immediately respond to a request for comment. Freeport is one of the most closely watched U.S. LNG export facilities because fluctuations in its operations have the potential to cause swings in global gas prices. On Wednesday, front-month gas futures for January delivery on the New York Mercantile Exchange were down 3.8% at $4.242 per million British thermal units, after hitting their highest level since December 11 at $4.593 earlier in the session. Before news of the train shutdown, gas flows to Freeport were on track to remain around 1.1 bcfd on Tuesday, according to LSEG data. Average gas flows to the eight large U.S. LNG export plants have risen to 18.4 bcfd so far this month, up from a monthly record high of 18.2 bcfd in November.

Execs Predict Where Henry Hub Price Will Land in Future | Rigzone -Executives from oil and gas firms have revealed where they expect the Henry Hub natural gas price to be at various points in the future in the fourth quarter Dallas Fed Energy Survey, which was released recently. The survey asked participants what they expect Henry Hub natural gas prices to be in six months, one year, two years, and five years. Executives from 110 oil and gas firms answered this question and gave a mean response of $3.99 per million British thermal units (MMBtu) for the six month mark, $4.30 per MMBtu for the year mark, $4.57 per MMBtu for the two year mark, and $5.00 per MMBtu for the five year mark, the survey showed. Executives from 121 oil and gas firms answered this question in the third quarter Dallas Fed Energy Survey and gave a mean response of $3.35 per MMBtu for the six month mark, $3.53 per MMBtu for the year mark, $3.94 per MMBtu for the two year mark, and $4.50 per MMBtu for the five year mark, that survey showed. Executives from 116 oil and gas firms answered this question in the second quarter Dallas Fed Energy Survey and gave a mean response of $3.66 per MMBtu for the six month mark, $3.81 per MMBtu for the year mark, $4.12 per MMBtu for the two year mark, and $4.50 per MMBtu for the five year mark, that survey showed. In the first quarter Dallas Fed Energy Survey, executives from 117 oil and gas firms answered this question and gave a mean response of $3.71 per MMBtu for the six month mark, $3.98 per MMBtu for the year mark, $4.30 per MMBtu for the two year mark, and $4.83 per MMBtu for the five year mark, that survey showed. The latest Dallas Fed Energy Survey also asked participants what they expect the Henry Hub natural gas price to be at the end of 2026. Executives from 124 oil and gas firms answered this question and gave an average response of $4.19 per MMBtu, the survey highlighted. The low forecast was $1.75 per MMBtu, the high forecast was $6.50 per MMBtu, and the average daily spot price during the survey was $4.84 per MMBtu, the survey pointed out. The fourth quarter Dallas Fed Energy Survey was the first Dallas Fed Energy Survey which asked participants what they expect the Henry Hub natural gas price to be at the end of 2026. The previous Dallas Fed Energy Survey asked participants what they expect the Henry Hub natural gas price to be at the end of 2025.

Crude Oil Exports Decline on Softer Asian Demand - U.S. Gulf Coast (USGC) crude oil exports declined by 870 Mb/d last week to 3.2 MMb/d (far right of chart below), placing volumes more than 600 Mb/d below the 2025 year-to-date (YTD) average. Export reductions were observed across all major USGC loading regions with the exception of Louisiana, whose flows were consistent with those of the prior week. As discussed in our Crude Voyager, this week-over-week contraction was driven primarily by weaker demand from Asia-Pacific (APAC) destinations. Crude volumes loaded onto vessels with APAC discharge ports fell approximately 33% versus the prior week. This softening in demand was also reflected in vessel traffic, with only three Very Large Crude Carriers (VLCCs) entering the Gulf last week, down sharply from eight VLCC arrivals in the previous week.

U.S. Crude Oil Imports Plummet to 2021 Levels - According to the EIA’s Weekly Petroleum Status Report (WPSR) released today, oil imports into the U.S. plummeted for the week ending December 26 to under 5 MMb/d. This decline of more than 1.1 MMb/d reduced imports to their lowest level since February of 2021. As discussed in our Crude Oil Billboard, although flows from Canada held steady just under 3.6 MMb/d, imports declined from Mexico (-27%), Saudi Arabia (-20%), Iraq (-64%), and Libya (-100%). Additionally, flows from countries not considered one of the 10 major trade partners of the U.S. (Brazil, Canada, Colombia, Ecuador, Iraq, Libya, Mexico, Nigeria, Saudi Arabia, Venezuela) fell from nearly 1.2 MMb/d to under 400 Mb/d. Weekly data remain inherently noisy, and additional data over the coming weeks will need to be analyzed to determine whether recent movements represent a sustained trend or merely short-term volatility.

US Crude, Product Inventories Rise Again - The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a build of 1.7 million barrels in the week ending December 26. Crude oil inventories rose by 2.4 million barrels in the week prior.Crude oil inventories in the United States are so far showing a net decrease of 5.1 million barrels for the year, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) have risen by 200,000 barrels to 413.2 million barrels in the week ending December 26 as the Trump Administration trudges ahead to replenish depleted stockpiles.US production fell during the week of December 19 to13.825 million bpd, down from 13.843 million bpd in the week prior, according to the latest EIA data. This is 262,000 bpd more than the beginning of the year levels. At 12:56 pm ET, Brent crude was trading essentially flat on the day at $61.95 (+0.02%). Brent is now $0.50 down from this time last week. WTI was also trading down on the day, by $0.12 (-0.21%) at $57.97.Gasoline inventories saw another increase this week, gaining 6.2 million barrels in the week ending December 26. In the week prior, gasoline inventories grew by 1.1 million barrels. As of last week, gasoline inventories were slightly above the five-year average for this time of year, according to the latest EIA data. Distillate inventories also rose in the reporting period, gaining 1 million barrels, after gaining 700,000 barrels in the week prior. Distillate inventories were still 5% below the five-year average as of the week ending December 19, the latest EIA data shows. Cushing inventory—the inventory kept at the delivery hub for the WTI Crude futures contract—rose by 800,000 barrels, after increasing by 600,000 barrels in the prior week.

Texas may allow frackers to discharge wastewater into rivers - GRANDFALLS, Texas — The name of this city in far West Texas, surrounded by scrub desert and pump jacks, may seem like a misnomer. But nearly 100 years ago, when settlers came to the area, the roar of the Pecos River could be heard from the tiny town a few miles away. Since then, the river has turned into a whisper of its former self, in some places forming only puddles. That could soon change. The Texas Commission on Environmental Quality is considering whether to grant permits that would allow three companies to discharge recycled fracking wastewater into the Pecos River, sparking concerns from environmental groups. The projects, if approved, would include the first of what could be many plants that treat fracked water in the United States’ largest oil-producing region.

Oil Execs Quizzed on Capital Spending, Workforce Changes - Oil and gas executives answered questions on capital spending and workforce changes in a special questions segment of the fourth quarter Dallas Fed Energy Survey. In this segment, participants were asked what their expectations were for their firm’s capital spending in 2026 versus 2025. Executives from 124 oil and gas firms answered this question, with 26 percent answering “increase slightly”, 24 percent answering “remain close to 2025 levels”, 20 percent answering “decrease significantly”, 19 percent answering “decrease slightly”, and the remaining 11 percent answering “increase significantly”, the survey showed. “Reponses varied widely among executives,” the survey noted. They survey also pointed out that “responses differed depending on the firm’s size and type”. “‘Remain close to 2025 levels’ was the most selected response from executives at large E&P [exploration and production] firms (35 percent), whereas the most selected response from executives at small E&P firms was increase slightly (29 percent),” the survey added. “More executives (48 percent) at oil and gas support services firms expect their firm’s capital spending in 2026 to decrease relative to the number of executives (29 percent) anticipating an increase,” it continued. The fourth quarter Dallas Fed Energy Survey highlighted that E&P firms were classified as small if they produced fewer than 10,000 barrels per day and large if they produced 10,000 barrels per day or more. Responses came from 69 small firms and 17 large firms, the survey pointed out. Executives from 86 exploration and production firms and 38 oil and gas support services firms answered the question, the survey showed. “In the U.S., small E&P firms are greater in number, but large E&P firms make up the majority of production (more than 80 percent),” the fourth quarter Dallas Fed Energy Survey noted.

By Balancing Risks and Rewards, Refiners Can Profit from a Well-Executed Turnaround | RBN Energy Regularly scheduled turnarounds, which are undertaken to perform maintenance, inspections and upgrades that cannot be done while a refinery is running, are one of the most important (and expensive) activities of any refiner. Unlike unplanned outages, turnarounds and more significant work on key units within a refinery are necessary activities that are thoroughly planned in advance to maintain and improve asset performance. In today’s RBN blog, we look at what happens during a typical turnaround, the ways refiners seek to manage their risk, and the biggest potential payoffs that come with a well-executed project. Successful turnarounds are essential to a refinery’s performance and profitability, but also enhance their ability to operate safely, meet environmental regulations, and prevent major failures or unplanned shutdowns. In addition, they create a window for debottlenecking and capital upgrades that can improve a refinery’s throughput, energy efficiency and competitiveness. But an expensive turnaround project, especially when combined with deteriorating regulatory and/or market conditions, may also set the stage for a permanent shutdown, as was the case with Valero’s plans to shutter its Benecia refinery in California by April (see Us and Them) and some other recent closures. In fact, with more shutdowns of refining capacity likely to come over the next couple of decades due to declining domestic demand (as detailed in the next edition of our biannual Future of Fuels report, to be published at the end of January), the impending need for a high-cost turnaround could very well be the deciding factor that sets the timing for future closures. Managing the process requires a refiner to delicately balance a number of factors when deciding when to schedule a turnaround, how much work will be done, and how long it will last. How turnarounds are handled can vary considerably from refinery to refinery. Some refiners bring down nearly the entire plant at the same time (generally only considered by single-train facilities), while others bring down a few units at a time. It depends on which strategy works best for that particular plant. In recent years, refiners have been shifting toward partial plant turnarounds, where portions of the plant, rather than the whole thing, are brought down at different times. Most U.S. refineries have been around for decades, many with units that have been operating since the 1970s or longer. And while a refinery unit — such as a crude distillation unit (CDU), fluid catalytic cracker (FCC) or catalytic reformer — needs to undergo periodic maintenance to sustain desired performance levels, there are no hard-and-fast rules about what needs to be done when. (Our Future of Fuels report includes a Probable List and a Watch List of global refinery projects. The Probable List includes projects we expect to start up in the next five years, along with important details for each, including startup timing, crude capacity, type of crude expected to be processed, product yields by type, downstream unit capacities, project cost and other relevant attributes. The much larger Watch List identifies projects that have been proposed and, in some cases, are even in advanced development, but which we don’t expect to come online within our five-year forecast timeframe.) A typical refinery unit goes anywhere from two to 10 years between turnarounds (with four- to five-year intervals most common), so deciding when and what type of work might be needed requires a lot of planning and some difficult choices. On one hand, it’s possible for a refiner to stretch the time between turnarounds, although that can lead to lower performance, higher operating costs and longer (and more expensive) maintenance periods. On the other hand, more frequent turnarounds mean increased downtime and less operational continuity, so they can be equally costly. Inspection deadlines and regulatory requirements can also determine when a unit turnaround needs to happen. Refineries have long-term plans for managing unit turnarounds, which are typically timed to occur when product demand is lower and severe weather is likely to be less of a risk, especially in locations that experience extreme heat and/or cold or are more susceptible to severe storms and hurricanes. Labor availability can also play an important role in turnaround timing considerations. Most refiners have a five-year plan in place for individual units within their refineries and are working three or more years ahead on timing and unit optimization, including plans to shift production to other sites when possible. The goal is to have turnaround work sequenced out across individual units and refineries so that disruptions to production (and cash flow) are as limited as possible. Because turnarounds are expensive and carry significant operational and financial downsides if they aren’t executed properly, or unexpected problems pop up, refiners seek to manage those risks in four general ways, according to our friends at Refined Technologies:

• Duration: The first step is to limit, to the extent possible, how long a turnaround will last. The operational history of a unit undergoing turnaround work and a refiner’s monitoring program play a critical role in determining the potential scope of the work required and how long it will take. For example, tracking the fractionation efficiency of a crude unit can help determine if it’s meeting performance standards, how it might fit into a refiner’s overall turnaround schedule, and how much work might be needed. It can be the difference between a well-managed turnaround with targeted maintenance and upgrades and one where plenty of unexpected, unplanned work (often called “discovery”) could be required. It’s a little like the difference between starting a home renovation with a specific plan in mind and the blueprints in hand or just tearing down the walls to see what’s there. We should note that “scope creep” — additional problems found once a turnaround begins — happens with just about every project and can be a major complication. (Should the problem be addressed now, or can it be done later? Will that shorten the time before the next turnaround is needed?)
• Cleanup: During the cleanup phase the targeted unit or units are shut down, emptied and readied for inspections and planned repairs, including a return to normal atmospheric conditions so that workers can safely operate there. The sooner cleanup can be completed, the sooner the next steps can begin.
• Maintenance: During this period, anywhere from 500 to 3,000 contract workers can be on site, including pipefitters, welders and other specialists. Once work is completed, everything is put back together and extensively tested. (One of the biggest risks to a successful, timely turnaround is not getting a unit put back together properly. Even a single out-of-place gasket can cause big problems.)
• Startup: The startup phase for a typical refinery unit is four to seven days but can be longer for larger units like an FCC. (A refinery’s overall turnaround usually lasts for 30-45 days from start to finish.) This is also the time to do major construction and/or upgrades to a unit, if needed. As we noted recently in Ghost Train, Phillips 66 took this approach at its Sweeny, TX, refinery with its Crude Flexibility Project, which allowed its larger sour crude unit to nearly double its intake of light/sweet crudes, and its Distillate Flexibility Project, which added about 10 Mb/d of jet fuel output from its prior ultra-low-sulfur diesel (ULSD) production stream.

Are Colorado's new natural gas pipeline rules tough enough? - A state audit in 2023 painted a grim picture of Colorado's oversight of natural gas pipelines, but critics say despite the findings and legislation mandating improvements, new rules backed by regulators are inadequate.The Colorado Public Utilities Commission support most of the recommendations by an administrative law judge that will carry out a 2021 law to strengthen the regulation of the thousands of miles of gas pipelines running underground across the state.Administrative Law Judge Robert Garvey issued his recommendations on the proposed rules in October after several parties submitted comments and a hearing was held. The areas covered by the rules include requiring companies and utilities to use advanced technology to detect pipeline leaks, the levels of methane emissions that require action by operators and timelines for checking different types of pipelines.Local governments and environmental organizations advocating for stronger protections for public health and the environment voiced disappointment that the PUC didn't go far enough. The commissioners are expected to issue a written decision soon."We are concerned that the commission missed the mark," said Erin Murphy, an attorney with the Environmental Defense Fund. "We're concerned the commission's order may not successfully prioritize environmental protection alongside public safety."The Colorado law clearly required considering both public health and the environment for new rules on using advanced technology to better detect pipeline leaks, Murphy said. Stressing that EDF wants to read the PUC's written decision for the details, Murphy said it appears the rules might not be strong enough in some cases, such as the frequency of required surveys of pipelines. EDF said in a filing with the PUC that advanced monitoring technologies are already widely available and are "highly effective and cost effective."In 2021, lawmakers said more robust oversight of natural gas pipelines was needed because of dramatic increases in the drilling and distribution of gas; the construction of new homes and businesses around pipelines and gas operations; and efforts to cut emissions of methane, a potent greenhouse gas. The blistering report released in 2023 by the state auditor added impetus to toughening the regulations. The audit found pervasive problems that violated state and federal regulations, inadequate inspections and a lack of documented action taken against repeat offenders even in cases of explosions that killed and injured people. Industry organizations urged the PUC to hold off on approving new rules because a federal agency, the Pipeline and Hazardous Materials Safety Administration, was in the process of updating its rules. They warned of potential conflicts between state and federal regulations.However, new guidance on detecting and repairing pipeline leaks set to run in the Federal Register in the last days of the Biden administration wasn't published.The Colorado General Assembly passed a bill in this year's session that required the state to complete its new rules by Nov. 1.The federal pipeline agency, PHMSA, oversees interstate transmission pipelines and oil and hazardous liquid gathering lines in populated and environmentally sensitive areas. The agency can certify states to regulate intrastate pipelines. Colorado oversees natural gas pipelines within its borders.Murphy of EDF said states can adopt rules that are more stringent than federal rules. Her agency advocates for Colorado to adopt vigorous gas pipeline rules."We have a loss of leadership at the federal level, which means that the federal baseline rules right now are decades old, dating back to the '70s," Murphy said. "Colorado has this directive from the legislature to adopt rules for advanced leak detection and repair. This is a great opportunity to really update these rules in a meaningful way."

Major gas line rupture in Castaic prompts shelter-in-place order and I-5 closure, California - videos - A high-pressure natural gas transmission pipeline ruptured near Ridge Route Road and Pine Crest Place in Castaic, Los Angeles County, at about 16:20 LT on December 27, 2025 (00:20 UTC on December 28), prompting a shelter-in-place advisory and a full closure of Interstate 5 until about 21:00 LT. 7. The line, operated by Southern California Gas Company (SoCalGas), runs parallel to the southbound lanes of Interstate 5. A strong natural gas odor was reported across large parts of the Santa Clarita and San Fernando valleys shortly after the incident. Los Angeles County officials issued a shelter-in-place order at 17:40 for nearby neighborhoods, including areas around Northlake Hills Elementary School, totalling over 19 000 people. Residents were instructed to close doors, windows, and ventilation systems due to the risk of ignition and air contamination. The advisory remained in effect for several hours and was lifted later in the evening after utility crews isolated the damaged section of pipeline. Interstate 5 was closed in both directions between Lake Hughes Road and the Lower Crossover shortly after 17:12, with northbound traffic detoured to SR-126 and southbound to SR-138. The highway reopened around 21:00 after officials confirmed the gas release had been controlled. In an official statement, SoCalGas said its crews had safely isolated the damaged portion of the line, stopping the leak. The company confirmed there were no indications of ignition or explosion and noted that significant land movement had been observed near the break. The cause of the rupture remains under investigation. Preliminary assessments and field reports indicate that significant ground movement occurred near the break, suggesting a possible link between recent slope instability and the pipeline failure. Authorities have not confirmed whether the rupture triggered the slide or resulted from it. Several non-residential customers experienced service interruptions, and SoCalGas warned that residents could continue to smell natural gas in the area as remaining gas dissipates. Los Angeles County Fire Department reported no injuries. The Los Angeles Fire Department separately clarified that odor reports in the city were linked to the Castaic rupture and posed no immediate threat.

LNG Canada Gas Intake Remains Erratic on Power Outage and Train 1 Restart | RBN Energy - Gas intake to the LNG Canada liquefaction site in Kitimat, BC has been erratic during the month of December. Based on data from RBN’s Canadian NatGas Billboard, gas intake is estimated to have dropped to zero (blue square in chart below) between December 14-16 and December 21-22 after, respectively, a third-party power outage on December 12 and another restart of Train 1 that began on December 19 and is scheduled to last two weeks. Owing to the limited nature of data disclosure, only partial pipeline flow data is available for LNG Canada’s gas intake making the above zero flow estimates conjectural in nature. However, gas flow has likely been very limited or zero at times this month as a single LNG tanker, the Diamond Gas Victoria, has been continuously docked at the LNG Canada site since December 12, according to Bloomberg ship tracking data. This marks the longest — two weeks — that any LNG tanker has been tied up in Kitimat, with the ship still on site as of December 26. It remains unclear if the tanker has yet loaded any LNG. Bloomberg’s tracking data reveals that an additional eight LNG tankers remain in the waters of northern BC awaiting instructions that might send them to Kitimat. Aside from the unplanned third-party power outage, it is uncertain if there have been technical issues with the two mega-trains at LNG Canada, each the second largest in the world after those installed at QatarEnergy, which have prevented consistent and higher gas intake since beginning commercial operations at the start of July.

Amigo LNG Pushes Toward FID With Waha Seen Below $3 in Early Export Window - The partnership behind the proposed Amigo LNG terminal plans to reach a final investment decision (FID) on the Mexican floating export facility early next year after securing “adequate” offtake agreements, developers told U.S. regulators. (Map showing the proposed Amigo LNG export facility on Mexico’s Pacific coast near Guaymas, Sonora, highlighting NGI Mexico Gas Price Index locations, major natural gas import and export points, operational and proposed pipelines, and connections to U.S. gas supply via the Waha Hub in West Texas.) At A Glance:
FID targeted for early 2026
7.8 Mt/y total planned Amigo LNG capacity
Waha averages below $3/MMBtu in 2028

Argentina’s Shale Expansion Elevates It Above Colombia in Oil Output Rankings - Argentina has surpassed Colombia to become South America’s fourth-largest oil producer, underpinned by a sustained surge in unconventional hydrocarbon development centered on the Vaca Muerta shale. Since the 2012 nationalization of YPF, Buenos Aires has pursued aggressive investment and drilling programs that have steadily lifted both oil and gas output to repeated record highs, positioning Argentina as a growing player in the global supply landscape and a potential influence on benchmark prices such as Oil – Brent Crude, Oil – US Crude, and Natural Gas. The expansion of shale production adds incremental barrels and cubic feet to international markets at a time when investors are closely monitoring non-OPEC supply growth, fiscal reforms in Argentina, and infrastructure constraints that could affect export capacity and future price dynamics. Over the past month, prices for major energy benchmarks have softened: US crude futures (CM:CL) are down about 2.2%, Brent crude (CM:BZ) has slipped roughly 2.9%, and US natural gas (CM:NG) has fallen about 10.6%, reflecting a mix of macroeconomic concerns, seasonal demand patterns, and robust non-OPEC output that include emerging shale regions like Argentina. From a short-term trading perspective, 1-day technical indicators show a Hold signal for US crude, suggesting a neutral stance amid recent consolidation, while Brent crude is flashing a Sell signal, pointing to lingering downside pressure. In contrast, US natural gas currently carries a Strong Buy signal despite its recent decline, indicating that some technical models anticipate a potential rebound or at least a short-term retracement.

U.S. LNG Strengthens Grip on Europe as Equinor Delays Project to Extend Hammerfest Exports - Equinor ASA has delayed a project to extend the life of the Hammerfest LNG export plant in Norway and cut its emissions as the work has become more complicated than previously anticipated and the project’s costs have ballooned. At A Glance:

• Facility is Europe’s largest LNG plant
• Project costs increase to nearly $2B
• Work to maintain feed gas delayed by one year

Frigid Temperatures, Henry Hub Surge Lift TTF to One-Month High -- European natural gas prices hit their highest point in a month on Monday as cold weather descended on parts of the continent. European Union gas storage chart showing 728.19 TWh of gas in storage as of Dec. 27, 2025, equal to 63.7% full, with inventories 132.6 TWh below last year and 116.0 TWh below the five-year average, alongside historical storage trends and percent-full levels. At A Glance:
TTF trades at nearly $10.00
TTF, JKM still within narrow range
U.S. natural gas prices expected to weaken

Global Natural Gas Prices Fizzle as More LNG Hits the Market, Demand Softens -A look at the global natural gas and LNG markets by the numbers. North America LNG export flow tracker showing U.S. LNG export volumes rising to about 19 million Dth on Dec. 29, 2025, with daily flows from Corpus Christi, Sabine Pass, Cameron, Calcasieu Pass, Plaquemines, and other LNG terminals, based on NGI data as of Dec. 31, 2025.

• $9.66/MMBtu: Global benchmark natural gas prices are ending the year at levels last seen before the 2022 invasion of Ukraine. As seasonal temperatures turn toward the milder side in Europe, the February Title Transfer Facility contract sank to around $9.66 by mid-week. This is despite European Union gas storage levels falling below the five-year average for most of December. Increasing LNG output, particularly from the United States, has eased the market’s concerns over supplies. East Asia has maintained the price premium, but it has declined to similar levels as demand softens among leading buyers in Japan and South Korea.
• 19 Bcf/d: Pipeline nominations to U.S. LNG terminals have held steady near 19 Bcf/d for most of the week, helping to lift Henry Hub near the $4 mark. LNG feed gas nominations have previously hit 19 Bcf/d during the month as projects continue to reach advanced commissioning stages, but pushed to new highs consistently since the Christmas holiday. Nominations have been driven by Plaquemines LNG pulling above operational capacity and an uptick at Sabine Pass LNG.
• 460 Bcf/y: ST LNG LLC has asked the U.S. Department of Energy to approve exports for a proposed 8.4 Mt/y capacity project offshore the Texas coast. Project partners requested approval of 460 Bcf/y in LNG exports from the Matagorda, TX site through 2050. The project is outlined to utilize up to four floating LNG units combined with a floating storage unit, anchored equipment and a three-mile lateral pipeline to connect to existing offshore infrastructure. The terminal would be supplied feed gas by the Katy and Tres Palacios supply hubs. First LNG production is targeted to begin in 2029, if approved.

ICE to Extend TTF Trading Hours as Europe Continues to Drive Global Natural Gas Market - Intercontinental Exchange Inc. (ICE) again reported record trading across its global natural gas markets and is preparing to expand trading hours for European benchmark Title Transfer Facility (TTF) futures and options as liquidity continues to grow.Chart titled “Global Futures Settles Through 2029” showing Henry Hub, JPN/KOR (JKM) and TTF natural gas futures prices from 2026–2029. Henry Hub averages near $3.66/MMBtu on a 12-month strip as of Dec. 24, 2025, while JKM and TTF trade near $9.69/MMBtu and $9.48/MMBtu, respectively, with forward curves extending through CY2029. At A Glance:
ICE eyeing 22-hour TTF trading schedule
TTF trading surpasses 100 million contracts
JKM trading also set new record this year

Russian Gas Exports to Europe Fall 44 Percent in 2025 | Ukraine news - #Mezha -In 2025, exports of Russian pipeline gas to Europe fell by 44% and stood at about 18 billion cubic meters, the lowest figure in the last half-century. This trend indicates substantial depletion of traditional supply routes and Europe’s shift to a different import scheme. For historical reference: in 1973 the Soviet Union delivered 6.8 billion cubic meters of gas, and in 1975 – 19.3 billion cubic meters. The export peak occurred in 2018–2019: volumes exceeded 175–180 billion cubic meters per year and brought tens of billions of dollars. The decline is linked to the termination of the transit agreement through Ukraine and the overall decrease in energy imports from Russia to the EU. Currently the only transit route for exports of Russian gas to Europe remains the Turkish Stream, through which gas is also supplied to Serbia, Hungary, and Slovakia. Additionally, Russia supplies liquefied natural gas by tankers and remains one of the EU’s major LNG suppliers after the United States. Such developments

Global 2025 LNG Exports Saw Biggest Jump in Three Years - Takeaways by Bloomberg AI:

• Global exports of liquefied natural gas in 2025 likely saw the biggest jump in three years, as new supply came online in North America.
• The US is poised to cement its role as a major exporter, becoming the first ever to ship out more than 100 million tons of LNG this year.
• Globally, trading volumes of LNG are expected to continue growing 7.5% to 8% next year, driven by a wave of new supply and lower prices that should stimulate demand.

Global exports of liquefied natural gas in 2025 likely saw the biggest jump in three years, as new supply came online in North America.Exports are estimated to have risen 4% from last year to 429 million tons, according to Kpler, which tracks shipping data. That’d be the largest annual increase since 2022, when exports climbed 4.5% from the year before, the data showed. The rise was largely driven by projects like LNG Canada and Plaquemines in the US ramping up output. The US is poised to cement its role as a major exporter, becoming the first ever to ship out more than 100 million tons of LNG this year. The nation is expected to continue adding supply, doubling output by the end of the decade and boosting exports in turnThat will likely drag Asian and European gas prices lower. Already, Asian prices are near the lowest in a year, while European futures have fallen more than 40% from the start of the year.The additional output could also further tighten demand for vessels transporting the super-chilled fuel. Last month, the cost of sending LNG across the Atlantic Ocean reached the highest in almost two years as a surge in supply boosted demand for tankers.December’s exports figures are likely to hit a record of about 41 million tons, according to Kpler. China and Japan remain the world’s biggest buyers, tied for first place this year, though total Chinese imports this year are about 15% lower than 2024, the data showed.Egypt’s inbound shipments continued to grow after the country became a net importer last year. The nation likely bought about 8.9 million tons of LNG this year, up more than three times from last year.Globally, trading volumes of LNG are expected to continue growing 7.5% to 8% next year, driven by a wave of new supply and lower prices that should stimulate demand, Bloomberg Intelligence said in a note.

Israel Eyes Gas Pipeline to Cyprus for Global LNG Exports -A trilateral summit in Jerusalem this week between Israel, Greece, and Cyprus has advanced strategic ties amid shared regional challenges, including tensions with Turkey, while yielding key economic breakthroughs in energy cooperation.One major development: Plans to link Israel's offshore gas fields—Leviathan, Tamar, and Karish-Tanin—to new LNG facilities in Cyprus for worldwide export via tanker ships. Officials from Israel and Greece, speaking to Globes, revealed that anticipated revenues could attract private investment for the short pipeline, sparing governments from direct funding. Unlike current exports to Jordan (via the Fajr pipeline) and Egypt (direct line), which serve local needs, Cyprus-bound gas targets global markets. Egypt, facing a production shortfall of 25 BCM annually against 70 BCM consumption, imports heavily from Israel—rising from 2.2 BCM in 2020 to 10 BCM in 2024—despite economic strains and a $35 billion deal for 130 BCM from Leviathan partners. Last year, Israel exported 13.2 BCM while producing 13.9 BCM domestically, a sharp increase from 2020's 4.3 BCM exports.Energy Minister Eli Cohen has explored options like onshore or floating LNG units to diversify exports. In parallel, construction on the Israel-Cyprus electricity interconnector—linking to the EU grid—begins soon.The Cypriot government affirmed commitment to joint projects in gas, power links, and renewables, "based on international law and respect for all countries' rights to their exclusive economic zones and continental shelves."This veiled reference targets Turkey, which disputes maritime boundaries in the Eastern Mediterranean, rejecting UN conventions on continental shelves and viewing islands like Cyprus as extensions of the mainland—limiting them to 6 nautical miles of territorial waters. Turkey's 1974 invasion and support for the unrecognized Turkish Republic of Northern Cyprus further complicate claims, including potential economic zones. The pipeline could exacerbate Turkish ire, especially after Ankara's opposition to the Cyprus-Lebanon maritime deal and talks for a Turkish-Syrian border agreement under Erdogan's influence, potentially encroaching on Cypriot zones key to the project.

How Could Australia’s Natural Gas Reserve Policy Impact U.S. LNG, Global Markets? -Australia’s ruling Labor Government has outlined plans for a long-anticipated policy that would require some of the Pacific’s largest LNG exporters to reserve supplies for the domestic market. (Map of Australia showing major natural gas liquefaction facilities and LNG market hubs, including Gorgon, Wheatstone, Pluto, Prelude, Ichthys near Darwin, and Queensland LNG projects at Gladstone and Wallumbilla. Source: Energy Information Administration.) At A Glance:
Aussie exporters could reserve 15–25% of production
JKM spot volatility, flexibility impacts expected
Asian demand could support U.S. LNG prices

Venezuela reduces oil production by 15% after the American blockade Venezuela has begun closing heavy crude oil wells in the Orinoco Belt, as a result of the American blockade that has led to a reduction in shipments and a flooding of storage spaces, according to sources familiar with the plans of the state oil company PDVSA speaking to Bloomberg. The company started disabling production wells two days ago, following a decision made on December 23, as part of efforts to cut production in response to restrictions on its exports. According to the sources, Venezuela aims to reduce its oil production by about 15% of total production, which is approximately 1.1 million barrels per day, by cutting production in the Orinoco Belt by 25% to about 500,000 barrels per day. The Orinoco wells and the Junin area will be the first areas to close, followed by some wells in Ayacucho and Carabobo, with a focus on heavy crude oil which is difficult to export due to the sanctions. The American blockade disrupts trade routes for shipments of crude oil aboard ships affected by the sanctions, which increases storage surplus and inventories in Venezuela. Additionally, shipments of naphtha are under scrutiny, limiting PDVSA's ability to process heavy oil for export via pipelines. At the same time, the American company Chevron continues to ship Venezuelan crude oil to the United States under a special license, as production is sent to refineries on the U.S. Gulf Coast equipped to process heavy sour oil, a globally limited sector. These supplies remain important for complex refineries, especially as sanctions restrict other similar supplies from various producers. Data indicates that the Trump administration focused on enforcing existing sanctions and preventing unauthorized exports, without announcing new sanctions, which has kept Chevron's license intact as illegal oil export paths continue to narrow. Through the reduction of heavy oil production, Venezuela seeks to adapt to the American blockade and the saturation of its storage, reflecting the impact of sanctions on the stability of global oil exports. Chevron’s continued supply of Venezuelan oil highlights the country's production importance in meeting the demand for complex heavy oil, amidst ongoing geopolitical pressures on energy markets.

Storm Halts Oil Transshipment at CPC Marine Terminal - Severe weather conditions have temporarily disrupted operations at the Caspian Pipeline Consortium (CPC) Marine Terminal in the Black Sea. On December 29, 2025, the Consortium suspended oil transshipment due to adverse weather and active storm warnings, The Caspian Post reports via CPC. Oil acceptance was also halted the same day because storage facilities reached capacity. CPC said all shippers were notified in a timely manner. The Consortium stressed that the decision reflects its strict commitment to environmental protection and industrial safety, prioritizing the prevention of oil spill incidents during marine terminal operations. CPC noted that shipment regularity has also been affected by earlier damage to Single Point Mooring (SPM-2) caused by an unmanned boat attack, as well as ongoing repair at SPM-3, which have been complicated by harsh winter hydrometeorological conditions. The company said information on the resumption of stable pipeline and marine terminal operations and a return to standard oil shipment volumes will be announced later. The CPC Crude Oil Pipeline System is one of the largest energy projects in the CIS. The 1,511-kilometer Tengiz-Novorossiysk pipeline transports more than two-thirds of Kazakhstan’s export oil, along with crude from Russian oil fields, including the Caspian region. The CPC Marine Terminal operates three Single Point Moorings, allowing tankers to load oil safely offshore. CPC shareholders include the Russian Federation, Kazakhstan’s KazMunayGas, and major international energy companies, reflecting the project’s strategic importance for regional and global energy markets.

Oil theft tunnel from refinery line uncovered in Karachi; four arrested - An attempt to steal oil from a major refinery pipeline in Karachi was foiled after law enforcement agencies uncovered a tunnel built for illegal tapping of the line, leading to the arrest of four suspects. According to the Special Investigation Unit (SIU), the suspects had dug a deep tunnel inside a warehouse with the intention of stealing oil from the National Oil Refinery pipeline. Acting on intelligence information, the police conducted a raid and took the suspects into custody before they could carry out the theft. Police officials said the arrested individuals were involved in illegal tapping of the PARCO pipeline and had constructed a tunnel measuring approximately 17 feet in depth and 140 meters in length. The tunnel was reportedly designed to reach the underground pipeline without attracting attention. During the operation, law enforcement officials recovered clips, pipes, and other specialised equipment used for oil theft from the possession of the suspects. Authorities said further investigation is underway to determine whether the accused were part of a larger network involved in fuel theft. Officials recalled that a similar attempt to steal oil from the PARCO pipeline running from Port Qasim to Multan in Karachi had also been foiled earlier, highlighting ongoing efforts by criminal elements to target energy infrastructure. Police said the suspects would be presented before the court after completion of legal formalities, while security around key oil pipelines in the city has been further strengthened.

China's CNOOC Discovers Massive Oilfield in Bohai Sea - CNOOC Ltd, China’s top offshore crude oil and natural gas producer, has announced the discovery of a major new oilfield in the Bohai Sea. The Qinhuangdao 29-6 discovery in the shallow Neogene formations of the Bohai Sea is yet another oilfield estimated to hold more than 100 million tons of crude, or about 730 million barrels, and discovered by CNOOC recently, the company said. Through continued exploration, the proved in-place volume of Qinhuangdao 29-6 Oilfield has exceeded 100 million tons of oil equivalent. The oil property of the major new discovery is medium-heavy crude, the Chinese major added. The Qinhuangdao 29-6 Oilfield is the second one-hundred-million-ton-class lithological oilfield discovered in the mature exploration area of the Shijiutuo Uplift, CNOOC said. This further highlights the value of exploration and consolidates the resource base for increasing CNOOC’s reserves and production, according to the company. In the middle of 2025, CNOOC launched production of heavy crude from its Kenli 10-2 Oilfields Development Project, which is the largest shallow lithological oilfield offshore China. The project in the southern Bohai Sea will see 79 development wells commissioned, including 33 cold recovery wells, 24 thermal recovery wells, 21 water injection wells, and 1 water source well. CNOOC expects the project to achieve peak production of about 19,400 barrels of oil equivalent per day (boepd) in 2026.

Why China Is Driving Short-Term Oil Prices But OPEC Still Holds The Lever - For most of the past decade, oil markets have treated decisions by OPEC as the primary signal for price direction. That hierarchy is being tested, but not overturned. What has changed is where traders look for short-term cues. Increasingly, those cues are coming from China, not because Beijing controls supply, but because its buying behavior now dominates marginal demand and near-term price discovery. As reported by Reuters, China has overtaken OPEC as the most influential force in oil price formation, driven by the scale and timing of its crude purchases rather than any formal attempt to manage prices. The change shows us how oil markets have become increasingly demand-led, with China sitting right in the center. China is the world’s largest crude importer, but its influence extends beyond just the volumes that make headlines. Refinitiv analysts recently noted that the traditional view of producers like OPEC+ as the primary oil price setters has been “challenged in 2025 by China,” explaining that Beijing’s use of strategic stockpiles to provide a crude price floor and ceiling effectively supplanted producer group direction this year. cite analyst voices added, I can provide additional options. Unlike OECD buyers, China’s oil system blends state-owned majors, independent refiners, and strategic stockpiling entities whose buying behavior is opaque and often poorly reflected in real-time data. Cargoes can move into commercial storage, strategic reserves, or floating storage with limited visibility. That uncertainty itself has become a market variable. When Chinese buying accelerates, prices tend to firm even if global supply remains healthy. When imports slow, prices drop even with OPEC output restraint. Over the past two years, this pattern has repeated enough times that traders now treat Chinese import momentum as a more immediate price driver than OPEC production targets, many of which are either anticipated or only partially implemented. OPEC (and particularly Saudi Arabia) still controls the bulk of global spare capacity. That capacity continues to anchor longer-term expectations. But spare capacity matters less when demand fluctuations dominate short-term pricing. In today’s market, the marginal barrel is shaped more by whether China is actively pulling crude from the market.

Oil Prices Edge Higher As Geopolitical Risks Raise Supply Fears -Global crude oil prices recorded modest gains at the start of the week as traders reacted to heightened geopolitical tensions and lingering uncertainty over global supply conditions. Brent crude hovered near the $61 per barrel mark on Monday, supported by concerns over potential disruptions in key producing regions and cautious optimism surrounding diplomatic efforts to end the Russia–Ukraine conflict. At last check, Brent futures traded at $60.87 per barrel, representing a 0.7 percent increase from Friday’s settlement of $60.43. US benchmark West Texas Intermediate (WTI) crude also advanced by around 0.7 percent to $57.27 per barrel, up from $56.86 in the previous session. Market sentiment was influenced in part by comments from US President Donald Trump, who said significant progress had been made toward resolving the Russia–Ukraine war following talks with Ukrainian President Volodymyr Zelenskyy. Zelenskyy confirmed that discussions had advanced on multiple fronts, revealing that approximately 90 percent of a proposed 20-point peace framework had been agreed. He added that security guarantees between the US and Ukraine were fully settled, while parallel arrangements involving Europe were close to finalisation. Military cooperation, he said, had been completely agreed, with work continuing on an economic recovery and prosperity plan. Despite the diplomatic momentum in Eastern Europe, developments in the Middle East have continued to inject risk into energy markets. Saudi Arabia’s air operations in Yemen and fresh rhetoric from Iran’s leadership have raised concerns about the stability of oil supplies from the region. Iranian President Masoud Pezeshkian said over the weekend that the country is engaged in what he described as a “comprehensive war” involving the United States, Israel and parts of Europe. In comments published on the official website of Iran’s Supreme Leader, Ayatollah Ali Khamenei, Pezeshkian warned that the current conflict is more complex than the Iran–Iraq war of the 1980s. He accused Western nations of backing efforts to undermine Iran’s stability, a statement that further unsettled markets already sensitive to geopolitical risk. However, analysts caution that upside pressure on oil prices may be limited in the medium term. Several international organisations have warned that global oil supply could exceed demand in 2026, driven by rising output from non-OPEC producers and softer consumption growth. Additional data from the United States also pointed to increased production capacity. Oilfield services firm Baker Hughes reported that the US oil rig count rose by three in the latest week, bringing the total to 409 rigs as of December 26. Although this figure remains 74 rigs lower than the same period last year, the uptick suggests continued drilling activity. The rig count is widely viewed as an indicator of near-term US oil output, which could add to global supply levels in the months ahead.

Airstrikes Causing Concerns Over Potential Supply Disruptions - The oil market, which posted an inside trading day on Monday, retraced Friday’s sharp losses amid geopolitical tension in the Middle East, with Saudi airstrikes in Yemen causing concerns over potential supply disruptions and Russian claims that Ukraine launched a drone attack on a Russian presidential residence. Following a meeting between Ukraine’s President Volodymyr Zelenskiy and U.S. President Donald Trump on Sunday, Russia said it was reviewing its position in peace talks as it claimed that Ukraine attacked the Russian presidential residence in northern Russia. The crude market posted a low of $56.91 on the opening but gradually traded higher to $58.30 by mid-day. The market later erased some of its gains and settled in a sideways trading range during the remainder of the session. The February WTI contract settled up $1.34 at $58.08 and the February Brent contract settled up $1.30 at $61.94. The product markets ended the session higher, with the heating oil market settled up 2.05 cents at $2.1275 and the RB market settled up 1.81 cents at $1.7152. Russia and Ukraine on Monday remained far apart on territorial issues that are blocking a peace deal. The Kremlin said Russia’s President Vladimir Putin told U.S. President Donald Trump on Monday that Russia would review its position in peace negotiations after what Moscow said was a Ukrainian drone attack on a Russian presidential residence. Ukraine has dismissed Russia’s accusation that 91 drones attacked Putin’s residence in northern Russia as a lie, and has accused Moscow of attempting to undermine peace talks. Earlier on Monday, Ukraine’s President, Volodymyr Zelenskiy, said that a 20-point peace plan to end Russia’s war should be put to a referendum in Ukraine. He said that a ceasefire of at least 60 days would be necessary to hold such a referendum. He also stated that a draft peace framework to end Russia’s war envisages U.S. security guarantees for Ukraine for 15 years. Ukrainian President Volodymyr Zelenskiy said that a meeting with Russia would be possible only after U.S. President Donald Trump and European leaders agree on a Ukraine-proposed peace framework to end Moscow’s war. On Sunday, U.S. President Donald Trump said that he and Ukrainian President Volodymyr Zelenskiy were “getting a lot closer, maybe very close” to an agreement to end the war in Ukraine, though both leaders acknowledged that some details, such as the future of Donbas, remain unresolved. President Trump said it will be clear “in a few weeks” whether negotiations to end the war will succeed. He said they were 95% of the way to such an agreement, and that he expected European countries to “take over a big part” of that effort with U.S. backing. Meanwhile, Ukrainian President Zelenskiy said an agreement on security guarantees for Ukraine has been reached. Ukraine’s President said he and U.S. President Donald Trump made significant progress in talks and agreed that U.S. and Ukrainian teams would meet next week to finalize issues aimed at ending Russia’s war in Ukraine. Just before Ukraine’s President and his delegation arrived at President Trump’s Florida residence, President Trump and Russian President Vladimir Putin spoke in a call described as “productive” by the U.S. president and “friendly” by Kremlin foreign policy aide Yuri Ushakov. IIR Energy reported that U.S. oil refiners are expected to shut in about 192,000 bpd of capacity in the week ending January 2nd, cutting available refining capacity by 47,000 bpd. Offline capacity is expected to increase to 625,000 in the week ending January 9th.

Oil settles up over 2% on dented peace hopes in Ukraine, tensions in Yemen (Reuters) - Oil prices settled more than $1 a barrel higher on Monday as Russia accused Ukraine of attacking President Vladimir Putin’s residence, while traders braced for potential supply disruptions in the Middle East due to rising tensions in Yemen. Brent crude futures rose $1.30, or 2.1%, to settle at $61.94 a barrel. U.S. West Texas Intermediate crude gained $1.34, or 2.4%, to close at $58.08. Russia on Monday accused Ukraine of launching a drone attack on the Russian presidential residence in northern Russia, due to which Moscow now plans to review its position in peace talks. Ukraine dismissed Russian statements about the drone attack and its foreign minister said Moscow was seeking "false justifications" for further strikes against its neighbor. "Unless Russia surprises the world by backing away from previous demands regarding territory and security guarantees, we are looking for the complex to edge higher through the rest of this week and next week," oil trading advisory firm Ritterbusch and Associates said. Prior to the drone attack claims, Ukrainian President Volodymyr Zelenskiy had said on Monday that significant progress had been made in talks with U.S. President Donald Trump and agreed that U.S. and Ukrainian teams would meet next week to finalize issues aimed at ending Russia’s war in Ukraine. The oil market’s focus has also shifted toward the Middle East, Gelber & Associates said in a note. "Fresh instability, including Saudi air strikes in Yemen, is keeping supply-disruption headlines in play," the energy consultancy said. Yemen’s Saudi-led coalition said any military moves by the main southern separatist group in the eastern province of Hadramout that undermined de-escalation efforts would be countered to protect civilians, the Saudi state news agency reported on Saturday. An escalation of fighting on Thursday killed two people from the separatist group Southern Transitional Council’s Hadhrami Elite Forces in Hadramout, the group said in its statement. Saudi airstrikes followed early on Friday, targeting the STC forces in the area, a source told Reuters. Strong Chinese waterborne crude imports are also helping tighten oil markets, said UBS analyst Giovanni Staunovo. He added that $60 a barrel was the soft floor for Brent, with prices expected to recover slightly in 2026 because non-OPEC+ supply growth is likely to stall in the middle of 2026. Energy investors awaited data on U.S. stockpiles for the week ended December 19. The report, which was expected to be published at 10:30 a.m. ET on Monday, was delayed without assigning a new publication time. An extended Reuters poll showed U.S. crude oil inventories were expected to have fallen in the week ended December 19, while distillate and gasoline inventories were expected to have risen.

Oil Prices Climb as Trump Issues Stark Warning to Iran - Oil prices were holding onto gains early on Tuesday, reversing an earlier dip in Asian trade, as geopolitical risks in Russia and Iran outweighed oversupply concerns in thin semi-holiday trading. Both benchmarks were up by about 0.4%, with WTI Crude at above $58 per barrel and Brent Crude topping $62 a barrel, following renewed geopolitical risk premium, mostly due to comments from U.S. President Donald Trump in the past 24 hours. Following a meeting with Israeli Prime Minister Benjamin Netanyahu in Florida, President Trump said the United States had hit a dock on a shore in Venezuela, where alleged drug boats “load up.” “They load the boats up with drugs, so we hit all the boats and now we hit the area…And that is no longer around,” President Trump said. At the same press pool with the Israeli PM, President Trump suggested that the United States could launch new strikes on Iran if the Islamic Republic resumes work on its nuclear weapons program.“I've been reading that they're building up weapons and other things, and if they are, they're not using the sites we obliterated, but possibly different sites,” President Trump said. “We know exactly where they're going, what they're doing, and I hope they're not doing it because we don't want to waste fuel on a B-2,” the U.S. President added, referring to the bomber jet the U.S. used in the previous strikes in June 2025. “It's a 37-hour trip both ways. I don't want to waste a lot of fuel.” Meanwhile, oil prices were also supported byreports that Vladimir Putin told President Trump that Russia would review its position in the U.S.-brokered peace talks to end the war in Ukraine after what Moscow claimed was a drone attack by Ukraine on one of the residences of the Russian president. The Kremlin will continue dialogue with the U.S., but the attack that Russia claims was aimed at the presidential residence would not go “unanswered,” TASS news agency quoted Kremlin aide Yury Ushakov as saying on Tuesday. Russia also weighed in on the U.S.-Iran tensions, urging restraint after President Trump’s hint that the U.S. could strike Iran again if Tehran resumed work on its nuclear weapons program.

Oil Pauses Ahead of OPEC Meeting -Oil steadied as traders weighed geopolitical tensions from Venezuela to Russia and Yemen against concerns about a global glut. West Texas Intermediate futures were little changed to settle near $58 a barrel in quiet trading ahead of New Year’s. The United Arab Emirates said it will withdraw forces from Yemen following a flare-up in tensions with oil-rich ally Saudi Arabia over military operations in the conflict-hit country. At the same time, President Donald Trump’s push for a peace plan in Ukraine faces fresh obstacles after Russia’s Vladimir Putin said he would revise his negotiating position. Moscow’s oil has come under tighter international sanctions in an effort to force an end to the war. Despite those risks, OPEC+ members meeting this weekend are expected to stick with plans to pause further supply hikes amid growing evidence of a global surplus, according to three delegates. Crude remains on course for a steep annual decline on concern production will eclipse demand after OPEC+ ramped up output in a bid to recapture market share. Among signs of abundant supplies, the amount of oil held on idle tankers has been steadily rising, Vortexa Ltd. data show. The supply outlook has been further complicated as the Trump administration presses on with a partial US blockade that has crimped exports from Venezuela. The South American country has started to shut wells and see local storage tanks fill, in a reality check for President Nicolas Maduro, who throughout the blockade has attempted to maintain exports that are at the core of the economy. In the US, crude stockpiles at the key Cushing, Oklahoma, hub saw the biggest weekly build since late October in the period to Dec. 19, according to government figures. On a nationwide basis, holdings of gasoline and distillates also rose. West Texas Intermediate for February delivery edged down 13 cents to settle at $57.95 a barrel in New York. Brent for February settlement, which expires Tuesday, was 2 cents lower to settle at $61.92 a barrel. The more-active March contract fell 16 cents to settle at $61.33 a barrel.

Oil flat as Russia-Ukraine peace hopes fade, Yemen tensions rise (Reuters) - Oil was steady after a choppy session on Tuesday as investors weighed dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen. Brent crude futures for February delivery , which expire on Tuesday, settled down 2 cents, or 0.03%, at $61.92 a barrel. S U.S. West Texas Intermediate crude settled down 13 cents, or 0.22%, at $57.95. On Monday, both benchmarks settled more than 2% higher as Saudi Arabia launched airstrikes against Yemen and after Moscow accused Kyiv of targeting a Russian presidential residence, denting hopes of a peace deal. "This latest stumbling block could see a risk premium return to the commodity, keeping prices in no man’s land," said Tudor, Pickering Holt analyst Matt Portillo in a note on Tuesday of the purported attack on Russian President Vladimir Putin's home. Russia has said it will toughen its position in peace talks after accusing Kyiv of attacking the residence, an allegation that Kyiv dismissed as baseless and designed to undermine peace negotiations. "The peace agreement between Russia and Ukraine could be delayed further, which is supportive to prices," said Dennis Kissler, senior vice president of trading at BOK Financial, adding that the actual effect on crude exports remains minimal. The ongoing U.S. blockade of Venezuelan oil and suspension of Caspian CPC Blend exports because of poor weather supported prices on Tuesday, said UBS analyst Giovanni Staunovo. Adding to supply concerns were strikes by a Saudi Arabia-led coalition on what it described as foreign military support to UAE-backed southern separatists in Yemen. Saudi Arabia said on Tuesday that its national security was a red line and backed a call for UAE forces to leave Yemen within 24 hours, shortly after a Saudi-led coalition carried out an airstrike on the southern Yemeni port of Mukalla. The UAE said it was disappointed with Saudi Arabia's statement and surprised by the airstrikes on Mukalla. The UAE's Defence Ministry said later that it has voluntarily ended the mission of its counterterrorism units in Yemen, the only remaining forces it has in the country after ending its military presence in 2019. Traders also watched other Middle East developments after U.S. President Donald Trump said that the United States could support another major strike on Iran were Tehran to resume rebuilding its ballistic missile or nuclear weapons programmes. Despite renewed fears of potential supply disruptions, perceptions of an oversupplied global market remain and could cap prices, analysts say. Prices are likely to trend downwards in the first quarter of 2026 because of a "growing oil glut", said Marex analyst Ed Meir.

Oil Prices Weaken as Oversupply Clouds 2026 Outlook -Crude oil prices edged lower in early Asian trading, underscoring a market that is increasingly unwilling to price in geopolitical risk when the medium-term supply outlook points toward excess barrels. Ongoing instability in the Middle East and the protracted Russia-Ukraine conflict would typically underpin a persistent risk premium, yet recent price action suggests those forces are being offset by structural concerns about global balances. Front-month WTI crude futures slipped 0.1% to $57.87 per barrel, while front-month Brent eased 0.1% to $61.25 per barrel, reflecting a market that is cautious rather than reactive.The restraint in prices highlights how expectations for future supply are shaping near-term trading behavior. The International Energy Agency projects that global oil supply will exceed demand by 3.85 million barrels per day in 2026, a magnitude large enough to cap rallies even when headlines point to potential disruptions. This projection has shifted investor focus away from episodic geopolitical flare-ups toward the durability of the supply overhang, limiting follow-through buying and encouraging sellers to fade strength. As a result, crude is trading with a muted response to risk, signaling that the market views any supply shocks as likely temporary rather than transformative. For investors, the implication is a tighter ceiling on prices despite an unstable geopolitical backdrop. In the base case, crude prices remain range-bound as surplus expectations for 2026 continue to anchor sentiment and suppress risk premiums, keeping upside attempts short-lived. The primary upside risk scenario would emerge if geopolitical escalations translate into sustained and material supply losses that meaningfully narrow the projected surplus, forcing a reassessment of balance assumptions. Investors will next watch for confirmation or revision of global supply and demand forecasts and for evidence that disruptions are either transient or persistent enough to challenge the prevailing oversupply narrative.

Oil Heads For Worst Annual Loss Since COVID As US Crude Production Hits Record High -- Oil futures are gaining in early U.S. trade, but on track to end the year substantially lower. As Dow Jones reports, the unwinding of OPEC+ output cuts, along with higher non-OPEC production, fueled oversupply concerns in 2025, while U.S. sanctions and geopolitical tensions in the Middle East, Russia-Ukraine and more recently Venezuela led to frequent price spikes. "The crude supply surplus will acquire greater transparency than was the case through most of the fall period as floating storage gradually finds its way into onshore facilities," But away from the geopolitical chaos, domestic supply and production remain key... DOE

• Crude -1.934mm
• Cushing +543k
• Gasoline +5.845mm
• Distillates +4.977mm

Crude stocks fell for the 3rd week in the last 4 while product inventories saw their 8th straight weekly build in a row... The US Crude Oil Total Inventory (excluding Strategic Petroleum Reserve) fell to 422,888 thousand barrels in the week ending Dec. 26, 2025, lowest since Oct. 31, 2025... decoupling from the crude price... US crude production remains near record highs as the rig count has continued to slide all year... Oil headed for its steepest annual loss since the start of the pandemic in 2020, in a year that has been dominated by geopolitical risks and steadily rising supplies across the globe. OPEC+ roiled markets earlier this year by reversing its longstanding policy of defending prices and raised output, seeking to reclaim market share as countries including Brazil and Guyana boosted supply and the US pumped at record levels. The producer group is expected to hold off on output hikes during talks this weekend. A punishing surplus is expected to weigh on prices in 2026 - Global oil markets have been been oversupplied this year.

Oil Prices Enter the New Year Lower on Oversupply Concerns - The oil market posted an outside trading but continued to trade within last Friday’s trading range ahead of the New Year, as the market weighed the expectations of oversupply against the geopolitical risks. The market traded mostly sideways in overnight trading before it breached its previous high as it rallied to a high of $58.55 early in the session. The market, however, gave up its gains and sold off sharply during the remainder of the session as the market’s expectation of an oversupply offset the geopolitical risks. It extended its losses to 75 cents as it posted a low of $57.20 ahead of the close. The February WTI contract settled down 53 cents at $57.42 and ended the year down almost 20%, while, the February Brent contract ended the session down 48 cents at $60.85 and logged an annual decline of about 19%. Meanwhile, the product markets ended lower, with the heating oil market settling down 2.99 cents at $2.1206 and the RB market settling down 1.56 cents at $1.7054. The Omani Foreign Ministry said Oman’s Foreign Minister met his Saudi counterpart in Riyadh on Wednesday to discuss containing an escalation Saudi-UAE tensions over Yemen and finding a political solution to the crisis, after a Saudi-led airstrike on the southern Yemeni port of Mukalla on Tuesday. U.S. special envoy, Steve Witkoff, said President Donald Trump’s advisers held talks on Wednesday with Ukrainian President Volodymyr Zelenskiy and national security advisers from the UK, France and Germany to discuss the next steps in ending Russia’s war in Ukraine. U.S. Secretary of State Marco Rubio, President Trump’s son-in-law Jared Kushner and Ukraine’s top negotiator Rustem Umerov also participated. Russia’s Chief of the General Staff, Valery Gerasimov, said its forces were pressing forward in northeastern Ukraine and President Vladimir Putin had ordered expansion of territory Moscow calls a buffer zone there in 2026. The U.S. Treasury Department reported that the U.S. issued new Venezuela-related sanctions on four crude oil tankers and four firms. IIR Energy said U.S. oil refiners are expected to shut in about 192,000 bpd of capacity in the week ending January 2nd, cutting available refining capacity by 47,000 bpd. Offline capacity is expected to increase to 625,000 bpd in the week ending January 9th. The EIA reported that U.S. oil production reached a record high in October. U.S. oil output increased by 31,000 bpd to 13.87 million bpd. Oil output in New Mexico increased by 31,000 bpd to a record 2.38 million bpd, while output from the federal offshore gulf region increased by 46,000 bpd to 2 million bpd in October, the highest level since August 2019. Texas oil production meanwhile fell 45,000 bpd to 5.8 million bpd. Product supplied increased by 158,000 bpd to 9 million bpd in October.

Oil prices log steepest annual drop since 2020 (Reuters) - Oil prices fell on Wednesday and recorded an annual loss of nearly 20%, as expectations of oversupply increased in a year marked by wars, higher tariffs, increased OPEC+ output and sanctions on Russia, Iran and Venezuela. Brent crude futures shed about 19% in 2025, the most substantial annual percentage decline since 2020 and its third straight year of losses, the longest such streak on record. U.S. West Texas Intermediate crude logged an annual decline of almost 20%. On the last day of the year, Brent futures settled at $60.85 a barrel, down 48 cents, or 0.8%. U.S. WTI crude fell by 53 cents, or 0.9%, to settle at $57.42 a barrel. BNP Paribas commodities analyst Jason Ying anticipates Brent will dip to $55 a barrel in the first quarter before recovering to $60 a barrel for the rest of 2026 as supply growth normalises and demand stays flat. "The reason why we're more bearish than the market in the near term is that we think that U.S. shale producers were able to hedge at high levels," he said. "So the supply from shale producers will be more consistent and insensitive to price movements." U.S. crude stocks fell last week, but distillate and gasoline inventories grew more than expected, according to data from the U.S. Energy Information Administration. “It was a modestly supportive report on crude drawdown, but the inners of the report are not so great and it will probably be a rough January and February with the holidays in the rearview mirror," Crude inventories fell by 1.9 million barrels to 422.9 million barrels in the week ended December 26, the EIA said, compared with analysts' expectations in a Reuters poll for an 867,000-barrel draw. U.S. gasoline stocks rose by 5.8 million barrels in the week to 234.3 million barrels, the EIA said, compared with analysts' expectations for a 1.9 million-barrel build. Distillate stockpiles, including diesel and heating oil, rose by 5 million barrels to 123.7 million barrels, versus projections of a 2.2 million-barrel rise. Oil production in the U.S. hit a record in October, according to the latest data from the EIA. Oil markets had a strong start to 2025 when former President Joe Biden ended his term by imposing tougher sanctions on Russia, disrupting supplies to major buyers China and India. The impact of the war in Ukraine on energy markets intensified when Ukrainian drones damaged Russian infrastructure and disrupted Kazakhstan's oil exports. The 12-day Iran-Israel conflict in June added to the threats to supply by disrupting shipping in the Strait of Hormuz, a major route for global seaborne oil, which fanned oil prices. In recent weeks, OPEC's biggest producers, Saudi Arabia and the United Arab Emirates, have become locked in a crisis over Yemen. U.S. President Donald Trump has ordered a blockade on Venezuelan oil exports and threatened another strike on Iran. But prices eased after OPEC+ accelerated its output increases this year and as concerns about the impact of U.S. tariffs weighed on global economic and fuel demand growth. Key events driving Brent crude oil prices in 2025 OPEC+, the Organization of the Petroleum Exporting Countries and allied producing nations, paused oil output hikes for the first quarter of 2026 after releasing some 2.9 million barrels per day into the market since April. The next OPEC+ meeting is on January 4. Most analysts expect supply to exceed demand next year, with estimates ranging from the International Energy Agency's 3.84 million barrels per day to Goldman Sachs' 2 million bpd. "If the price really has a substantial fall, I would imagine you will see some cuts (from OPEC+)," said Martijn Rats, Morgan Stanley's global oil strategist. "But it probably does need to fall quite a bit further from here on - maybe in the low $50s." "If today's price simply prevails, after the pause in Q1, they'll probably continue to unwind these cuts." John Driscoll, managing director of consultancy JTD Energy, expects geopolitical risks to support oil prices even though market fundamentals point to oversupply. "Everybody's saying it'll get weaker into 2026 and even beyond," he said. "But I wouldn't ignore the geopolitics, and the Trump factor is going to be playing out because he wants to be involved in everything."

Oil Steadies after Biggest Annual Loss Since 2020- Oil prices steadied on the first day of trade in 2026 after registering their biggest annual loss since 2020 as investors weighed oversupply concerns against geopolitical risks including the war in Ukraine and Venezuela exports. Brent crude futures dropped 4 cents on Friday to $60.81 a barrel by 1029 GMT while US West Texas Intermediate crude was down 3 cents at $57.39, said Reuters. Russia and Ukraine traded allegations of attacks on civilians on ‌New Year's Day ‌despite talks overseen by US President Donald ‌Trump ⁠that are ‌aimed at bringing an end to the nearly four-year-old war. Kyiv has been intensifying strikes against Russian energy infrastructure in recent months, aiming to cut off Moscow's sources of financing for its military campaign in Ukraine. Elsewhere, the Trump administration's efforts to increase pressure on Venezuelan President Nicolas Maduro continued with Wednesday's imposition of sanctions on four companies and associated oil ⁠tankers that it said were operating in Venezuela’s oil sector. Traders widely expect OPEC+ to continue its pause on output increases in the first quarter, said Sparta Commodities analyst June Goh. "2026 will be an important year on assessing OPEC+ decisions for balancing supply," ⁠she said, adding that China would continue to build crude stockpiles in the first half, providing a floor for oil prices. The Brent and WTI benchmarks recorded annual losses of nearly 20% in 2025, the steepest since 2020, as concerns about oversupply and tariffs outweighed geopolitical risks. It was the third straight year of losses for Brent, the longest such streak on record. "As of now, we are expecting a fairly boring year for (Brent) oil prices, range-bound around $60-65 a barrel," said DBS energy analyst Suvro Sarkar. Phillip Nova analyst Priyanka Sachdeva said ‌the muted price movement reflected a struggle between short-term geopolitical risks and longer-term market fundamentals that point towards oversupply.

Crude Oil Futures: Crude Oil Prices Plunge Amid Oversupply and Tariff Concerns --Crude oil fell ₹23 to ₹5,200 rupee per barrel in the futures trade on Friday, amid weak global trends as oversupply concerns weighed on prices. On the Multi Commodity Exchange, crude oil futures for January delivery slipped by ₹23, or 0.44 per cent, to 5,200 rupee per barrel in a business turnover of 18,114 lots. The February contract dipped by ₹22, or 0.42 per cent, to ₹5,210 per barrel in 2,222 lots. According to Axis Securities, crude oil prices are trading lower by close to 1 per cent, marking its worst annual decline since 2020, with prices down by 20 per cent last year. "Oversupply concerns and tariff-related uncertainties weighed on the market. Geopolitical tension and demand-side challenges are likely to keep crude prices range-bound for a few months in 2026," the brokerage firm said in a note. In the international market, West Texas Intermediate (WTI) crude oil futures for February delivery fell 0.16 per cent to $57.33 per barrel while Brent Crude for March contract was trading 0.25 per cent lower at $60.70 per barrel in New York. "Crude prices are continuing to be weak in-spite of sanctions on Russia and Iran and blockade on Venezuelan crude. A large volume of Russian crude was reportedly floating off the coast of China in oil tankers amid a lack of buyers,"

Oil prices settle lower after biggest annual loss since 2020 (Reuters) - Oil prices settled lower on Friday on the first trading day of 2026 after registering their biggest annual loss since 2020, as investors weighed oversupply concerns against geopolitical risks, including the war in Ukraine and Venezuela exports. Brent crude futures closed down 10 cents to $60.75 a barrel, while U.S. West Texas Intermediate crude eased 10 cents to $57.32. Russia and Ukraine traded allegations of attacks on civilians on New Year's Day despite talks overseen by U.S. President Donald Trump, aimed at ending the nearly four-year-old war. Kyiv has been intensifying strikes against Russian energy infrastructure, aiming to cut off Moscow's sources of financing for its military campaign. The Trump administration ratcheted up pressure on Venezuelan President Nicolas Maduro on Wednesday, imposing sanctions on four companies and associated oil tankers it said were operating in Venezuela’s oil sector. Maduro said in a New Year's interview that his country is willing to receive U.S. investment in its oil sector, coordinate in the fight against drug trafficking and hold serious talks with the United States. Trump also threatened to aid protesters in Iran if security forces fire on them, days into unrest that has left and posed the biggest internal threat in years to Iranian authorities. "Despite all these geopolitical concerns, the oil market seems unmoved. Oil prices are locked in this long-term trading range, and there’s a sense that the market is going to be well supplied no matter what happens," said Phil Flynn, senior analyst with the Price Futures Group. In the Middle East, a crisis between OPEC producers Saudi Arabia and the United Arab Emirates over Yemen has deepened after flights were halted at Aden's airport on Thursday. OPEC+, the Organization of the Petroleum Exporting Countries and allied producers, is due to meet on Sunday. Traders widely expect the group to continue pausing output increases in the first quarter, said Sparta Commodities analyst June Goh. "2026 will be an important year on assessing OPEC+ decisions for balancing supply," she said, adding that China would continue to build crude stockpiles in the first half, providing a floor for oil prices. The Brent and WTI benchmarks each lost nearly 20% in 2025, the steepest since 2020. It was the third straight year of losses for Brent, the longest streak on record. Phillip Nova analyst Priyanka Sachdeva said the muted price movement reflected a struggle between short-term geopolitical risks and longer-term market fundamentals that point towards oversupply.

Saudi Arabia bombs Yemen port city over weapons shipment from UAE for separatists -- (AP) — Saudi Arabia bombed Yemen’s port city of Mukalla on Tuesday after a weapons shipment from the United Arab Emirates arrived for separatist forces in the war-torn country, and warned that it viewed Emirati actions as “extremely dangerous.” The bombing followed tensions over the advance of Emirates-backed separatist forces known as the Southern Transitional Council. The council and its allies issued a statement supporting the UAE’s presence, even as others allied with Saudi Arabia demanded that Emirati forces withdraw from Yemen in 24 hours’ time. The UAE called for “restraint and wisdom” and disputed Riyadh’s allegations. But shortly after that, it said it would withdraw its remaining troops in Yemen. It remained unclear whether the separatists it backs will give up the territory they recently took. The confrontation threatened to open a new front in Yemen’s decade-long war, with forces allied against the Iranian-backed Houthi rebels possibly turning their sights on each other in the Arab world’s poorest nation. It also further strained ties between Saudi Arabia and the UAE, neighbors on the Arabian Peninsula that increasingly have competed over economic issues and regional politics, particularly in the Red Sea area. Tuesday’s airstrikes and ultimatum appeared to be their most serious confrontation in decades. “I expect a calibrated escalation from both sides. The UAE-backed Southern Transitional Council is likely to respond by consolidating control,” said Mohammed al-Basha, a Yemen expert and founder of the Basha Report, a risk advisory firm. “At the same time, the flow of weapons from the UAE to the STC is set to be curtailed following the port attack, particularly as Saudi Arabia controls the airspace.”

Saudi Arabia Bombs Yemeni Port, Claims Attack Targeted Weapons Bound for UAE-Backed Forces -Saudi Arabia on Tuesday bombed the southern Yemeni port city of Mukalla, claiming to target a weapons shipment bound for the UAE-backed Southern Transitional Council (STC), which has taken territory from Saudi-backed forces in recent weeks. It’s unclear at this point if there were any casualties in the strikes.Riyadh said it targeted an arms shipment after ships from the UAE arrived at the port. “The ships’ crew had disabled tracking devices aboard the vessels, and unloaded a large amount of weapons and combat vehicles in support of the Southern Transitional Council’s forces,” the Saudi military said in a statement, according to The Associated Press.“Considering that the aforementioned weapons constitute an imminent threat, and an escalation that threatens peace and stability, the Coalition Air Force has conducted this morning a limited airstrike that targeted weapons and military vehicles offloaded from the two vessels in Mukalla,” the statement added.The UAE’s Foreign Ministry denied the Saudi claims but said that it had shipped vehicles to its own forces in Yemen and that Riyadh was aware of the shipment. “The ministry confirms that the shipment concerned did not include any weapons, and that the vehicles unloaded were not intended for any Yemeni party, but were shipped for use by UAE forces operating in Yemen,” the ministry said.The UAE’s Defense Ministry later announced that it was pulling troops out of Yemen. “The Ministry of Defense announces the termination of the remaining counterterrorism teams in Yemen,” the ministry said, according to The Cradle, adding that the move came “of its own volition, ensuring the safety of its personnel, and in coordination with relevant partners.”The Saudi strikes demonstrate fractures among the Gulf powers and the anti-Houthi coalition in Yemen, which formed the Presidential Leadership Council (PLC) back in 2022 when the Saudis gave up on their goal of re-installing former Yemeni President Abdrabbuh Mansour Hadi in Sanaa, which has been under Houthi control since 2014.

Yemen’s separatists announce a constitution for an independent south in escalation of conflict (AP) — Yemen ‘s separatist movement on Friday announced a constitution for an independent nation in the south and demanded other factions in the war-torn country accept the move in an escalation of a confrontation that has pitted Gulf powerhouses Saudi Arabia and the United Arab Emirates against each other. The UAE-backed Southern Transitional Council depicted the announcement as a declaration of independence for the south. But it was not immediately clear if the move could be implemented or was largely symbolic. Last month, STC-linked fighters seized control of two southern provinces from Saudi-backed forces and took over the Presidential Palace in the south’s main city, Aden. Members of the internationally recognized government — which had been based in Aden — fled to the Saudi-capital Riyadh. On Friday, Saudi warplanes bombed camps and military positions held by the STC in Hadramout province as Saudi-backed fighters tried to seize the facilities, a separatist official said. It was the latest direct intervention by Saudi Arabia, which in recent weeks has bombed STC forces and struck what is said was a shipment of Emirati weapons destined for the separatists. Ostensibly, Saudi Arabia and the UAE and their allies on the ground in Yemen have all been part of a Saudi-led coalition fighting Iranian-backed Houthi rebels who control the north in the country’s decade-long civil war. The coalition’s professed goal has long been to restore the internationally recognized government, which was driven out of the north by the Houthis. But tensions between the factions and the two Gulf nations appear to be unraveling the coalition, threatening to throw them into outright conflict and further tear apart the Arab world’s poorest country. The head of the STC, Aidarous al-Zubaid, issued a video statement Friday saying that the constitution his group issued would be in effect for two years, after which a a referendum would be held on “exercising the right to self-determination for the people of the South.” During those two years, he said, the “relevant parties” in north and south Yemen should hold a dialogue on “a path and mechanisms that guarantee the right of the people of the South.”

Protests erupt in Iran over currency’s plunge to record low (AP) — Iran’s largest protests in three years erupted Monday after the country’s currency plummeted to a record low against the U.S. dollar, and the head of the Central Bank resigned. State TV reported the resignation of Mohammad Reza Farzin, while traders and shopkeepers rallied in Saadi Street in downtown Tehran as well as in the Shush neighborhood near Tehran’s main Grand Bazaar. Merchants at the market played a crucial role in the 1979 Islamic Revolution that ousted the monarchy and brought Islamists to power. The official IRNA news agency confirmed the protests. Witnesses reported similar rallies in other major cities including Isfahan in central Iran, Shiraz in the south and Mashhad in the northeast. In some places in Tehran, police fired tear gas to disperse protesters. Monday’s protests were the biggest since 2022, when the death of 22-year-old Mahsa Jina Amini in police custody triggered nationwide demonstrations. She was arrested by the country’s morality police for allegedly not wearing her hijab properly. Witnesses told The Associated Press that traders shut their shops Monday and asked others to do the same. The semiofficial ILNA news agency said many businesses stopped trading even though some kept their shops open. On Sunday, protests were limited to two major mobile markets in downtown Tehran, where the demonstrators chanted anti-government slogans. Iran’s rial on Sunday plunged to 1.42 million to the dollar. On Monday, it traded at 1.38 million to the dollar. Reports about Farzin’s possible resignation had been circulating over the past week. When he took office in 2022, the rial was trading at around 430,000 to the dollar. The rapid depreciation is compounding inflationary pressure, pushing up prices of food and other daily necessities and further straining household budgets, a trend that could worsen with a gasoline price change introduced in recent days. According to the state statistics center, the inflation rate in December rose to 42.2% from the same period last year and is 1.8% higher than in November. Food prices rose 72% and health and medical items were up 50% from December last year, according to the statistics center. Many critics see the rate as a sign of approaching hyperinflation.

Iran protests draw swift crackdown as U.S. calls on Tehran to respect "rights of the Iranian people" - CBS News— Iran's prosecutor general said Wednesday that economic protests that have gripped the country were legitimate, but he warned that any attempt to create insecurity would be met with a "decisive response," as the Islamic Republic's rulers tried to clamp down on a fourth day of unrest. "Peaceful livelihood protests are part of social and understandable realities," Mohammad Movahedi-Azad told state media after protests started by shopkeepers in the capital city Tehran, which were joined by students and others in several cities across the country. "Any attempt to turn economic protests into a tool of insecurity, destruction of public property, or implementation of externally designed scenarios will inevitably be met with a legal, proportionate and decisive response," warned Movahedi-Azad. His comments came days after the Mossad intelligence agency of Iran's arch-foe Israel posted on social media that it was "with you on the ground," in a message to Iranian protesters. Posting on its Persian-language X account, the spy agency encouraged Iranians to "go out into the streets together." In a post shared via its own Farsi language account on X, the U.S. State Department said Wednesday that it was "deeply concerned by reports and videos that peaceful protesters in Iran are facing intimidation, violence, and arrests." "Demanding basic rights is not a crime. The Islamic Republic must respect the rights of the Iranian people and end the repression," the U.S. government said in the post. The protests come amid mounting tension between the U.S. and Iran after President Trump said he had heard, after a meeting with Israeli Prime Minister Benjamin Netanyahu, that Iran could be attempting to rebuild its nuclear program following the unprecedented U.S. strikes on its enrichment facilities in June. Mr. Trump warned that if Iran did try to rebuild, "we'll knock them down. We'll knock the hell out of them. But hopefully that's not happening."On Tuesday, Iran's president said Tehran would respond "to any cruel aggression" with unspecified "harsh and discouraging" measures.The protests, driven by dissatisfaction at Iran's economic stagnation and galloping hyperinflation, began Sunday in Tehran's largest mobile phone market, where shopkeepers shuttered their businesses. They gained momentum through Tuesday, with students at 10 universities in the capital and in other cities, including Iran's most prestigious institutions, joining in.Nevertheless, the protests remain limited in number and concentrated in central Tehran, with shops elsewhere in the sprawling metropolis of 10 million people unaffected. And the government appeared to be cracking down on the unrest, both on the streets with a heavy security presence, and by declaring a last-minute holiday to prompt the closure of schools and businesses. Iran's economy has been in the doldrums for years, with heavy U.S. and international sanctions over Tehran's nuclear program weighing heavily on it. The currency, the rial, has also plunged in recent months, losing more than a third of its value against the U.S. dollar since last year.Videos posted on social media have shown crowds chanting anti-government slogans as they marched through the streets, while others show security forces using tear gas and purportedly live ammunition. CBS News has not been able to independently verify the video clips posted online, some of which show heavily armed security forces appearing to detain multiple people, including students, and others in which apparent gunfire can be heard.

Most of Iran Shuts Down as Government Grapples With Protests and Economy - The New York Times --Businesses, universities and government offices stayed closed on Wednesday across most of Iran under a government-ordered shutdown, as the president struggled to address public frustration that has fueled mounting protests over the faltering economy and the government. The one-day shutdown in 21 of Iran’s 31 provinces, including Tehran, the capital, came as President Masoud Pezeshkian on Wednesday appointed a new central bank chief, the former economy minister Abdolnaser Hemmati. The president acknowledged that it was an “extremely difficult and complex” role that would subject the new bank head to intense pressure and criticism, according to state news media. Iran’s inflation rate has spiked, driving frustrated merchants to the streets in Tehran and other cities, and prompting the abrupt resignation of the former central bank head, Mohammad Reza Farzin, on Monday. The disruptions caused by the days of protests came as footage circulating on social media on Wednesday and verified by The New York Times showed demonstrators throwing objects at the gates of a government building complex in Fasa, in south-central Iran, and then shaking them until they opened. The protests have spread and drawn in demonstrators from across sectors and society, with the demonstrators increasingly also expressing frustration and anger at the regime over not only the economy but severe water shortages and more. “Death to the dictator,” protesters shouted at a demonstration in Hamedan in west-central Iran, according to a video posted by BBC Persian. Iran’s prosecutor general, Mohammad Movahedi-Azad, said on Wednesday that “peaceful livelihood protests” stem from “social and understandable realities,” but he warned that any attempt to use the economic protests to undermine security, destroy public property, or implement “externally designed scenarios” would be met with “a legal, proportionate and decisive response.” Mr. Hemmati, the new central bank chief, outlined his priorities on Wednesday, saying the three main pillars of his agenda are curbing inflation, controlling the exchange rate by addressing corruption and other issues linked to the currency system, and shoring up Iran’s banks. Iran has experienced waves of mass protests in recent years fueled by economic difficulties, restrictions on women and water issues. The government has often quashed the demonstrations with deadly violence and arrests. Whether the steps the government has pledged to take, including discussions with demonstrators, can quell the unrest without similar brutality remains unclear.

Iran protests escalate with deadly police clashes -- - The widening protests in Iran over the country’s worsening economy escalated Thursday, with demonstrators clashing with police in multiple provinces, leaving several people dead. At least three protesters were killed and 17 others wounded during an attack on a police station in Iran’s western province of Lorestan, the semiofficial Fars News Agency reported. The clashes between activists and security forces have intensified since the protests kicked off over the weekend, triggered by degrading economic hardships, currency devaluation and poor living conditions. The recent demonstrations are the biggest in Iran since three years ago, when a country-wide uprising flared up over the death of 22-year-old Mahsa Amini, who died in police custody. Amini was arrested for allegedly improperly wearing her headscarf. One member of the Basij paramilitary force, one that is often deployed by the Tehran regime to suppress protests, was killed Wednesday and at least 13 other people were injured in Kuhdasht, a city in Lorestan province, state-linked news media reported. The Hengaw Organization for Human Rights said Thursday that Iran’s authorities have detained at least 29 demonstrators so far across the country. “The people of Iran want freedom. They have suffered at the hands of the Ayatollahs for too long,” U.S. Ambassador to the United Nations Mike Waltz said Monday on social platform X. “We stand with Iranians in the streets of Tehran and across the country as they protest a radical regime that has brought them nothing but economic downturn and war.”

Nationwide Shutdown, Rising Protests and a Leadership Reshuffle Deepen Iran’s Crisis as Oil Falls 20% - Iran is experiencing a countrywide shutdown triggered by intensifying protests and a deepening political and economic crisis. This government-ordered shutdown has impacted businesses, educational institutions, and government offices spanning 21 provinces. The escalating protests have led to violent confrontations, resulting in the death of a member of Iran's paramilitary Revolutionary Guard. This incident, marking the first fatality among security forces during these protests, took place in Kouhdasht, a city in Iran's Lorestan province. Video evidence shared by the People's Mojahedin Organization of Iran (MEK) depicts severe clashes between protesters and security forces across various cities.Protesters were seen chanting slogans against the regime and facing off with security forces in crowded streets.As per the report by the Fox News, the shutdown, affecting two-thirds of Iran's provinces, comes at a time when President Masoud Pezeshkian is dealing with escalating public discontent driven by inflation, unstable currency, and falling living standards.This turmoil coincides with a series of significant leadership changes, further adding to the prevailing uncertainty.Despite oil prices posting one of their steepest annual declines since 2020, Iran's ongoing protests and internal unrest remain an underappreciated geopolitical risk for global energy markets.In 2025, crude prices slid nearly 20% as oversupply fears dominated sentiment—driven by higher OPEC+ output, flat demand growth, and persistent sanctions on major producers including Iran, Russia, and Venezuela. Brent crude settled the year around $60.85 a barrel, while U.S. WTI closed near $57.42, reflecting a market that has largely priced in weak fundamentals rather than geopolitical disruption.However, Iran's current crisis introduces a layer of uncertainty that could quickly alter this balance. As a key oil producer operating under sanctions, any escalation in protests that disrupts production, export logistics, or regional stability—particularly around the Strait of Hormuz—could inject a fresh geopolitical risk premium into prices.Even limited supply interruptions or heightened shipping risks may tighten markets in the short term, countering the prevailing oversupply narrative.While analysts such as BNP Paribas expect Brent to dip toward $55 in early 2026 before stabilising near $60 as supply growth normalises, Iran's domestic instability could cap downside risks. If unrest intensifies or spills over into broader regional tensions, oil markets may see sharper price volatility than fundamentals alone would suggest.While 2025 has been defined by surplus and soft demand, Iran's internal turmoil remains a potential catalyst capable of reshaping oil price trajectories at a time when markets appear complacent about geopolitical risk.

Russia 'Confidently Advancing' In Ukraine, Over 30 Settlements Captured In December: Putin - Russian President Vladimir Putin has made clear to both his citizens and to the world that the 'special military operation' in Ukraine will continue on until all goals are achieved, and that his forces are advancing 'confidently'. He chaired a televised meeting with the country's top military officials, focused on a status update regarding Ukraine, and crucially coming the day after Presidents Trump and Zelensky met in Florida in a failed effort to reach breakthrough on the proposed peace deal. Moscow is pressing ahead with its goal of fully capturing and pacifying the four Ukrainian regions it declared part of the Russian Federation in fall of 2022 via a 'popular referendum'. "The goal of liberating the Donbas, Zaporizhia and Kherson regions is being carried out in stages, in accordance with the plan of the special military operation," Putin described before underscoring, "The troops are confidently advancing." At the meeting it was also announced that Russian troops have made more gains in the last 24 hours, especially the capture of Dibrova village in Donetsk region. According to an update of the meeting via RT translation, battlefield gains of the past month are significant: In December, Russian forces liberated over 700 square kilometers of territory, taking some 32 settlements under control, Gerasimov said at the meeting. This month, the military has shown the highest rate of progress in the entire outgoing year, he noted, adding that troops are advancing “along virtually the entire frontline.” "The adversary is not undertaking any active offensive actions. They have concentrated their main efforts on strengthening their defenses and are attempting to slow the pace of our advance by conducting counterattacks in isolated areas and using drones en masse," Gerasimov said. The Kremlin has at the same time reiterated that it is not interested in a 'Plan B or Plan C' in terms of a peace deal, but that it only seeks lasting political settlement. This will of course include international recognition of its territories in the Donbass.

Zelensky says Putin ‘doesn’t want success for Ukraine,’ contradicting Trump - Ukrainian President Volodymyr Zelensky said Russian President Vladimir Putin “doesn’t want success for Ukraine,” contradicting an earlier statement from President Trump. “I don’t trust Putin. And he doesn’t want success for Ukraine, really, he doesn’t want — he can say it. I believe that he can say such words to President Trump. I believe in it, that he can say it, but it’s not true,” Zelensky told Fox News’s Bret Baier on “Special Report” in an interview that aired Monday. “Really, he doesn’t want to have — from President Trump — more pressure with sanctions and etcetera.” During a press conference with Zelensky on Sunday after a meeting between the two leaders, Trump was asked by a Reuters reporter about discussion with Putin on the subject of “what responsibility Russia will have for any kind of reconstruction of Ukraine.”” “They’re going to be helping; Russia is going to be helping. Russia wants to see Ukraine succeed,” Trump replied. After Trump made the comments in the press conference, Zelensky appeared briefly puzzled. Throughout his first year back in office, Trump’s administration has pushed for an end to the war in Ukraine to little success. Trump has met with Zelensky multiple times, including one notable February meeting that was rife with public tension.

Medvedev: Zelensky will ‘have to stay in hiding for the rest of his worthless life’ - -A high-ranking Russian official issued a thinly veiled threat against Ukrainian President Volodymyr Zelensky, doubling down on unsubstantiated accusations that Ukraine tried to target Russian President Vladimir Putin’s residence in a drone strike.Former Russian President Dmitry Medvedev, who now sits on Russia’s security council, accused the Ukrainian leader of “trying to derail the settlement of the conflict,” in a post Monday on the social platform X, referring to ongoing peace talks aimed at ending the war between Russia and Ukraine. “He wants war,” Medvedev continued, referring to Zelensky. “Well, now at least he’ll have to stay in hiding for the rest of his worthless life.” Russia has continued bombarding Kyiv with strikes, as U.S.-brokered negotiations have continued, raising questions about whether Moscow wants to derail peace talks. President Trump has said he believes Putin wants to achieve peace, despite the ongoing strikes. Kremlin’s Foreign Minister Sergei Lavrov said Moscow’s negotiating position to end its war in Ukraine was now under review, after accusing Kyiv of trying to attack the presidential residence in northern Russia with 91 long-range drones overnight. Lavrov said all drones were destroyed by Russian air defenses, with no injuries or damage. Ukrainian Foreign Affairs Minister Andrii Sybiha said early Tuesday that Russia still has not presented any “plausible evidence” of an attack on Putin’s residence, writing on X, “And they won’t. because there’s none. No such attack happened.”

'Bribes For Votes' Scheme Uncovered In Ukraine Parliament Involves Members Of Zelensky's Party -Ukraine’s anti-corruption authorities have announced charges against members of an organized crime group that operated in the Verkhovna Rada. Among the suspects are five members of parliament from Volodymyr Zelensky’s party, reports Do Rzezcy. The National Anti-Corruption Bureau of Ukraine (NABU) and the Special Anti-Corruption Prosecutor’s Office (SAP) announced that the charges were filed regarding bribes paid for votes in parliament. According to investigators’ findings, MPs were paid to influence decisions made in the legislative chamber in a persistent and well-organized manner. In an official statement posted on Telegram, NABU announced that, in cooperation with SAP, an undercover investigation had identified an organized criminal group that included serving members of Ukraine’s parliament. The investigation’s findings indicate that members of this group accepted illegal benefits in exchange for votes in the Verkhovna Rada of Ukraine. The bureau also emphasized that these activities are part of a broader strategy to combat corruption at the highest levels of government. On Saturday, the website Ukrainska Pravda revealed that the suspects are members of parliament from President Volodymyr Zelensky’s party, Servant of the People: Yevhen Pyvarov, Ihor Nehulevsky, Olha Savchenko, and Yuri Kisel. The website also reported the name of Yuri Koryachenkov. According to the investigation’s findings, the group had a hierarchical structure and a clear division of roles. It included current Ukrainian deputies and officials from the Chancellery of the Verkhovna Rada of Ukraine." "The group’s activities were coordinated by one of the deputies,” the report reads. The Interfax-Ukraine news agency reported that “when organizing the votes, group members sent instructions with the numbers of bills in a specially created WhatsApp group.” “Following the votes, payments were systematically transferred to individual deputies,” the report added. The news comes after the “golden toilet” corruption scandal rocked Ukraine just months ago, and which led to the arrest of top ministers in Zelensky’s government and the arrest of Zelensky’s top aide. In addition, a long-time business associate of Zelensky fled to Israel after receiving a tip-off just hours before a NABU raid on his residence.

Russia Says Ukrainian Drone Attack Killed 27 at Hotel and Cafe in Kherson -Russian officials said on Thursday that 27 people, including two children, were killed in a village in Russian-controlled Kherson when a Ukrainian drone attack hit a hotel and cafe that was full of people celebrating the New Year.According to Russia’s TASS news agency, the attack that hit the village of Khorly on the Black Sea coast involved three “large fixed-wing UAVs capable of carrying up to 15 kilograms of explosives.” The news agency published photos and videos of the aftermath.“Many people were burned alive. A child was killed. In fact, the crime can be compared to what happened in Odessa’s Trade Union House,” said Vladimir Saldo, the Russian-backed governor of Kherson. According to The Associated Press, Ukrainian officials have not yet commented on the attack. Russian officials are vowing retaliation, with former President Dmitry Medvedev, deputy of the Russian Security Council, saying, “Retaliation is inevitable as our army advances.”Russian Foreign Ministry spokeswoman Maria Zakharova pointed the finger at Ukraine’s Western backers, saying that “those who sponsor the bastard terrorists in Ukraine” are primarily to blame.“I think every president and prime minister of European Union and NATO countries should get a report this morning – perhaps while having coffee with a croissant, poached eggs, and biscuits topped with jam – that would contain the breaking news we are discussing now, as it is tearing our hearts apart,” Zakharova said.“They need to realize just once deep inside that the billions of dollars and euros they have sent to Kiev are being spent on burning people alive on New Year’s night,” she added.

Israel Bans Dozens of Aid Groups from Operating in Gaza, Including Doctors Without Borders - Starting on January 1, Israel will ban 37 international aid groups and charities from operating in Gaza in its latest effort to add to the misery for the Palestinian civilians living in flimsy tents and bombed-out buildings in the Strip.The groups being banned include several prominent international aid organizations: Doctors Without Borders (Médecins Sans Frontières (MSF), the Catholic charity Caritas, the Norwegian Refugee Council, and Oxfam. The NGOs will also be barred from working in the Israeli-occupied West Bank.Israel will stop the groups from operating in Gaza for failing to comply with its stringent new requirements, which include handing over information about their Palestinian employees. The new Israeli rules also include vague ideological requirements that can disqualify any NGO that “promotes delegitimization campaigns” against Israel, or if it, or any officeholder, has called for a boycott of Israel.An Israeli official claimed, without providing evidence, that an investigation revealed “employees of certain organizations were involved in terrorist activity… in particular, Doctors Without Borders.” The action against MSF is seen in part as an Israeli reaction to the organization’s criticism of Israel’s genocidal campaign in the Strip.In a statement warning of the consequences of banning it from Gaza, MSF said that it has served hundreds of thousands of Palestinians in Gaza this year. “If Israeli authorities revoke MSF’s access to Gaza in 2026, a large portion of people in Gaza will lose access to critical medical care, water, and lifesaving support,” the group said. “MSF’s activities serve nearly half a million people in Gaza through our vital support to the destroyed health system. MSF continues to seek constructive engagement with Israeli authorities to continue its activities.”

Israel Bans Aid Groups For The Same Reason It Bans Journalists, And Other Notes - Caitlin Johnstone -- Israel has banned 37 aid groups from working in the Palestinian territories, citing plainly spurious reasons. Among the aid groups banned are Doctors Without Borders (MSF) and Oxfam. Israel banned the aid groups from Gaza for the same reason it continues to ban journalists. Of course it’s about eliminating aid itself, but it’s also about eliminating witnesses. Doctors and aid workers largely became the de facto journalists on the ground in Gaza when Israel banned international news media and began systematically assassinating Gaza-based Palestinian journalists. So Israel wants to get rid of those de facto reporters to hide its crimes.Doctors Without Borders was one of the top humanitarian groups publicly accusing Israel of committing genocide in Gaza in 2025. A lot of what we learned about the Israeli massacres of starving civilians at “Gaza Humanitarian Fund” sites came from MSF doctors describing the gunshot wounds they’d been seeing at medical facilities. MSF were the first to report the horrifying story of IDF soldiers entering hospitals they’d attacked in Gaza and destroying individual pieces of medical equipment to make them unusable, providing unassailable proof that Israel was actually targeting Gaza’s healthcare system itself rather than “Hamas bases in hospitals” as Israel falsely claimed. Doctors Without Borders were constantly putting out reports condemning Israel’sattacks on medical facilities where it had staff, and its doctors often spoke to the western press about the horrors they’d seen in Gaza.And now they’ve been taken out, one of dozens of aid groups who Israel will no longer allow to operate in the occupied Palestinian territories. They took them out for the same reason they took out the journalists, and for the same reason Israel and its supporters try to stomp out speech that is critical of the Gaza holocaust throughout the western world, and for the same reason witnesses who try to tell law enforcement about the crimes of the Mafia tend to go missing. They want to keep their crimes in the dark.