09 Jan 2026 07:36:45 ET │ 28 pages Oil Monitor The White House is pushing Venezuelan oil to the US, rediverting crude flows, as geopolitical risks remain CITI'S TAKE As the situation in Venezuela continues to develop, the US is trying to move quickly to get oil to flow, to ease oil prices amid ongoing affordability concerns, among wider domestic political challenges ahead of US midterm elections in Nov'26. The first measure appears to be moving 30-50-m bbls of Venezuela oil to the US, which could divert oth ...

Flash | 08 Jan 2026 12:40:03 ET │ 12 pages Sinopec (0386.HK) Group Restructuring: Potential LT Synergy Benefits, But Limited Near- Term Impact CITI'S TAKE SASAC announced on 8 Jan that Sinopec Group (386.HK's parent) will undergo restructuring with China National Aviation Fuel (CNAF) Group. We expect this could strengthen Sinopec's refining & marketing business for jet fuel & SAF and mitigate structural PRC gasoline / diesel demand decline. Sinopec's 9M25 refinery jet/kero yield was 13.8% (vs. >20% for TOP/ ...

据国家发改委网站消息，自2025年12月22日国内成品油价格调整以来，国际市场油价小幅波动，按现行 国内成品油价格机制测算，2026年1月6日的前10个工作日平均价格与2025年12月22日前10个工作日平均 价格相比，调价金额每吨不足50元。根据《石油价格管理办法》第七条规定，本次汽、柴油价格不作调 整，未调金额纳入下次调价时累加或冲抵。 编辑：李晓梅 编审：李雪 根据"十个工作日"原则，下一轮成品油零售限价调整时间为1月20日24时。 来源：国家发展改革委网站、中新经纬 刚刚过去的2025年，国内油价经历二十五轮调价，最后以三连跌收官。涨跌互抵后，国内汽、柴油价格 每吨较2024年底分别下调915元、880元。 ...

Shell said it expects to report higher oil and gas production but warned of a weak oil trading performance. - yves herman/Reuters Shell warned that a weak oil-trading performance would weigh on its earnings, compounding what is shaping up to be a challenging period as prices continue to slide. The London-based energy company said Thursday that its fourth-quarter trading performance will be significantly lower than the previous quarter. That will help push the chemicals-and-products division into an adjus ...

Summary of Key Points from the Energy Sector Conference Call Industry Overview - The conference call focuses on the energy sector, particularly oil and natural gas, with insights into market dynamics and future trends for 2026 and beyond [1][2][3]. Core Themes and Insights 1. **Affordability and Inflation**: The U.S. administration is prioritizing lower oil prices and inflation control, particularly in the lead-up to the 2026 midterms. Gasoline, diesel, and electricity prices are key focus areas [4][24][30]. 2. **Oil Market Outlook**: A bearish consensus on oil prices is expected to hold in the first half of 2026, driven by OPEC's production adjustments and modest U.S. shale growth. The market is characterized by rising inventories, indicating a well-supplied environment [4][37]. 3. **U.S. Shale Production**: U.S. shale is facing challenges in sustaining production levels due to maturing core acreage and the need for higher prices to support growth. Efficiency gains are being leveraged by larger operators to offset declines [5][38][42]. 4. **Natural Gas Volatility**: The natural gas market is expected to experience increased volatility as demand outpaces storage capacity. The projected rise in power demand for gas in 2026 is significant, with a forecasted increase of approximately 4% [5][53]. 5. **M&A Activity**: The energy sector is likely to see increased mergers and acquisitions, driven by the need for scale and efficiency. Integrated models combining upstream, midstream, and downstream operations are becoming more attractive [6][54][59]. 6. **LNG Market Dynamics**: The global LNG market is adjusting to oversupply concerns, with U.S. LNG capacity projected to reach approximately 264 million tons per annum by 2030. However, project delays and lower utilization rates may pressure margins [9][68]. 7. **Refining and Marketing Sector**: The refining sector is expected to face volatility in 2026, with lower crack spreads year-over-year. Underinvestment in the sector may support long-term stability, but short-term revisions are likely downward [10][12]. 8. **Offshore and Deepwater Growth**: Offshore capital expenditures are expected to remain flat in 2026, with a cautious outlook for deepwater growth. Investment in subsea technology is anticipated to improve utilization rates [11][12]. Key Companies Mentioned - **Top Picks**: OVV, SLB, EQT, CVX, XOM, COP, CRC, CVE CN, BKR, FLOC, GPOR, SOBO CN, SOC, WMB [3][15][17]. - **Specific Company Insights**: - **Chevron (CVX)**: Conservative growth outlook with potential upside from various projects [19]. - **ExxonMobil (XOM)**: Strong upstream and downstream assets, operational excellence driving growth [19]. - **ConocoPhillips (COP)**: High-quality assets with competitive returns [19]. - **EQT Corporation (EQT)**: Positioned well for long-term growth in the Appalachian basin [19]. - **Baker Hughes (BKR)**: Strong positioning in diverse end markets with a focus on long-term earnings [20]. Additional Important Insights - **Market Sensitivity**: The natural gas market's sensitivity to weather and LNG flows is increasing due to limited storage capacity, which could lead to price volatility [50][51]. - **Technological Advancements**: Companies are increasingly adopting AI and other technologies to enhance operational efficiency, with significant potential for further deployment across the sector [45]. - **Geopolitical Factors**: Ongoing international tensions, particularly in oil-producing regions, could impact market dynamics and pricing strategies [3][37][27]. This summary encapsulates the key themes and insights from the energy sector conference call, highlighting the challenges and opportunities facing the industry as it heads into 2026.

President Trump is tightening the screws around the communist regime of Delcy Rodgriguez and her husband, and the rest of the Chavista state in Venezuela, by ordering them to turn over up to 50million barrels of sanctioned oil to the United States of America. The oil will be sold on the market, and the money will be controlled by Mr. Trump. I love that. He’s kind of like the landman in the great TV series. He’s making a great deal, and he’s turning around the only leverage that Venezuela has, and that’s oil ...

Even so, utilization has improved markedly over the past year. In November 2024, only one refinery saw utilization rates above 50%. By November 2025, five out of seven exceeded that threshold, with the strongest gains seen at the Tula, Cadereyta, Salina Cruz and Dos Bocas plants. Tula climbed to a 79% utilization rate, the highest in the country, while Dos Bocas surged from 17% to 61% in a single year. Cadereyta rose from 35% to 61%, and Salina Cruz improved from 44% to 60%, signalling that operational reco ...

Valero Energy (VLO) shares ended the last trading session 9.2% higher at $180.57. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 5.1% loss over the past four weeks.The surge can be attributed to Valero Energy’s strong foothold in the refining sector and the recent geopolitical developments, which may open the door to Venezuela’s significant oil and gas reserves for U.S. refiners. Venezuelan crude is mainly heavy s ...

In a non-development that would have been inconceivable 20, 30 or 40 years ago, a military went into an OPEC country–a founding member, no less–captured its leader, took him away and oil markets yawned. The biggest move in any key oil price since the U.S. capture of Venezuelan President Nicolas Maduro may have come Tuesday when the benchmark diesel price used for most fuel surcharges declined 2.3 cents/gallon to $3.477/g, the sixth week in a row the price has declined. It was posted Tuesday, effective Mon ...

Valued at a market cap of $49.6 billion, Marathon Petroleum Corporation (MPC) is an integrated downstream energy company based in Findlay, Ohio. It operates a nationwide network of refineries with significant capacity to process crude oil into gasoline, diesel, jet fuel, and other refined products. The company is expected to announce its fiscal Q4 earnings for 2025 on Tuesday, Feb. 3. Ahead of this event, analysts expect this energy company to report a profit of $3.73 per share, up 384.4% from $0.77 per ...