The WTI prompt-month contract added $0.13 to trade near $58.14/Bbl early Tuesday (7:45 AM CT)
US authorities have escalated pressure on Venezuela after boarding one tanker, seizing another, and pursuing a third in recent weeks as Washington targets oil-linked revenue streams tied to the Maduro government
Despite the stepped-up enforcement, multiple cargoes have continued to load offshore, highlighting ongoing leakage in the sanctions regime
Broader geopolitical tensions, including elevated risks in Latin America and the ongoing conflict in Ukraine, have helped stabilize prices after recent declines
Russian crude volumes at sea continue to build (Bloomberg)
Russia’s crude exports have climbed to the strongest levels in more than two years, with four-week average flows reaching their highest since mid-2023
Logistical bottlenecks and delays at discharge ports have pushed more barrels onto the water, with rising numbers of tankers idling near India and China while awaiting clearance to unload
Natural gas trades higher, reversing losses
The prompt contract is up more than 15c today, and back above $4/MMbtu
Weather forecasts shifted colder again today, with Lower-48 population-weighted temperatures expected to fall well-below normal at the end of December and into the first week of January, following this week’s warmer pattern
Dry gas production remains above 109 Bcf/d, according to data from S&P
US suspends offshore wind development (Bloomberg)
The Interior Department is suspending leases for all five offshore wind projects currently under construction or being developed, citing national security concerns
Project developers said they are evaluating the order and requesting additional information from the government
According to EIA data, there is 5.9 GW of offshore wind projects currently being developed, which would displace some gas generation if completed
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