OIL: GLOBAL POLITICAL RISK: Political Events Calendar 2026

GLOBAL POLITICAL RISK: Political Events Calendar 2026 Download Full Calendar Here: {https://media.marketnews.com/MNIPOLITICALRISK_Political_Event_Calendar2026_693 74466c3.pdf} (MNI) London - In our Political Risk calendar for 2026, we include details on the major political events scheduled to take place in developed and emerging markets over the course of the next 12 months. We only include those events that have a set date or period in which they will take place. The known dates outlined in the table below, combined with unconfirmed but expected events and the ever-present prospect of 'black swan' events, will ensure that political risks continue to have a significant impact on financial, commodity and credit markets through 2026.

MNI Research: What US-Venezuela Tensions Could Mean for Oil

Download Full Report Here : https://media.marketnews.com/MNI_Research_What_US_Venezuela_Tensions_Could_Mean _for_Oil_fe7b34ea09.pdf Executive Summary: * A rapid US military build-up in the Caribbean raises the prospect of regime change in Venezuela. * Any shift in power - negotiated or military - could reshape Venezuela's oil supply. * A negotiated exit remains the base case, but limited US strikes are now a plausible near-term trigger for disruption. * Download Full Report Here : https://media.marketnews.com/MNI_Research_What_US_Venezuela_Tensions_Could_Me an_for_Oil_fe7b34ea09.pdf

MNI: LNG Risks from Russian-Ukraine Peace Deal

Download Full Report Here: https://media.marketnews.com/MNI_2025_11_LNG_Risks_with_Russia_Ukraine_Peace_De al_b34e12ea05.pdf Executive Summary * The 28-point peace plan to end the Russia-Ukraine War has been launched by the US, with Trump setting a Nov. 27 deadline. * While there is no guarantee that it will end the war, it could have wide implications for energy markets. * The plan gives no guarantees for sanctions relief; however, Russia will likely push for an easing of restrictions on Arctic LNG 2. * US LNG demand could face lower utilization rates and delayed facility FID's, but impacts are likely to be limited in the very near term.

Major US LNG Exporters 3Q25 Earnings - Summaries

See Summaries here: MNI_Major US LNG Exporters Q3 Guidance.pdf: https://media.marketnews.com/MNI_Major_US_LNG_Exporters_Q3_Guidance_5bcece3288. pdf This quarter saw the three major US LNG exporters delivering roughly 309 cargoes with steady growth in the global LNG market. * Cheniere maintained steady output across Sabine Pass and Corpus Christi while advancing CCL Stage 3 and preparing for future expansions. * Venture Global posted the fastest growth, exporting a record 100 cargoes and driving most of the new global LNG capacity added this year, while progressing Plaquemines and CP2 despite ongoing arbitration disputes. * Sempra focused less on current exports in its earnings call and more on construction progress at Port Arthur Phases 1 and 2 and ECA LNG, reflecting its broader strategic pivot toward utility investments after selling 45% of its LNG arm to KKR.

MNI Gas Weekly: Gas Under Rising Pressure

Download Full Document Here:: https://media.marketnews.com/MNI_Gas_Weekly_Gas_Under_Rising_Pressure_1bf706b70 b.pdf Executive Summary: * European Gas Benchmarks weigh Ukraine peace talks against cooler weather forecasts. * Asia's LNG market has fallen to its lowest level in over a year, but cheaper cargoes may revive some spot buying. * In the Middle East & Africa, Egypt diverted at least two LNG cargoes in early December. * Henry Hub retreated from a three-year high amid warm weather and reduced feedgas demand. * In the Americas, Venezuela ended all of its supply contracts with Trinidad.

MNI Gas Weekly: Henry Hub Spike Boosts Spot LNG Favourability

Download Full Document Here:: https://media.marketnews.com/MNI_Gas_Weekly_Henry_Hub_Spike_Boosts_Spot_LNG_Fav ourability_6ce4cf617b.pdf Executive Summary: * Spot LNG prices have fallen below term-contracts. * European Gas Benchmarks continue to be weighed upon by mild weather. * Asia's LNG market has plummeted, with the lowest January JKM delivered price in six years. * In the Middle East & Africa, the $35bn Israel-Egypt natural gas deal is now set for approval. * Henry Hub prices have retreated from three-year highs as cold spells clear. * In the Americas, LNG flows through the Panama Canal remain subdued.

MNI Gas Weekly: Gas Bearish Despite Arrival of Winter

Download Full Report Here:: https://media.marketnews.com/MNI_Gas_Weekly_Gas_Bearish_Despite_Arrival_of_Wint er_ab2a0f404d.pdf Executive Summary: * European Gas Benchmarks fell further amid above-normal December temperatures. * Asia's LNG market fell to an eight-week low on muted demand and high inventories. * In the Middle East & Africa, Aramco completes the first phase of Jafurah gas plant project. * Henry Hub touched three-year highs on colder weather and record-setting feedgas. * In the Americas, Mexico's Fast LNG Onshore project was denied a critical pipeline permit.

MNI Gas Weekly: Bearish Pressures Mount on European Gas

Download Full Report Here: : https://media.marketnews.com/MNI_Gas_Weekly_Bearish_Pressures_Mount_on_European _Gas_21241cc3a8.pdf Executive Summary: * European Gas Benchmarks fell on hopes of a Russia-Ukraine peace deal, mild weather and stable supply. * Asia's LNG market remains relatively muted amid subdued demand from Japan and China. * In the Middle East & Africa, Egypt is considering purchasing further cargoes for December. * Henry Hub has oscillated on mixed weather forecasts, high production and strong feedgas demand. * In the Americas, US shale drillers are taking their expertise to Argentina's Vaca Muerta.

US LNG Weekly Recap – December 18, 2025

Download Full Report Here: https://media.marketnews.com/US_LNG_Weekly_2025_12_18_89193975ae.pdf MNI Estimates LNG Feedgas at 17.8 Bcf/d today, down 0.7 Bcf/d from last week's level. This is also down 1.3 Bcf/d from the historical peak set on December 5th as Plaquemines feedgas demand remained lower this week. * Sabine, Calcasieu, and Corpus Christi are nearing historical normals, while Cameron and Freeport are operating below normal levels for December. * Plaquemines has been continuing to ramp toward full operations and reached a record high of 4.4 Bcf/d on December 1st. However, feedgas demand has fallen ~0.5 Bcf/d since the start of the month. Some maintenance on TGP's 500 line could be impacting deliveries to the facility, but the latest FERC filing shows they are still working through the second phase of Phase 1 Power Island, suggesting there is still working being done before the facility can sustain full operational capacity. * Elba Island recorded the first imports of the season earlier this week as cold weather moved across the Northeast and Atlantic, requiring the facility to import on December 14th and 15th. * Latest version includes facility tracking table.

US LNG Weekly Recap – December 12, 2025

Download Report Here: https://media.marketnews.com/US_LNG_Weekly_2025_12_12_ecc6372b27.pdf MNI estimates US LNG feedgas remained 0.6 Bcf/d below the record high reached last week, reaching 18.9 Bcf/d today. The weekly reduction is largely driven reduced flows to Sabine and Plaquemines. * Sabine LNG is being impacted by an NGPL force majeure with an unknown duration. Some flows were offset by increases on TETCO and LEAP, but not all of the NGPL outage volumes have been displaced yet. Flows to the facility may remain low until the force majeure is lifted. * Plaquemines flows reached 3.9 Bcf/d today, down 0.4 Bcf/d from last week's level of 4.4 Bcf/d. TGP reports scheduled maintenance on Segment 530 at Station 534 South of Pool starting Dec 8th and holding through March 2026 with some capacity impacts, which could be impacting supply to the facility. * Freeport suffered reduced flows of ~0.5 Bcf/d on Monday and Wednesday this week, but flows are back up to normal levels today. Gulf South, TETCO, and BIG flows were all down during the outage.

MNI: Delfin LNG – Deep Waters, Deeper Ambitions

Download Full Report Here: https://media.marketnews.com/MNI_2025_12_Delfin_LNG_Deep_Waters_Deeper_Ambition s_982b1251af.pdf * Delfin LNG could be the next US LNG project to reach FID. However, the facility guidance for imminent FID has been around for many years, casting doubt on whether it can reach an FID by YE2025 as guided. * Delfin has SPA's for 5.1-5.6 MTPA, which meets their stated threshold to FID 2 vessels. * The project would be the first offshore LNG facility for the US and has been designed to work with existing gas infrastructure to keep project costs low. * While Delfin has the contract backing for a positive FID, gas infrastructure dynamics have shifted since it was first proposed. Tying into onshore gas may require more work and investment than originally planned as the Transco lateral is likely already running at full capacity.

EIA Crude Storage Summary - Week of November 28th

Crude Storage Summary - November 28th: https://media.marketnews.com/US_Liquids_Storage_Review2025_12_03_f7a4ea5236.pdf Report Highlights * EIA reported an 824 Mbbls crude build, which compared against a consensus expectation of 1,543 Mbbls crude draw. * Cushing crude stocks reported a 457 Mbbls draw week-over-week and now sit at 21 MMbbls, which is below last year's level and below the bottom of the 5-year range. * US crude production was largely flat week-over-week, while product supplied fell 51 kb/d. * Refinery utilization was 94.1% last week, up 1.8 percentage points from the prior week and up 3.6 percentage points from the prior year. * Gasoline exports reached the second highest level on record at 1,246 kb/d, with the highest export level of 1,311 kb/d reached in December 2018. The latest level is up 158 kb/d from the prior week and up 183 kb/d from the prior year. * Propane stocks fell 687 Mbbls week-over-week but remain above last year's levels and the high end of the 5-year range. The draw was supported by a reduction in propane supplied and an increase in propane exports.

MNI Monthly European Carbon Market Policy Monitor: December

Download Full Report Here:: https://media.marketnews.com/MNI_Carbon_Monthly_Monitor_Nov_and_Dec_b3598b1dd4. pdf Executive Summary: * EU Automotive Package: The EU's 2035 combustion-engine ban faces growing pushback from member states and automakers, prompting a potential delay of the Commission's 10 December review. * UKA/EUA Dec25 Options Expiry: On the non-policy side, EUA Dec-25 options head into 10 December expiry with implied volatility inching up from record lows, skew turning more negative, and open interest thinning-highlighting steady volatility expectations but rising relative demand for downside protection. UKA Dec-25 options approach 10 December expiry with implied volatility at multi-month highs and a record put/call tilt, underscoring heightened demand for downside protection as overall open interest dwindles.

MNI: Market Reaction of EU Environment Council Meeting

Download Full Report Here:: https://media.marketnews.com/MNI_Power_Service_Market_Reaction_of_EU_Environmen t_Council_Meeting_e35e31ff69.pdf Executive Summary: * The European Environment Council on 5 November agreed on the 2040 Climate Target and the 2035 NDC, as well as the EU ETS2 delay by one year. * Reactions from market participants have been mixed especially on the delay of ETS2, with sharp criticism from pro-environmental groups, while some European parties are even pushing for further delays.

MNI Monthly European Carbon Market Policy Monitor: November

Download Full Report Here:: https://media.marketnews.com/MNI_Carbon_Monthly_Review_and_Outlook_November_5e4 8328163.pdf Executive Summary: * EU Climate Target 2040/NDC 2035: The EU's Climate Target for 2040 and 2035 Nationally Determined Contribution (NDC) are still in limbo with a vote scheduled to take place at the next EU Environment Council meeting on 4 November. The EU faces a ticking clock, with the 4 November meeting as the final opportunity to officially submit its NDC ahead of COP30.

MNI: Monthly European Carbon Market Policy Monitor

Download Full Report Here: https://media.marketnews.com/MNI_Carbon_Monthly_Policy_Monitor_e1dbaa0887.pdf: Executive Summary: * EU Climate Target 2040: The EU's 2040 climate target remains undecided following the postponement of a European Parliament vote on Ondrej Knotek's proposal to reject the target, originally scheduled for 23 September. Environment Commissioner Teresa Ribera has said the bloc aims to finalise the target "in the coming weeks." * EU 2035 NDC: The EU Environment Council has approved a statement of intent outlining its indicative 2035 Nationally Determined Contribution (NDC) - a 66.25-72.5% GHG reduction vs 1990 levels. The final NDC is expected to be submitted ahead of COP30 in November.