A heavy influx of Venezuelan crude pushed US imports to 284,000 barrels per day in January, nearly triple the prior month, overwhelming Gulf Coast refiners and widening discounts to as much as $9.50 below the Brent benchmark. Refiners' limited ability to process heavier grades, combined with prices that remain uncompetitive against Canadian barrels, have left some Venezuelan crude cargoes unsold or diverted into storage. US refiners are adjusting crude slates more frequently in adapt to changing market conditions and heavier volumes, while pursuing new fuel pipelines to relieve supply pressures in the midcontinent and western US, said speakers at the Argus Americas Crude Summit.

The anticipated global liquefied natural gas supply glut could flip into a shortage by 2030 as electricity demand from AI, data centers, Asia and Europe outpaces new capacity, Qatar Energy CEO Saad al-Kaabi said at the LNG2026 conference in Doha, Qatar. Other oil executives shared that view, with ConocoPhillips CEO Ryan Lance expecting demand to double by 2050 from around 400 million tons now. In terms of LNG project financing, the industry needs new models because current structures are both capital intensive and increasingly at odds with corporate and national net-zero commitments, said Trafigura CEO Richard Holtum.

Sentinel Midstream has secured a Transportation Department license to operate its planned Texas GulfLink deepwater oil export facility off Brazoria County, Texas, designed to handle up to 1 million barrels per day. The approval would make GulfLink only the second US port capable of loading supertankers, alongside the Louisiana Offshore Oil Port.

NGL Energy Partnered and advanced nuclear developer Natura Resources together are studying if Natura's 100-megawatt molten salt reactor could reliably power industrial-scale produced water treatment and recycling operations in the Permian Basin. Executives say an integrated nuclear-thermal desalination system could reduce reliance on injection wells, enable reuse and pave the way for critical minerals extraction from produced water streams.

US crude oil inventories plunged by 11.1 million barrels last week, a much steeper draw than the 247,000-barrel decline seen a week earlier, according to the American Petroleum Institute. Gasoline stocks climbed by 4.7 million barrels and remain 5% above the five-year seasonal average, while distillate supplies dropped by 4.8 million barrels but stayed slightly above seasonal norms.

Siemens Energy is deepening its investment in grid and power-generation equipment, planning to spend $1 billion to restart gas-turbine manufacturing at an existing North Carolina factory, a high-voltage switchgear plant in Mississippi, and expansions in four other states. Both data centers and general utilities are driving demand for these types of equipment.

The Bureau of Land Management is soliciting nominations for oil and natural gas tracts on the coastal plain of Alaska's Arctic National Wildlife Refuge. The action initiates the first of four ANWR oil and gas lease sales mandated through 2035 by the One Big Beautiful Bill Act, with each required to offer at least 400,000 acres for potential development. The agency will accept public comments on the proposed sale for the next 30 days.

Enhanced geothermal systems could help meet the energy demands of AI and data centers, according to a Stanford University study. EGS can provide continuous, low-cost clean energy; reduce reliance on wind, solar and battery storage; and is faster and cheaper to set up than nuclear power, according to the report.

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