Oil & Gas
US Refining Capacity: What Trump’s Defense Production Act Order Can and Cannot Fix
US refining capacity is ~1 mmbbl/d below 2020. Trump's Defense Production Act order opens federal money, but $1bn adds ~125,000 b/d at best, we estimate.
Entelera: Energy analysis
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Oil & Gas
UK Gas Production: Jackdaw Adds ~6% at Peak, but Imports Still Supply Half
UK gas production hit its lowest since 1973 in 2025. Jackdaw adds ~6% at peak, or ~1.8 bcm a year on our estimate, while imports still…
Oil & Gas
Infineum Sale: Why Shell and ExxonMobil Would Sell a ~$8bn Additives Leader
An Infineum sale at ~$8bn would give Shell and ExxonMobil ~$4bn each, less than one quarter's ExxonMobil buybacks. The signal is what both majors keep.
Oil & Gas
US Heating Oil Reserve Release: 315,000 Barrels Against the Lowest East Coast Stocks Since 1990
The US heating oil reserve release equals about two hours of US distillate demand. East Coast stocks are at their lowest for mid-October since 1990.
Oil & Gas
ExxonMobil’s Basra Seawater Deal: Why Iraq’s Oil Ambitions Depend on Water
Iraq seawater injection is the hidden limit on its oil growth. ExxonMobil's 2.5 mmbbl/d phase could support up to 1.9 mmbbl/d of oil, on our estimate.
Oil & Gas
Chevron Asset Sales: Why a $1bn Gulf Exit Says More About Where It Will Spend
Chevron asset sales in the US Gulf could raise about $1bn, small next to $18.1bn of Q2 free cash flow. The real signal is where Chevron…
LNG
Chevron’s Aphrodite Gas Deal: Why It Covers Only a Quarter of Egypt’s Import Gap
Aphrodite gas could give Egypt about 8.3 bcm a year from 2031, roughly a quarter of its expected imports. Chevron gains, but LNG stays Egypt's main…
Policy
EU Methane Regulation Delay: Why 2027 Cargoes Escape the Test, and What Does Not Change
The EU methane regulation delay pushes the first importer test to 2029, so 2027 cargoes escape it. Here is what changes for US LNG and what…
Oil & Gas
India’s Strategic Petroleum Reserves: 9.5 Days on Paper, About 4.5 Days in the Caverns
India's strategic petroleum reserves cover about 7 days of refinery runs when full and about 4.5 days at today's fill. Phase 2 would roughly double that.
LNG
EU Gas Storage at 74.5%: Germany Is the Weak Link as TTF Tops €88/MWh ($99/MWh)
EU gas storage was 74.5% full on 17 October, against 82.8% a year earlier. Germany holds about 38% of the gap as TTF hits a four-year…