Crude is climbing today amid reports that the U.S. may unveil a broader sanctions package targeting Russian tankers. That’s what Rebecca Babin, a senior equity trader for CIBC Private Wealth in New York, told Rigzone in an interview on Friday when asked why the oil price is rising today. “This has raised concerns among Indian buyers, who have been the primary purchasers of Russian barrels,” Babin added. “While this story has been on traders’ radar for the past week, the potential scope of the sanctions appears larger than initially anticipated,” Babin continued. “Additionally, cold weather across the U.S. is boosting heating oil demand and could tighten supply due to freeze-offs. Breaking above the key $75 resistance level in WTI has likely triggered systematic fund buying, further propelling the rally,” Babin went on to state. When Rigzone asked Bill Farren-Price, the Head of Gas Research at the Oxford Institute for Energy Studies, why the oil price is rising today in a separate interview on Friday, he told Rigzone he thinks it’s “a combination of cold winter fuel oil and diesel demand, a continued response to OPEC+’s decision in early December to extend cuts, and concerns that Trump 2.0 could mean fresh sanctions on producers”. When Rigzone asked Tamas Varga, an analyst at PVM Oil Associates, the same question in another interview on Friday, Varga said, “cold weather in Europe and the U.S. raises expectations of distillate stock draw”. “Existing and planned sanctions on Russia and Iran forces China to look for alternative crude oil supply. It helps Brent. And so does low Cushing stocks, which supports WTI and makes U.S. crude oil exports uneconomic,” Varga added. Answering the same question in another interview today, Ahmed Ben Salem, an oil and gas analyst at ODDO BHF, told Rigzone, “I guess it is

The Energy Industries Council (EIC) has appointed three new non-executive board members. Global tender manager Jasmina Tuncheva from Fracht Group joins the EIC board, alongside director James Prappas from Kane Russell Coleman Logan PC, and MENA and APAC sales director Ahmed Alaa at VOOVIO Technologies. The three add their expertise in project logistics, digital transformation and global talent management to the energy trade association. EIC CEO Stuart Broadley said that the new appointments’ “diverse backgrounds and profound knowledge of the energy sector will be instrumental in shaping the future of the EIC and ensuring we continue to deliver unrivalled value to our members globally.” Tuncheva is a project logistics leader with 25 years of experience working on major capital projects in the energy industry. Working in international teams on some of the world’s largest energy projects has given her in-depth knowledge of the modus operandi of the major energy and engineering and procurement companies. Prappas has over 30 years’ experience representing businesses, families and individuals concerning employment and family-based immigration and naturalisation matters. As a board-certified specialist, James advises Fortune 500, middle-market and emerging companies in US immigration matters relating to the energy, manufacturing and service industries. Alaa is also the founder of NexEra Group, a consulting and solutions provider dedicated to innovation and excellence in the energy industry. © Supplied by AFC EnergyAFC Energy CEO and executive director John Wilson. John Wilson has been confirmed in his new role as the CEO and executive director of hydrogen technologies company AFC Energy. With Wilson taking on the position, non-executive chairman Gary Bullard will step down as interim CEO, and shall assist Wilson with an orderly transition. The move follows Peter Dixon-Clarke stepping down as AFC Energy’s chief financial officer and executive director, replaced by Karl Bostock, effective 20 January 2025.

Energy leaders from across Scotland and the wider UK will gather in Glasgow next week to discuss the city’s drive to become a net zero tech and innovation hub. Aberdeen is the home of GB Energy. Edinburgh is the clean energy capital. Now, it’s time to spotlight Glasgow as the UK hub for energy tech and innovation. Scottish Labour leader Anas Sarwar will headline the E-FWD event on Friday 17 January at Glasgow’s landmark Citation venue. Sarwar, a Glasgow Central MSP, will provide a strategic briefing alongside Owen Wyatt, chief growth officer at DC Thomson. Following this, a panel of university and business leaders will engage with Sarwar on a vision to develop Glasgow as a beacon for energy innovation. © Supplied by Colin D FisherAnas Sarwar MSP, Leader of the Scottish Labour Party (L) and Rutherglen MP and newly appointed junior energy minister Michael Shanks (R). Guests will include Professor Keith Bell, holder of the ScottishPower chair in Future Power Systems at the University of Strathclyde, and Dr Marie Macklin CBE, founder and executive chair of the Halo Urban Regeneration Company. “We are incredibly excited to bring together so many remarkable academic experts and business leaders to help shape Glasgow’s place in the global energy transition,” Wyatt said. “An opportunity of this size and kind can only come to its fullest potential if we all work together. E-FWD, sister brand to Energy Voice, helps bring the right parties together. “Our role is to help deliver a secure, clean energy transition. By amplifying voices and vision, we will help ensure Glasgow is a globally recognised hub for energy tech and innovation.” The event aims to explore how Glasgow can cement its future as the UK’s “leading hub for energy technology and innovation”, and will feature a Q&A for attendees held under Chatham House

Centrica Plc says that the UK’s gas reserves are at “concerningly low” levels as freezing temperatures grip the country, boosting demand for heating. The owner of British Gas said that colder-than-usual conditions in the UK combined with the end of Russian gas pipeline supplies through Ukraine has meant that gas inventory levels in the UK have fallen.  As of Thursday, UK storage sites are 26% lower — or around half full —  than at the same point last year, leaving the country less than a week of gas demand to fall back on, Centrica said in a statement on Friday. While there isn’t risk of an immediate shortage of supplies to homes and businesses, the rapid depletion may make restocking more challenging in preparation for the next heating season. Month-ahead gas prices are up 42% compared to this time last year, putting pressure on households and industry as they strive to recover from the worst cost-of-living crisis in decades.  “Energy storage is what keeps the lights on and homes warm when the sun doesn’t shine and the wind doesn’t blow, so investing in our storage capacity makes perfect economic sense,” Centrica’s Chief Executive Officer Chris O’Shea said in a statement. “We need to think of storage as a very valuable insurance policy. Like any insurance policy, it may not always be needed, but having more capacity helps protect against worst-case scenarios.” Centrica’s Rough was the largest gas storage site in Great Britain, providing 150 billion cubic feet of storage capacity. It was closed in 2017, a decision that has been widely criticized as it left the UK deeply exposed to gas flow disruptions in winter. The site was partially reopened and the current capacity is as high as it can safely go without redevelopment and expansion. The UK’s energy policy has been in the

Shell PLC and Chevron Corp. have put onstream the deepwater Whale field on the United States side of the Gulf of Mexico, expecting a peak production of 100,000 gross barrels of oil equivalent a day (boed). British energy giant Shell operates the development with a 60 percent stake through Shell Offshore Inc. Its U.S. partner Chevron owns 40 percent through Chevron USA Inc. Located in the Alaminos Canyon Block 773, Whale will have a semi-submersible production host in over 8,600 feet of water. Up to 15 wells will be tied back to the host via subsea infrastructure, according to the owners. The partners have managed to speed up works by leveraging engineering and construction techniques used for Shell and Equinor ASA’s Vito field, put online early 2023, Shell said in an online statement. Vito has a four-column semi-submersible host in the greater Mars Corridor. It is Shell’s first deepwater platform in the Gulf of Mexico to employ a simplified, cost-efficient host design, according to the company. “Whale replicates 99 percent of the hull design and 80 percent of the topsides from Vito”, Shell said. “It also features energy-efficient gas turbines and compression systems, operating with around 30 percent lower greenhouse gas (GHG) intensity over its life cycle than Vito”. However, the 7.5 years it took for Whale to achieve first oil from discovery included a year of delay in reaching a final investment decision “following our cash preservation strategy during the COVID pandemic”, Shell said. “This deepwater development enhances our leading Gulf of Mexico portfolio, where our oil production has among the lowest GHG intensity in the world”, compared to other members of the International Association of Oil & Gas Producers, it said. Discovered 2017, Whale holds estimated proven and probable reserves of 480 million boe. Its production facility is adjacent

UK gas stores have fallen to “concerningly low” levels amid freezing cold temperatures, the owner of British Gas has said. Centrica (LON:CNA) said the UK now has less than one week’s worth of demand for gas in store. On Thursday, stocks at UK gas storage sites were 26% lower than the same period last year, leaving them about half full, the energy giant said. Gas inventory levels have come under pressure from the cold weather conditions and the end of Russian gas pipeline supplies through Ukraine at the end of last month. Centrica boss Chris O’Shea said the levels are “concerningly low”. He said the clean energy transition would mean the UK needs to use more energy storage systems to help meet demand. “We are an outlier from the rest of Europe when it comes to the role of storage in our energy system and we are now seeing the implications of that. “Energy storage is what keeps the lights on and homes warm when the sun doesn’t shine and the wind doesn’t blow, so investing in our storage capacity makes perfect economic sense. © Supplied by SSE ThermalFile photo of SSE Thermal’s Peterhead Power Station. “We need to think of storage as a very valuable insurance policy.” Centrica operates the country’s largest gas storage site, Rough, a facility under the North Sea off the east coast of England. Despite being full ahead of winter, current gas inventory at Rough is about 20% lower than at the same time last year, the company said. It comes as the UK recorded its coldest night of this winter so far on Thursday, with more freezing temperatures expected in the coming days. The Met Office has said Friday will see “the start of a change to our weather”, but this is expected to