"The market is looking beyond the current cold snap and there's a belief that as cold as it's going to get, it's going to be a short-lived polar blast," according to a senior analyst.
"Russia's invasion of Ukraine has spurred new demand for U.S. energy and should push oil exports above imports late next year assuming shale output accelerates," Vortexa's Rohit Rathod said.
The Kremlin weighed in on Canada’s plans to revoke a sanctions waiver that allowed turbines for Nord Stream 1, Russia's biggest gas pipeline to Europe.
Lower global prices and steeper discounts for Russian oil meant Moscow's revenue fell by $700 million to $15.8 billion, the IEA said.
U.S. LNG remains in high demand in France, the U.K., the Netherlands and Spain, the top four destinations in September 2022 for cargoes, according to the U.S. Department of Energy.
Russia is the second largest oil exporter in the world after Saudi Arabia and the largest gas exporter.
Prices plunged despite a decision by China, the world's biggest crude importer, to make sweeping changes to its anti-COVID regime.
Stratas Advisors considers the Brent crude outlook following OPEC+'s decision to reduce crude supply by 2 MMbbl/d, along with the $60 price cap on Russian oil implemented by G7 countries, the European Union and Australia.
Chevron was authorized on Nov. 26 to expand its Venezuelan operations and resume shipping heavy crude to the U.S.
U.S. natural gas producers shipped 88 total cargoes in November with 6.31 million tonnes of LNG, only slightly up from 6.28 million tonnes in October.