<div id="readability-page-1">08:11 AM EST, 12/22/2025 (MT Newswires) -- It was an interesting week for crude as the United States continued to step up pressure on Venezuela by putting an embargo on the export of crude oil using sanctioned tankers, but the commodity still essentially traded flat as the market shrugged off geopolitical risk, TPH Energy Research said Monday.Over the weekend, TPH noted, the U.S. boarded two additional tankers from Venezuela. If the crude is ultimately kept by the U.S. and refined, it begs the question what impact will this have on volumes, unless production actually shuts in.Meanwhile, TPH noted natural gas stabilized after a &#34;vicious&#34; sell off since December 5 and is set to open higher on Monday morning as both the European and American weather models added solid HDDs over the weekend. But, TPH also noted, heating demand is expected to remain well below normal levels through the end of the month.Also, TPH noted, Energy Transfer's decision to end development at the Lake Charles project (TPH had modeled as a 2030 start up) sparked investor conversations around the global gas market. Ultimately, given its view that global gas is set to fall towards $6/mmbtu by 2027 and remain in oversupply into next decade while sourcing gas on the Gulf Coast of the US becomes increasing challenged given regional demand vs. supply dynamics, TPH thinks the decisions by ET was &#34;prudent&#34;. TPH added: &#34;While there are a few notable projects still expected to reach FID in early 2026, we think the wave of US build out is quickly approaching a terminal point as it will take some time for the global market to absorb excess supply.&#34; MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</div>

TPH Energy Research discusses the impact of U.S. sanctions on Venezuelan crude, noting flat trading despite geopolitical risks. Natural gas stabilized after a sell-off, with demand below normal. Energy Transfer's Lake Charles project halt sparks global gas market talks, with TPH predicting oversupply and prudent decision-making amid challenging Gulf Coast dynamics.

TPH On An "Interesting Week" For Crude, "Vicious" Sell Off In Nat Gas and ET Sparking Investor Talk Around the Global Gas Market