<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 能源研究討論了美國製裁對委內瑞拉原油的影響，指出儘管存在地緣政治風險，交易仍然平穩。天然氣在經歷拋售後趨於穩定，需求低於正常水平。Energy Transfer 的湖 Charles 項目暫停引發全球天然氣市場的討論，TPH 預測在挑戰性的墨 Gulf Coast 動態下，市場將出現過剩，並呼籲謹慎決策

TPH 對原油市場的 “有趣一週”、天然氣的 “劇烈” 拋售以及 ET 引發全球天然氣市場的投資者討論