What a week in the oil and gas markets. We have Dark Fleet Tankers over the weekend rolling up on Venezuela to be filled up, and Michael Tanner and Stu Turley talked about it on the Sunday release of the Energy News Beat Stand Up. Stu points out that President Trump needs to pay attention, as if he does not enforce the sanctions, we might as well ignore OPEC and the pricing models.

Sure enough, on Tuesday, President Trump rolls out the blockade, and DRW on The Hot Take of the Day has a great article on his Substack. Stu has reached out to get him scheduled for another interview.

Throw on a good Gavin Newsom problem this week with Oregon, Washington, and more refineries, and we have a wild ride forming up like a thunderstorm in Q1 2026.

1. The situation in Venezuela and the potential impact on oil supply and prices. Stu discusses how the U.S. actions against Venezuela could affect global oil markets.

2. The possibility of an upcoming commodity bull run, particularly in the oil market. Stu cites an article suggesting that oil could be the next commodity to see a major price increase.

3. The tensions between global energy companies like ExxonMobil and European regulations, with Stu discussing how stricter EU policies could prompt ExxonMobil to exit the European market.

4. The importance of energy infrastructure projects like the Western Gateway Pipeline to ensure energy security on the U.S. West Coast.

5. New regulations in New York requiring greenhouse gas reporting, which the host suggests could lead to oil and gas companies leaving the state.

6. The progress on the Alaska LNG pipeline project, which the host sees as a positive development for U.S. energy exports.

Time Stamps:

01:10 DRW talks about Venezuela Oil and Chris Wright

03:17 ExxonMobil and Chevron to benefit

03:50 Is President Trump's team listening to Energy News Beat

04:45 Will Oil be the next in the commodity markets?

06:01 The EU's worst legislation ever

08:00 Phillips 66 Pipeline to the West - Could be a help to California in a few years

10:20 New York Needs to Learn from the EU - New Climate Regulations

12:25 Alaska LNG gets green lights

Buckle up, we are in for a wild 2026.

Stories Covered in the Stand UP

1. Venezuela Isn’t Escalation — It’s Supply Management

2. Will Oil Be the Next in the Commodity Bull Run?

3 .The EU’s Worst Piece of Legislation, According to an Exxon Top Executive May Force Exxon Out of the EU

4 .Phillips 66 Sees an Opportunity to Supply the West Coast with the Western Gateway Pipeline: A National Security Imperative

5. New York Releases Regulation Requiring Mandatory GHG Reporting for Large Emitters from 2027

6. Alaska LNG Pipeline Gets Final Approvals Ahead of Schedule

Check out the full Transcript on https://energynewsbeat.co/

and https://theenergynewsbeat.substack.com/

It's been a wild time in the markets; there are many questions in the oil and gas markets. Will the Trump Administration stop the dark fleet tankers from filling up 4 million barrels this weekend, as they did with the one they confiscated last week?

1. The Trump administration’s actions against Venezuela, including the capture of a “dark fleet” oil tanker. We discuss whether this is more about oil or a show of force against the Venezuelan government. Stu chimes in that Panama is not renewing their “Belt and Road” initiative with China, so did taking the Tanker last week prove that this is more about the Monroe Doctrine?

2. The potential impact on the oil and gas markets if there is a regime change in Venezuela, including the possibility of increased foreign investment and production.

You have to ask the question Who has the most oil reserves?

Then you have to ask which companies produce the most oil, as energy policies and profits matter. If you have huge reserves but you can’t get the oil and gas out of the ground because of corruption, you might as well not have the natural resources.

3. The European Union’s decision to freeze Russian central bank assets in response to the war in Ukraine, and the potential retaliatory actions Russia could take by restricting energy exports to Europe.

4. The growth of AI data centers in Texas and concerns about the ability of the Texas power grid to handle the increased electricity demand.

5. A comparison of electricity prices between Democratic and Republican-leaning states, with the transcript suggesting Democratic states tend to have higher electricity rates.

Time Stamp for Chapters:

00:20 Regime Change in Venezuela will change the markets

04:39 Dark Fleet has 2 tankers in Venezuela, will President Trump intercept?

08:16 EU seizes Russian money, and it won’t end well.

18:16 Blue states’ energy is higher due to policies

25:24 The world is healing

1.Regime Change in Venezuela Will Change the Oil Markets

2.Dark Fleet Oil Ships Dock in Venezuela, Showing Challenge for US

3.What Are the Impacts to the EU Should They Seize Russian Monetary Assets?

4.Ukrainian Drone Strikes Escalate: Afipsky Refinery Hit Amid Wave of Attacks on Russian Oil Infrastructure

5.Is the AI Data Center Build Out in Texas a Home Run or a Potential Bust?

6.Blue States, High Rates

https://energynewsbeat.co/invest/

Substack: https://theenergynewsbeat.substack.com/p/regime-change-in-venezuela-will-change

Wasif Latif, Co-Founder, President & Chief Investment Officer at Sarmaya Partners, stops by the Energy News Beat and Energy Impacts Podcasts - With Stu Turley, and David Blackmon for an in-depth look at the global oil and gas financial markets.

1. The performance and investment strategy of the Sarmaya Partners ETF called "Lens". Wasif Latif, the co-founder and CIO of Sarmaya Partners, discusses how the Lens ETF has performed very well since its launch, up over 50%, by investing in stocks and commodities related to the "return to tangibles" investment theme.

2. The outlook for the energy and commodities markets, including oil, natural gas, copper, and precious metals like gold and silver. Latif believes there is a looming supply deficit in these commodities due to underinvestment, which will lead to higher prices in the coming years.

3. The challenges and limitations of the renewable energy transition, particularly the reliance on technologies like lithium-ion batteries that have significant constraints. Latif argues the transition to renewable energy will take much longer than commonly projected.

4. The geopolitical tensions and supply disruptions impacting energy and commodity markets, such as the recent incidents involving tankers and oil platforms. Latif discusses how these short-term events are often "noise" that don't change the underlying supply and demand fundamentals.

5. The broader macroeconomic and policy environment, including high inflation, rising interest rates, and increased government intervention, which Latif believes will be favorable for tangible assets and commodities over the long term.

00:00 Intro Return to Tangibles

01:11 ETF LENS is by Sarmaya Partners

03:35 Is the world oversupplied with oil

06:10 Geopolitical Risk to Oil

07:09 Shale Boom and Break-even for Oil

10:06 Companies looking for exploration locations

11:38 Policy impacting prices

16:58 Market Cycles

20:21 Markets like Copper

23:42 Global Markets and deindustrialization

27:15 Grid complexities of AC vs DC

28:56 Renewables impact on Energy

37:30 Investing and day trading

41:45 Recycling and Copper

48:20 Nuclear and AI

Follow Wasif on LinkedIn https://www.linkedin.com/in/wasiflatif/

Check out https://sarmayapartners.com/

Check out the Substack: https://sarmayakar.substack.com/

Check out the full Transcript on https://energynewsbeat.co/

and https://theenergynewsbeat.substack.com/

Today on the Energy News Beat, Stand up Stu Turley and David Blackmon talk about the critical issues around Data Centers, Venezuela, Chevron, and how investors would react.

With an oil platform in the Caspian Sea hit by Ukrainian drones, another Russian Tanker hit, and the U.S. boards a tanker loaded with Venezuelan oil, you can't buy this kind of entertainment. Years ago, oil would have spiked to $20, and today it's going down.

1. The data center boom and its impact on power grids, especially in the PJM region of the northeastern United States. The transcript discusses how the rapid growth of data centers is straining power grids and causing utility rates to rise.

2. Chevron's operations in Venezuela and the complex geopolitical situation there, including the enforcement of US sanctions and the potential for regime change.

3. Innovative solutions to power data centers, such as the supersonic engine developed by Boom Supersonic, that can be used to power AI data centers.

4. Concerns about a potential "bubble" in the data center industry due to the rapid growth and large investments.

5. Partnerships between energy companies and data center operators, such as Exxon's deal with NextEra to develop a gigawatt-scale data center.

6. The importance of developing domestic rare earth refining capabilities in North America to reduce reliance on China.

7. The boom in US solar installations is driven by the impending expiration of tax credits and concerns about the sustainability of this growth.

8. Ongoing mergers and acquisitions in the natural gas sector, as companies seek to gain economies of scale.

00;00 Introduction Data Centers

01:20 PJM Grid Growth in West Virginia

04:26 Chevron and Venezuela on the Front Lines

08:41 Symphonic Supersonic new gas turbine for data centers

12:58 Exxon is working with NextEra to develop a Gigawatt Data Center

16:00 US Solar is setting up for a crash

23:41 Exxon and Chevron Charts

Thanks to David Blackmon for stopping by the ENB Stand Up and sharing his Forbes Article and expertise. Please subscribe to him at https://blackmon.substack.com/

Shout out to our sponsor, Reese Energy Consulting. Check them out here: https://reeseenergyconsulting.com/

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CNBC inspired today’s ENB Stand Up - I Did Not Have That On Michael’s Bingo Card.

The interview on CNBC inspired today’s ENB Stand Up, and here is the full interview with Peter Boockvar, CIO of One Point BFG Wealth Partners, who was interviewed on ‘Fast Money’ to discuss why he is bullish on energy heading into 2026. I found this story very interesting as Peter goes through the key bullet points. Their interview was on CNBC.

Peter Boockvar also said: “Now with OPEC, we’ve seen more than two million barrels a day of production increases and quota increases, but the production increases haven’t really met up fully with the quotas, which tells me that there’s less available excess production supply, and it’s really only coming out of Saudi Arabia and the UAE.”

Finally, Peter Boockvar commented, “I think sixty dollars a barrel is pricing in almost no geopolitical risks. And I think the market just almost in a way assumes that there’s going to be a deal.”

Chapter Times:

00:00 Intro

00:30 Peter Boockvar on the CNBC Interview, oil is next year's gold

04:48 California Pipeline Shut Down, A crisis in the making

10:12 Will the oil Shadow Fleet End?

ENB Stand Up Stories Covered on The Show

Oil could be next year’s gold, says investor Peter Boockvar

New Report Warns Consequences of an Oil Pipeline Shutdown Would ‘Cascade Across the State’

California’s Oil Rush Slips into Final Act, and May Take Alaska’s Oil Rebound Down with It

The Shadow Fleet End? – Giacomo Prandelli

Africa is Embracing Oil and Gas for New Development, and Will Benefit Africans, Investors, and the Market

US Oil Rig Count Stages A Comeback After Last Week’s Losses

Check out Reese Energy Consulting at https://reeseenergyconsulting.com/

The full article at The Energy News Beat Substack: https://theenergynewsbeat.substack.com/p/could-oil-be-next-years-gold-investment

Got questions if you need a tax deduction? https://energynewsbeat.co/invest/

Katy Grimes, Editor in Chief of the California Globe, and Mike Umbro stop by the ENB Podcast.

This podcast rolled around because Katy Grimes, the Editor in Chief of the California Globe, wrote a brilliant story, “Has California’s Oil and Gas Industry Hit the Point of No Return?” and in that story, she is pointing out that the National Security Risk created by Gavin Newsom’s energy policies may have pushed the oil and gas business to the brink of collapse.

On the podcast, we discussed that the main pipeline may shut down in weeks, meaning oil drilled in California will have to be trucked to refineries rather than put into the pipeline. Yes, you read that correctly. Shut down in weeks. We also ask, how many of those truck drivers are illegal migrants who can’t read, and we need thousands of trucks that don’t exist.

The other huge issue is the sheer number of tankers that will be piling up off the coast, which is a real problem. There is a good chance that some are no longer part of the Dark Fleet and may not be seaworthy or insured.

Key Chapter Time Stamps

02:17 California’s Oil Crisis is now a Security Risk

04:50 California Imports 70% of the oil it requires

07:09 Permitting and Regulatory issues for E&P operators

10:06 Crimson Midstream Pipeline, The San Pablo pipeline potential shutdown mid-December

12:21 The largest oil spills were from Tankers, and we are going to see more tankers on the water, driving potential accidents up.

13:51 Shout out to Gene Nelson, PhD., whom I just interviewed, and we talked about that interview that is now in production.

16:06 Nuclear plants had been shut down to make way for wind and solar installations.

18:52: The oil industry is over

22:05 How to fix the broken system

23:55 Alaska imports jet fuel, diesel, and gasoline, causing significant environmental damage.

41:18 Mike Umbro, Energy Environmentalist: Well, that's about hugs and Chris Wright. I told you I don’t need a hug, I need a permit.

Katy’s comment that Governor Newsom can’t be this incompetent and that it has to be deliberate really resonated with me while writing this summary.

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Michael Tanner and Stu Turley cover several significant developments in the energy industry.

First, they discuss New York's new "Cap and Invest" program, which will ration and tax fossil fuels. We do not see this as being ineffective and costly for consumers. This will do nothing but drive more people out of New York and reduce taxable income as money leaves the state. There is a reason JP Morgan has moved its gold trading unit out of New York.

Next, we examine the increasing isolation of Venezuela as its allies Russia and China step back amid heightened U.S. pressure. This has implications for Venezuela's significant oil reserves.

We then cover ExxonMobil's interest in acquiring a Russian firm's stake in an Iraqi oil field, as U.S. sanctions impact the global energy landscape.

The discussion shifts to the automotive industry, noting a pivot away from aggressive EV adoption towards more profitable hybrid vehicles in the U.S.

Analyst Josh Young's insights on OPEC's production increases and the implications for spare capacity and oil market dynamics are also covered.

Finally, we lament the collapse of California's oil and gas industry due to stringent policies and permitting challenges, and we criticize the state's governor.

Key Time Stamps:

00:17 New York to Tax more and Ration fossil fuels

03:21 Venezuela is suddenly alone

06:20 ExxonMobil looking over LukOil in Iraq

08:57 Shift to hybrid cars will lower gasoline demand

10:23 OPEC* Production

13:17 Has California's Oil and Gas industry hit the point of no return?

Stu will be interviewing Mike Umbro, and Katy Grimes, Editor in Chief of the California Globe, are live on LinkedIn, X, and YouTube to talk about the California story. "Has California’s Oil and Gas Industry Hit the Point of No Return? – California Globe"

Here is the live link: https://www.youtube.com/live/9iQIhfX0ydM?si=82sbS7hGXOPeYNYV

Stories we covered today:

1.New York’s climate law will ration fossil fuels and tax the rations – David Wojick on CFACT

2.Venezuela is Suddenly Alone: Allies Step Back Amid Escalating U.S. Pressure

3.ExxonMobil Looks Over Lukoil’s Iraqi Oilfield as U.S. Sanctions Finally Hit Home – What does this mean for Investors?

4.The Shift to Hybrid Cars is Moving in the US

5.OPEC+ Production Increases and Spare Capacity Audit – Oil Market Implications

6.Has California’s Oil and Gas Industry Hit the Point of No Return? – California Globe

Shout out to our sponsor, Reese Energy Consulting. Check them out here: https://reeseenergyconsulting.com/

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We have specials going on, so ask Stu for details.

In this episode of Energy Newsbeat – Conversations in Energy, host Stu Turley sits down with Nathan Lord, President of Shale Crescent USA, to unpack why Ohio, West Virginia, and Pennsylvania may be the world’s most overlooked manufacturing and energy powerhouse. Nathan explains how the region’s abundant, low-cost natural gas creates a world-class advantage for petrochemicals, power generation, and reshoring manufacturing from Europe and China—while also cutting emissions by building near the fuel source. They dive into Europe’s deindustrialization, the risks of net-zero policies that export industry (and emissions) to China, the coming surge in gas demand from LNG and AI data centers, and why winning the “fuel race” is the key to U.S. energy security, grid reliability, and long-term prosperity for American workers.

We wrote an introduction to this interview for the Energy News Beat Substack, and it included data compiled by Nathan and the Shale Crescent team. America's Strategic Energy Asset: Why the Ohio, West Virginia, Pennsylvania Region Must Be Prioritized for Power, Prosperity, and National Security

I look forward to more podcasts and interviews with CEOs from Ohio, West Virginia, and Pennsylvania to discuss this significant, strategic reindustrialization effort for the United States.

Thank you, Nathan, for stopping by the Podcast, and I am looking forward to our follow-up conversations! - Stu

Check out the Shale Crescent USA website here: https://shalecrescentusa.com/

Connect with Nathan Lord on his LinkedIn here: https://www.linkedin.com/in/nathan-lord-230a99a9/

Highlights of the Podcast

00:00 - Intro

01:01 – What Is Shale Crescent USA?

02:53 – Marcellus Gas Volumes & Global Ranking

04:20 – Where Global Manufacturers Go Next

05:35 – Trump, the Saudi Crown Prince & LNG Dreams

06:02 – Maximizing the Molecule: From Gas to Booster Seats

07:16 – Germany’s Net-Zero Deindustrialization

09:06 – Europe’s Energy Insecurity vs. U.S. Shale Advantage

11:15 – Energy Security at Home, Energy Dominance Abroad

12:12 – How Shale Crescent Lands Global Projects

13:07 – Stu’s Two-Track World & China’s Manufacturing Pull

14:54 – Can the U.S. Beat China on Manufacturing Costs?

17:51 – Onshoring, ESG & Emissions Reality

20:26 – Is ESG Fading? Cleanest Molecule Wins

21:51 – Rare Earths vs. “Rare Natural Gas” Advantage

23:08 – 50 Bcf of New Gas Demand: AI, LNG & Manufacturing

24:11 – Who’s Locking Up Molecules (and Who Isn’t)

26:02 – 1970s Lessons: Grandma First & Behind-the-Meter Power

28:30 – Avoiding Blackouts & Winning the AI Fuel Race

32:06 – Build on the Fuel Source: Speed to Power

35:53 – Gulf Coast + Shale Crescent: 80% of U.S. Gas & Storage Gaps

37:39 – Man-Made Energy Problems & Leadership

38:18 – How to Find Nathan & Shale Crescent USA

39:08 – Closing: From Rust Belt to Prosperity

Full transcript will be on https://energynewsbeat.co/

Check out https://energynewsbeat.co/request-media-kit/