Energy Intel the Mainstream Misses.

OPEC+ agrees to extend voluntary production cuts of 2.2mln BPD through end of Q2 2026, citing softening global demand outlook and rising non-OPEC supply.

IEA revises 2026 global oil demand growth forecast down to 1.1mln BPD from 1.3mln BPD, citing weakening Chinese industrial activity and EV adoption accelerating beyond prior estimates.

US crude inventories fall by 4.2mln barrels vs expectations of -1.8mln. Cushing stocks down 1.1mln barrels to lowest level since November. Gasoline builds 2.8mln barrels.

European TTF natural gas futures surge 8% to EUR 47.50/MWh as cold snap forecast extends through late February, raising concerns over storage depletion rates ahead of shoulder season.

Unplanned maintenance at BP Whiting refinery (435K BPD) extends to 3 weeks. Midwest crack spreads widen $2.40 on the session as gasoline supply tightens regionally.

Saudi Aramco raises March OSPs for Asian buyers by $0.50/barrel to $2.10 premium over Oman/Dubai average, signaling confidence in Asian demand recovery.

Keystone Pipeline resumes partial operations at reduced capacity following leak detection in South Dakota segment. TC Energy targets full restart within 10 days.

Cheniere Energy secures 20-year LNG supply deal with European utility for 2 MTPA from Sabine Pass expansion. Deal includes Henry Hub-linked pricing with floor of $3.50/MMBtu.

US rig count rises by 5 to 589 in latest Baker Hughes data. Permian Basin adds 3 rigs while Haynesville shale drops 1 as natural gas prices remain subdued below $2.80/MMBtu.