MDN’s Energy Stories of Interest: Tue, Nov 18, 2025 [FREE ACCESS]
OTHER U.S. REGIONS: Venture Global files FERC application for Plaquemines expansion; NATIONAL: India strikes US gas deal under Trump pressure; The true source of civilization’s future is energy wisdom; Goldman sees oil demand rising through 2040 driven by petchem, jet fuel growth; States want proof data centers will get built; INTERNATIONAL: Oil slips as Russia port reopens; Trump backs bill to sanction Russia trade partners; Drone strikes Turkish tanker in Ukraine’s Odesa, where US natural gas will go; Atlantic LNG freight rates surge to highest since early 2024.
OTHER U.S. REGIONS
Venture Global files FERC application for Plaquemines expansion
Venture Global, Inc.
Venture Global filed its application with the Federal Energy Regulatory Commission and the Department of Energy for the Plaquemines LNG brownfield expansion project. CEO Mike Sabel stated this strategic step provides the company with optionality to develop a scalable project that efficiently meets market needs. Due to continued optimization and strong market demand, Venture Global increased the expected output by nearly 40% from previous plans. This bolt-on expansion will be built incrementally in three phases, consisting of 32 modular liquefaction trains. The project will add over 30.0 MTPA in peak production capacity, bringing the total Plaquemines complex capacity to over 58.0 MTPA. The commercial operations timelines for Phase I and Phase II remain unchanged. [MDN: This will no doubt become the largest LNG export facility in the U.S. at 58 MTPA. If it were any other company, we’d be ecstatic. VG delays shipments to its contracted customers, so we’re far from enthusiastic with this news.]
NATIONAL
India strikes US gas deal under Trump pressure
AFP/Tabla!
India and the US signed a significant one-year deal on November 17, with the US supplying 2.2 million tonnes of LPG, covering nearly 10% of India’s annual imports to diversify its energy sources. This “first structured contract” was reached despite underlying tensions in the relationship, including US tariffs and disagreements over India’s purchase of discounted Russian oil following the war in Ukraine. Though President Trump claimed Prime Minister Modi agreed to reduce Russian oil imports, New Delhi has not confirmed this. Furthermore, Indian refiners are now reassessing Russian crude purchases following new US sanctions, and experts project that US tariffs could significantly shave off India’s GDP growth this fiscal year. [MDN: So India is going to import a little more propane from us. We suppose it’s progress. But we’re unimpressed overall. India needs to stop buying O&G from Russia, and they aren’t.]
The true source of civilization’s future is energy wisdom
America Out Loud News/Ronald Stein P.E., Armando Cavanha, Yoshihiro?Muronaka
The article argues that energy wisdom, not denial or saving through deprivation, is the true foundation of sustainable civilization. Drawing on insights from industry leaders, the authors propose that while efficiency—achieving a task with minimal input through better engineering—is essential, true saving is an ethical act of intelligent utilization, harmonizing human purpose with Earth’s limited resources. They contend that prosperity depends on greater energy use, and efforts to reach “net-zero” by eliminating fossil fuels are morally irresponsible, as these hydrocarbons are necessary to power the mining and manufacturing required for all modern products, including so-called “renewable” systems. The conclusion is that energy maturity requires aligning efficiency, ethical awareness, and wisdom to use energy responsibly as a vital servant to human life. [MDN: Exactly so. Anti-fossil fuels is an IMMORAL position. It attempts to deny humans from growing and expanding and enjoying a better life, the life that was made possible by fossil energy over the past 150 years.]
Goldman sees oil demand rising through 2040 driven by petchem, jet fuel growth
S&P Global Commodity Insights
Goldman Sachs projects global oil demand to grow from 103.5 million b/d in 2024 to 113 million b/d by 2040, a view the bank acknowledges is “above-consensus.” The growth is driven by limited alternatives in jet fuel and petrochemicals, which will become the primary growth engine after road transportation demand peaks around 2030 and enters a “long plateau.” Non-OECD nations, particularly China and the Middle East, are expected to account for over 90% of petrochemical demand growth. Additionally, the bank projects an indirect boost to oil consumption from artificial intelligence, which is expected to raise global GDP, adding 3 million b/d to demand by 2040 in the base case. [MDN: We seriously doubt road use of oil (gasoline) is going to peak in 2030, but, whatever. Goldman Sachs still sees oil demand rising due to jet fuel and use by the petrochemical industry. The point is that oil itself is not going anywhere, contrary to the myopic fantasies of the left.]
States want proof data centers will get built
AP/Marc Levy
Utilities are forecasting a massive surge in electricity demand—two to three times current levels—driven by new, power-hungry data centers for the fast-growing AI economy. This eye-popping demand has triggered alarm among policymakers and regulators who doubt the accuracy of the forecasts, fearing they may be based on speculative projects that may never be built. If these utility projections are inflated, regular ratepayers could be burdened with billions of dollars in costs for unnecessary power plants and grid infrastructure, which is already starting to happen in areas like the mid-Atlantic. Industry observers and lawmakers are concerned that some projects may be double-counted or lack financial commitment, leading to calls from regulators and the Data Center Coalition for better vetting, increased transparency, and standardized practices to confirm the commercial viability of data center projects to ensure grid planning is based on real, not speculative, demand. [MDN: We think these concerns are legitimate. If data centers want the grid to build new capacity, they need to step up with guarantees that they will use X amount of the power added. They need to be on the hook. And they need to help shoulder the cost to build it.]
INTERNATIONAL
Oil slips as Russia port reopens
Bloomberg/A. Longley, M. Gindis, W. Kubzansky
Oil prices, with West Texas Intermediate settling at $59.91 a barrel, ticked lower despite geopolitical risks due to signs of resumed activity at Russia’s Novorossiysk port following a Ukrainian attack. However, a fresh geopolitical premium persists from the Novorossiysk incident, Iran’s seizure of a tanker near the Strait of Hormuz, and disruptions to Sudanese crude exports, which are countered by expectations of a global surplus driven by increased OPEC+ and non-OPEC output. Traders are also monitoring US plans regarding oil-rich Venezuela and the impact of looming sanctions, which has caused Russian oil to trade at a significant discount. Meanwhile, refinery margins have surged globally due to infrastructure attacks and plant outages, resulting in reduced diesel and gasoline supplies. Brent for January settlement dropped 0.3% to settle at $64.20 a barrel. [MDN: Barely out of $60 for WTI. Wait a bit and we’ll be back in the $60 range.]
Trump backs bill to sanction Russia trade partners
Bloomberg/Catherine Lucey, Maria Paula Mijares Torres
President Donald Trump gave his strongest support yet to proposed Senate legislation that would impose severe sanctions on countries doing business with Russia, stating it would be “okay with me.” The bill, long championed by Senator Lindsey Graham, would allow the U.S. to place up to 500% tariffs on imports from major Russian energy consumers, specifically targeting nations like China and India, with Trump suggesting Iran could also be added. This shift comes as Congress pushes to punish Moscow for its continued war in Ukraine, a conflict now nearing its fourth year with no sign of de-escalation from President Vladimir Putin. [MDN: Time to ratchet up the pain on murdering thug dictator Putin.]
Drone strikes Turkish tanker in Ukraine’s Odesa, where US natural gas will go
AP/Yahoo! News
A Turkish-flagged tanker, the MT Orinda, was struck and set on fire by a drone at Izmail port in Ukraine’s Odesa region on Monday while offloading liquefied petroleum gas. All 16 crew members evacuated safely, but the attack, which regional officials attributed to Russia, damaged energy and port infrastructure, injuring one person and several civilian vessels. This comes just a day after President Zelenskyy signed a deal to import U.S. liquefied natural gas through Odesa via a pipeline from Greece, highlighting Ukraine’s efforts to secure winter energy despite Russia’s ongoing targeting of its vital Black Sea ports and energy grid. Meanwhile, Russian attacks elsewhere in Ukraine killed three and injured eleven in Kharkiv, and killed two in Dnipropetrovsk. [MDN: This must stop. As much as we hate (not too strong a word) Putin and what he has done to Ukraine, at some point, we must stop dumping money into this conflict. Bad things happen around the world. We can’t fix all of them. We don’t have unending funds to finance the resistance. Ukraine will have to win, settle (by giving up land), or be defeated. An outcome, one of those three, is coming—soon.]
Atlantic LNG freight rates surge to highest since early 2024
Bloomberg/Sing Yee Ong, Stephen Stapczynski
The cost of chartering liquefied natural gas (LNG) tankers across the Atlantic Ocean has surged to its highest level in nearly two years, driven by a sharp increase in exports from North America. The spot rate for a US-to-Europe vessel jumped 19% to $98,250 per day, with Pacific rates also rising, marking a stark turnaround from previous low prices. The nearly 40% year-to-date climb in North American LNG exports is boosting demand for ships to supply Europe and Asia, resulting in the higher freight costs. These rising rates threaten to widen the price spread between Asian and European gas by making US deliveries to the Pacific more expensive. However, one analyst suggests the surge may soon peak and has “limited potential to run much higher,” due to a strong schedule of new tanker builds expected to keep charter rates in check. [MDN: Good news for shipping companies.]