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Global inventories sat at multi-year highs, reinforcing a bearish backdrop even as refinery margins held up. Markets remained fundamentals-driven rather than geopolitics-driven, though renewed focus on Donald Trump and US policy towards Venezuela have added intermittent headline risk without materially shifting prices over the past few weeks.",{"type":563,"attrs":585,"content":586},{"textAlign":49},[587],{"text":588,"type":568},"In the US, natural gas futures surged to multi-year highs in December, as extreme cold coincided with near-record LNG export flows, tightening the domestic balance. LNG has continued to act as a structural force, with US feed gas deliveries hitting record levels in 2025, increasingly linking US gas prices to global markets.",{"type":563,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":568},"In renewables, the UK started the year with a record offshore wind auction, awarding contracts for 8.4 GW of capacity, signalling renewed momentum after a challenging period for offshore wind economics.",{"type":595,"attrs":596},"blok",{"id":597,"body":598},"61b0d0bf-445b-489f-aa22-cac6dffa880a",[599],{"id":600,"_uid":601,"type":602,"component":603,"fixed_height":604,"use_fixed_height":50,"fixed_height_mobile":604,"fixed_height_tablet":604},"24262202","i-8de3001e-9b6e-4dd3-8958-9df8b9049e6e","visualisation","ContentFlourish","",{"type":563,"attrs":606},{"textAlign":49},{"type":595,"attrs":608},{"id":597,"body":609},[610],{"id":611,"_uid":612,"type":602,"component":603,"fixed_height":604,"use_fixed_height":50,"fixed_height_mobile":604,"fixed_height_tablet":604},"27274492","i-a5eec356-4bfb-4131-9685-f03e2b7d7ea1",{"type":570,"attrs":614,"content":615},{"level":572,"textAlign":49},[616],{"text":617,"type":568},"Energy in the news this month",{"type":619,"content":620},"bullet_list",[621,629,636,653,660,667],{"type":622,"content":623},"list_item",[624],{"type":563,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":568},"Poland’s government has approved amendments to its energy laws designed to accelerate grid connection approvals for new projects.",{"type":622,"content":630},[631],{"type":563,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":568},"In 2025, US electricity demand grew faster than clean energy output, causing a rise in coal plant generation and higher overall grid carbon emissions.",{"type":622,"content":637},[638],{"type":563,"attrs":639,"content":640},{"textAlign":49},[641,643,651],{"text":642,"type":568},"China will end export tax rebates for solar and battery products, a move likely to affect global renewable supply chains. 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