2026-01-12 18:38

LONDON, Jan 12 (Reuters) - Iran has a record amount of oil on the water, equivalent to about 50 days of output, with China having bought ‌less because of sanctions and Tehran seeking to protect its supplies from the risk of U.S. strikes, data from Kpler and Vortexa shows. The amount of Iranian crude and condensate, either on tankers in transit or in floating storage vessels, reached a record ‌high of 166 million barrels in the week ended January 11, according to shipping data provider Kpler, the highest level on record in data going back to 2016. Sign up here. Data from shipping analysts at Vortexa pegs stocks ‍at a record high around 170 million barrels. Iran, one of the biggest producers of the Organization of the Petroleum Exporting Countries, is facing its biggest anti-government demonstrations , opens new tab in years, drawing a ⁠warning from U.S. President Donald Trump of possible military action over lethal violence ‍against protesters. The amount of Iranian oil stored at sea has also increased to avoid cutting ‌production ‌just yet, said Kpler analyst Homayoun Falakshahi, adding that Chinese imports from Iran slowed in late 2025 because the country's refiners lacked crude import quotas and inventories in China are very high. Iran is also seeking to send as many ⁠barrels as it ⁠can away from the Gulf to reduce geopolitical risks for those volumes, Falakshahi added. About half of the Iranian oil on water is near Singapore, according to Kpler. Vortexa analysts said the level ‍of Iranian crude on water increased by nearly 4% in the first week of January owing to difficulties faced in unloading oil. "Most of the cargoes that have loaded in Iran over the past week will have been fixed ‍well before the current tensions," Vortexa analyst Mick Strautmann said in an email to Reuters. https://www.reuters.com/business/energy/irans-oil-stored-water-hits-record-high-kpler-says-2026-01-12/

2026-01-12 17:53

SINGAPORE, Jan 13 (Reuters) - DBS Group (DBSM.SI) , opens new tab Chief Executive Tan Su Shan on Monday advised investors with heavy U.S. dollar exposure to consider hedging, saying funding costs in Asian currencies are low and regional exchange rates look undervalued. Speaking at DBS Private Bank's 2026 first-half market outlook event for clients, Tan said the U.S. dollar remained the currency of choice for many investors but that concentration risk and volatility make hedging prudent. Sign up here. "If you have too much U.S. dollars, think about hedging," the CEO of Southeast Asia's biggest bank by assets said at the event, according to a transcript of her comments. "The funding cost of Asian currencies today is very low. If you look at the one-month SORA, it has been between 1% and 1.2% to 1.3%." SORA, or the Singapore overnight rate average, is a key benchmark for Singapore dollar interest rates. Tan said that borrowing costs in Asian currencies are low, making them attractive for investors seeking better returns than those available through funding in U.S. dollars. She also said China wants to internationalise the renminbi, adding that DBS is the first Singapore bank able to clear renminbi outside of China. Tan said volatility would persist in 2026 as the global economy is reshaped by geopolitics and other forces. https://www.reuters.com/business/finance/dbs-suggests-investors-hedge-us-dollars-consider-low-cost-asian-currencies-2026-01-12/

2026-01-12 12:55

Jan 12 (Reuters) - Crypto custody startup BitGo said on Monday it was targeting a valuation of up to $1.96 billion in its U.S. initial public offering, ‌seeking to tap into the investor appetite for crypto firms. The Palo Alto, California-based firm and some of its existing shareholders aim to raise as much as $201 million by offering 11.8 million shares priced between $15 and $17 each. Sign up here. The IPO ‌market is expected to continue on its recovery path this year, building on the momentum started in 2025, despite facing challenges such as tariff-driven volatility, a prolonged government shutdown and a late-year selloff in ‍AI stocks. More crypto firms plan to go public, including crypto exchange Kraken, after stablecoin issuer Circle (CRCL.N) , opens new tab and crypto exchange Bullish (BLSH.N) , opens new tab made their blowout stock market debuts last year. The ⁠sector, however, has faced turbulence following a sharp crypto selloff in October, ‍raising the bar for companies seeking investor support. Recent pressure on AI and tech valuations ‌has ‌sharpened investor scrutiny across risk assets, prompting a "flight to quality" that favors regulated companies over more speculative crypto ventures, positioning BitGo as a more defensive play within the sector, said Lukas Muehlbauer, IPOX research analyst. However, "the ⁠company aims to ⁠capitalize on the early 2026 market momentum, where small and mid-cap index outperformance has created a favorable window for mid-sized offerings like BitGo," added Muehlbauer. Founded in 2013, BitGo is ‍one of the largest crypto custody firms in the United States. It stores and protects digital assets for clients, a role that has gained importance as institutional interest in crypto grows. Goldman Sachs and Citigroup are ‍the lead underwriters for the offering. BitGo intends to list on the New York Stock Exchange under the symbol "BTGO". https://www.reuters.com/technology/crypto-custody-startup-bitgo-aims-raise-about-201-million-us-ipo-2026-01-12/

2026-01-12 12:44

Jan 12 (Reuters) - LNG firm Venture Global (VG.N) , opens new tab lowered its full-year 2025 core profit forecast on Monday, which was below Wall Street expectations, weighed down by price volatility and shipping constraints. Volume and pricing were affected by changes in Henry Hub and international LNG prices, as well as limited vessel availability in the Atlantic basin, Venture Global said. Sign up here. The company added it pulled forward scheduled maintenance late in the quarter and used its fleet of owned and chartered vessels to mitigate some of the impact from tight shipping markets. However, the LNG firm said forward pricing for such factors in February and March has improved from 2025 year-end levels. The company said it exported 128 cargos in the fourth quarter of 2025 - 38 from its Calcasieu Pass facility and 90 from its Plaquemines facility. Venture forecast 2025 core profit between $6.18 billion and $6.24 billion, from its previous estimate of $6.35 billion-$6.50 billion. Analysts on average were expecting core profit of $6.36 billion for the year, according to data complied by LSEG. https://www.reuters.com/business/lng-firm-venture-global-lowers-2025-core-profit-forecast-2026-01-12/

2026-01-12 12:20

Jan 12 (Reuters) - Sterling rallied against the U.S. dollar on Monday, alongside the euro and the Swiss franc, after the Trump administration threatened Federal Reserve Chair Jerome Powell with a criminal indictment. The greenback fell sharply as the unprecedented move raised concerns about the U.S. currency's safe-haven status. Sign up here. The pound rose 0.43% to $1.3460 , recovering after hitting $1.3392 earlier in the session, a fresh three-week low. Analysts argued that a reduction in UK fiscal and political risks has supported the British currency since finance minister Rachel Reeves presented the budget in November. The euro was roughly unchanged at 86.78 pence . The single currency marked its fourth consecutive weekly decline last week. However, it has picked up against the pound since hitting 86.44 pence last Tuesday, its lowest since mid-September. “Narrowing yield differentials between the UK and euro zone should continue to encourage a weaker pound against the euro, lifting the single currency closer to the 0.90 level in 2026,” said Derek Halpenny, head of research global markets EMEA at MUFG. “The relationship has broken down recently as the euro/sterling has corrected lower after the Autumn Statement, but we are not convinced this will be sustained,” he added, referring to the UK annual budget in November. Barclays turned neutral on the pound in the near term as the risk premium has almost fully unwound, it said in its weekly strategy report on Friday. Euro/sterling was fairly close to rate differential-consistent levels, the bank argued. Investors are now looking for clearer signals on the UK economy, with gross domestic product data due on Thursday and jobs figures next week, both seen as key to gauging the Bank of England’s policy path. Analysts also cited political developments and a possible UK leadership contest, which could raise concerns about a potential shift to the left, creating renewed unease over fiscal risks. Prime Minister Keir Starmer said he would stay the course when recently asked if there were any circumstances in which he could stand down if a poor showing in local elections in May prompts a challenge to his leadership. https://www.reuters.com/world/uk/sterling-rallies-vs-dollar-flat-against-euro-risk-premium-unwinds-2026-01-12/

2026-01-12 11:57

Vitol, Trafigura have global sales, shipping, logistics U.S. oil majors wary of legal, credit, physical risks Venezuelan oil stored on old ships, was heading to China LONDON, Jan 12 (Reuters) - Global oil trading houses have emerged as early winners in the race to control Venezuelan crude flows, getting ahead of U.S. energy majors wary of credit and legal risks and securing a potentially lucrative business opportunity in the country with the world's largest crude reserves. U.S. President Donald Trump said U.S. majors would invest billions of dollars in Venezuela to quickly rebuild its dilapidated oil sector following the U.S. capture of President Nicolas Maduro earlier in January. Trump met top oil executives at the White House on Friday as his administration outlines a long-term plan to raise $100 billion to boost Venezuelan oil output. Sign up here. The first companies to secure any business in the wake of the U.S. military action in Caracas, however, were Dutch-based trader Vitol and Singapore-headquartered peer Trafigura, rather than U.S. majors. The U.S. government tapped the giant merchant houses because they were better suited to quickly get Venezuelan oil exports flowing again, four industry sources familiar with the negotiations said. That is the first order of business for Washington before reconstruction can begin, so that revenue from exports under U.S. supervision can fund the government of interim President Delcy Rodriguez in Caracas. "Securing and marketing the initial barrels of Venezuelan crude oil was done at record speed to benefit both the American and Venezuelan people," a White House official told Reuters. Venezuela relies on oil exports for revenue, and has been starved of those proceeds for about a month under a blockade Trump imposed as he raised pressure on Maduro. Washington and Caracas are finalizing a $2 billion deal to sell up to 50 million barrels of crude to U.S. refiners and other buyers - oil that had been stuck on ships in Venezuelan waters and in storage tanks because of the blockade. Facilitating the initial oil sales was critical to ensure funds could flow back into Venezuela for everyday services and a process is in place to maintain the steady flow of production, sales, and refining of Venezuelan crude oil, the White House official said. Trafigura and Vitol have secured preliminary special licenses to negotiate and export the Venezuelan crude, and Trafigura is set to load its first cargo this week, Chief Executive Richard Holtum said at the White House meeting with Trump. GLOBAL NETWORK ADDED TO TRADERS' APPEAL The trading houses competed with Chevron , opens new tab(CVX.N) , opens new tab to secure the supply deals. Chevron is the only U.S. oil major that operates in Venezuela, as a minority partner in joint ventures with Venezuelan state oil firm PDVSA. Chevron has a license from U.S. authorities, which exempts it from the sanctions the United States had imposed to choke off oil revenues to Maduro. Trafigura is among the very few companies that can execute a deal of this size and complexity thanks to its scale, global shipping fleet and logistics network, Trafigura said. Vitol said it has a long history of working on complex transactions requiring agile logistics, operations and finance. The traders also won the Venezuelan oil export deals because they have a higher risk tolerance and are more nimble than major publicly traded oil companies, said three participants at the White House meetings. Legal teams and advisors have discouraged some big U.S. oil producers from getting involved in the initial oil shipments due to the potential for Venezuelan creditors to seize the revenue, one of the sources said. "How can it be guaranteed that creditors will not resort to legal action in the U.S. or elsewhere?," said one advisor to a U.S. oil company on Venezuelan affairs. The U.S. government told the trading companies it would provide protection by controlling the bank accounts linked to the sales and shielding proceeds from creditors, three sources familiar with the matter said. Trump moved quickly on Friday to do that. He issued an executive order blocking courts and creditors from impounding revenue from the sale of Venezuelan oil held in U.S. Treasury-controlled accounts, the White House said on Saturday. Venezuela owes more than $150 billion in foreign debt. Among creditors are the same oil companies that Trump wants to help rebuild Venezuela's industry. ConocoPhillips (COP.N) , opens new tab and Exxon Mobil (XOM.N) , opens new tab are still trying to recover almost $14 billion related to asset expropriations 20 years ago. INVEST AND REBUILD Trump and his team have told the oil companies they need to invest and rebuild the sector first, and that any debt repayment would come later. U.S. oil companies would also be more reluctant to take the compliance risk involved in selling oil from tankers that have been blacklisted by Washington for their involvement in sanctioned oil trade, three shipping sources said. Many vessels in the shadow fleet that ship sanctioned oil are old and have unknown or outdated insurance arrangements and safety certifications, which are required for entry into many ports. They do not meet the stringent chartering requirements of big U.S. oil companies, two of the sources said. Another factor that may have contributed to U.S. majors' reluctance for more involvement in short-term oil trade is their investment in China, one source said. The majors have tens of billions of dollars invested in China. Beijing has condemned the U.S. action in Venezuela. China is among Venezuela's largest creditors, and PDVSA has been servicing that debt by paying with oil shipments. Most of the $2 billion of oil in the deal being finalized was initially set for shipment to Chinese refiners. Chinese independent refiners have been the top buyers of Venezuelan crude since the U.S. imposed sanctions on the country's main traders in 2020. Big U.S. oil companies want to see the U.S. lift sanctions on oil trade and for Venezuela to enact the legal framework that would make it attractive for them to work with Venezuelan entities and invest in the country. EXXON CEO CALLS VENEZUELA 'UNINVESTABLE' At the White House meeting with Trump, Exxon CEO Darren Woods called Venezuela "uninvestable" and said security guarantees and a reform of its hydrocarbon law were needed before Exxon could return to the country. Venezuela had twice expropriated Exxon's assets in the past, Woods said. Trump on Sunday said he might block Exxon from investing in Venezuela. "I didn't like Exxon's response," he said. Conoco CEO Ryan Lance said at the same meeting that his company was the largest non-sovereign creditor, with some $12 billion in pending compensation for expropriation of assets. Trump told Lance the U.S. would not look back at what had previously been lost in the country. Under the framework of their new deals, the trading houses would also supply lighter oil to Venezuela that it needs to dilute its heavy oil for exports, two sources said. Vitol were set to load the first cargo of that fuel this past weekend, oil industry sources said on Saturday. https://www.reuters.com/business/energy/trading-houses-beat-us-majors-first-deals-venezuelan-oil-2026-01-12/