London, Jan 28, 2026, 07:48 GMT — Premarket
- Shell is urging a U.S. court to investigate claims of undisclosed communications connected to its dispute with Venture Global LNG
- The company reported another round of share buybacks just days before the programme wraps up on Jan. 30
- Oil climbed roughly 3% as storm-related supply disruptions hit, pushing energy stocks higher
Shell shares drew attention ahead of Wednesday’s London open after a court transcript revealed the oil giant is urging a U.S. judge to review communications tied to its legal fight with LNG producer Venture Global. On Tuesday, the stock closed 0.9% higher at 2,697 pence. Shell’s U.S.-listed ADR climbed roughly 3% in late trading, reaching $75.45. 1
This case is crucial because it challenges the core of long-term LNG contracts and tests how much leverage Shell retains after losing last year’s arbitration over cargoes from Venture Global’s Calcasieu Pass plant. Shell has asked a New York court to rule on whether emails, draft reports, or other materials exchanged in 2022 with the plant’s independent engineer actually exist—and if they were withheld during arbitration. The transcript identifies Lummus Consultants as that engineer, with the judge questioning if any such documents could “wipe away” other grounds for the award. The court’s decision is still pending. 2
Shell reiterated its focus on shareholder returns, revealing it repurchased roughly 1.31 million shares for cancellation on Jan. 27. Of those, 656,363 were bought on the London Stock Exchange, with another 658,593 acquired in Amsterdam. Merrill Lynch International is managing the buyback and handling trading decisions independently until Jan. 30. 3
Commodity moves could take the lead at the open. Brent jumped 3.0% to settle at $67.57 a barrel on Tuesday, while U.S. crude climbed 2.9% to $62.39. The surge came after a winter storm forced shut as much as 2 million barrels per day of U.S. production, according to analysts and traders. “Short-term risks” lean higher amid supply disruption worries, said Fawad Razaqzada of City Index. Meanwhile, all eyes are on OPEC+ ahead of their Feb. 1 meeting to decide on March output policy. 4
Shell, active in global oil and gas sales and trading and shipping LNG to Asia and Europe, faces a double-edged sword. When crude prices rise, the sector generally benefits, lifting companies like BP and TotalEnergies. But gains can vanish quickly once pipelines, ports, and refineries return to normal operations.
The Venture Global dispute isn’t easy to call in just one session. Arbitration — the private process built into many energy deals — rarely gets overturned by courts, and a Shell win isn’t the default expectation in cases like these. That said, investors pay close attention because LNG contracts stretch over years, and the numbers grow when shipments shift into the spot market, where prices fluctuate sharply.
However, if the judge upholds the arbitration award, the immediate market impact is likely muted. In that case, crude’s storm premium could fade fast, especially if U.S. production and exports bounce back.
Traders in London are keeping an eye on whether the ADR gains stick as local trading kicks off, and if crude oil retreats from Tuesday’s surge before European cash markets fully open.
Shell is set to release its fourth-quarter 2025 results and announce its interim dividend on Feb. 5 at 0700 GMT. This will offer a clear look at cash flow, dividend payouts, and management’s stance on buybacks heading into the next quarter. 5
