London, Jan 29, 2026, 08:26 GMT — Regular session
Shell (SHEL.L) shares rose 0.9% to 2,757.5 pence in early London trading Thursday, pushing higher for one of the FTSE’s top energy giants. (London South East)
The timing is crucial. Shell’s $3.5 billion share buyback is active through Jan. 30, with the company aiming to wrap it up ahead of its fourth-quarter results on Feb. 5. (Shell)
Oil prices lifted the sector Wednesday, hitting their highest levels since late September. Brent crude gained 83 cents, closing at $68.40 a barrel, while U.S. crude finished at $63.21. “The markets were up on concerns about the U.S.’ armada,” said Phil Flynn, senior analyst at Price Futures Group. U.S. inventory numbers showed an unexpected crude draw, prompting Giovanni Staunovo, an analyst at UBS, to note, “A solid report, with a modest gasoline and distillate build and a larger crude draw.” (Reuters)
Investors are eyeing Venezuela-linked gas projects that hinge on U.S. approvals. Shell and BP are applying for U.S. licenses to develop gas fields shared by Trinidad and Tobago and Venezuela, Trinidad’s energy minister Roodal Moonilal said. He noted Shell’s bid for authorization to tap the Loran-Manatee discovery, which contains around 10 trillion cubic feet of gas. “The United States is an ally and a very strong friend,” Moonilal remarked, highlighting U.S. backing for the companies’ requests. (Reuters)
A separate company statement revealed Shell purchased 522,088 shares on the London Stock Exchange and 558,871 shares in Amsterdam on Jan. 28, all earmarked for cancellation. The firm paid a volume-weighted average price (VWAP) of 27.3486 pounds per share in London and 31.6169 euros in Amsterdam.
Shell is also embroiled in a New York legal battle as it seeks to overturn an arbitration loss against U.S. LNG producer Venture Global. The dispute hinges on whether communications between Venture Global and its independent engineer, identified in court as Lummus Consultants, were withheld from the arbitration record, according to a draft hearing transcript. Justice Joel Cohen raised questions about whether this evidence could “wipe away all of these independent and alternative grounds” supporting the award. (Reuters)
Gas traders are turning their attention beyond the winter season to Europe’s storage shortfall. On Jan. 26, European gas storage dropped to just 44% of capacity, notably under the 10-year average of 58%, according to Reuters’ analysis of AGSI data. Seb Kennedy, founder of Energy Flux, noted that roughly 444 funds held positions in the Dutch TTF — Europe’s main gas benchmark — last week. He warned this high number can distort market signals and push up volatility. (Reuters)
But the tail risks run both ways. U.S. sanctions on Venezuela could change abruptly. LNG litigation often drags on, costing time and money. And oil prices? They can tumble just as fast as they spike, driven by geopolitical moves.
Traders are zeroing in on two key dates: the current buyback wraps up on Jan. 30, and Shell’s Feb. 5 earnings will shed light on cash returns. Updates on U.S. licensing for the Trinidad-Venezuela gas projects or a court ruling in the Venture Global case could also shake the stock.
