New York, Jan 22, 2026, 07:55 EST — Premarket
Venture Global (VG) shares jumped 9.9% to $9.95 in premarket Thursday after an arbitration panel sided with its Calcasieu Pass unit in a fight with Repsol. The stock had ended Wednesday at $9.05. According to an SEC filing, the tribunal ruled that Venture Global acted as a “Reasonable and Prudent Operator” when it declared commercial operations starting April 15, 2025, and awarded fees to the unit. (StockAnalysis)
The award offers traders a new insight into how arbitrators are handling Venture Global’s early commissioning issues — and if long-term buyers can impose penalties for late-start cargoes. The stock has been driven by courtroom uncertainties nearly as much as by gas price movements.
Repsol inked a deal in 2018 to buy 1 million metric tons annually for 20 years but claims Venture Global missed the start of deliveries from its Calcasieu Pass export plant in Louisiana. Venture Global has now taken the upper hand in two of three International Chamber of Commerce cases from major energy buyers, after an Oct. 9 ruling favored BP in a similar dispute. Shell, which lost an arbitration in August, is fighting that outcome in New York Supreme Court. Edison and Galp also have pending claims. Repsol said it’s reviewing the latest award. Meanwhile, customers accuse Venture Global of offloading LNG on the spot market at peak prices following Russia’s invasion of Ukraine — allegations the company denies, pointing instead to a faulty electrical system at Calcasieu Pass. Shares, down roughly 62% since last year’s IPO, surged on Wednesday. (Reuters)
Liquefied natural gas, or LNG, is natural gas cooled down to a liquid form for transport. COD, short for “commercial operations date,” marks when a plant is officially considered ready according to its sales contract.
Earlier this month, Venture Global slashed its 2025 core profit forecast, citing volatile LNG prices and constrained shipping that pressured both volumes and pricing, according to a recent filing. The company also highlighted rising liquefaction costs at its Plaquemines plant, which sells all cargoes on the spot market, unlike Calcasieu Pass, where sales occur under long-term contracts. (Reuters)
U.S. stock index futures climbed as traders prepared for a heavy flow of data later Thursday: weekly jobless claims, a final read on third-quarter GDP, and the personal consumption expenditures (PCE) price index — the Federal Reserve’s preferred inflation measure. These figures come ahead of next week’s Fed meeting, where officials are widely expected to keep rates unchanged. (Reuters)
Legal risk runs in both directions. BP is pursuing over $1 billion in damages, while Venture Global has cautioned that unfavorable rulings in other arbitrations might trigger contract terminations and prompt lenders to call in project debt early. (Reuters)
Traders are closely monitoring if the premarket surge sticks when cash trading kicks off, and they’re waiting on Venture Global to reveal the fee award’s size. Any sign that the other cases are progressing—or that customers are changing their legal approach—could send the stock swinging once more.
The spotlight next week is on the Federal Reserve’s Jan. 27-28 meeting, followed by a press conference on Jan. 28. For Venture Global, the imminent filing update on its customer arbitrations will be the next catalyst to watch. (Federalreserve)
