Exxon Shelves Major Texas Hydrogen Project as Oil Benchmarks Strengthen

Exxon Mobil has canceled plans to construct a large-scale low-carbon hydrogen facility at its Baytown, Texas, refinery and petrochemical site, removing a high-profile project from the emerging hydrogen economy. The decision highlights ongoing economic and policy challenges in scaling lower-emission fuels and could temper longer-term demand expectations for natural gas feedstock, while maintaining the centrality of traditional hydrocarbons such as Oil – Brent Crude, Oil – US Crude, and Natural Gas in Exxon’s portfolio and the broader energy mix.

Over the past month, Brent prices have advanced about 6.88%, and the 1-day technical picture currently points to a short-term Buy bias, suggesting continued near-term support amid supply and policy uncertainties. US Crude has gained roughly 6.25% over the same period, with its 1-day technical setup also indicating a Buy signal, reflecting sustained momentum in benchmark oil futures despite mixed signals on energy transition investments. In contrast, Natural Gas has dropped about 18.88% in the last month, and its 1-day technical stance points to a Sell signal, underscoring continued pressure from ample supply and softer near-term demand expectations, even as long-term hydrogen-related demand remains uncertain following Exxon’s project halt. Investors can explore more updates, prices, and analysis across global markets at Commodities.