Shell Canada Output Jump Highlights LNG-Linked Supply as Oil Holds Range and Gas Slides

Shell Canada’s crude and natural gas output climbed sharply in November as the company continued to ramp up supply linked to the LNG Canada export project, according to StackDX Intel. Gross licensed production surpassed 135,000 boe/d, roughly 35% above September levels, signaling a significant step change in upstream activity. The increase comes as global benchmark Oil – Brent Crude and U.S. benchmark Oil – US Crude prices trade in a relatively tight range, while North American Natural Gas remains under pressure amid ample supply and seasonally variable demand. Stronger Canadian volumes add to a broader supply picture that investors are watching closely for its potential impact on global balances and export flows.

Over the past month, price moves across these key benchmarks have been modest for oil and more pronounced for gas. Oil – US Crude is down about 0.25% over one month, with its 1-day technical stance at Hold, indicating indecision as markets weigh incremental supply like Shell’s against demand signals and macro data. Oil – Brent Crude has gained roughly 0.58% over the same period and also flashes a near-term Hold reading, suggesting a balanced risk outlook around the global benchmark. In contrast, Natural Gas has fallen about 20.58% over one month, reflecting oversupply concerns and shifting weather expectations, with its 1-day technical view at Sell, underscoring downside momentum even as new LNG-linked volumes like those from Canada reshape medium-term demand prospects. Investors can explore more updates, prices, and analysis across global markets at Commodities.