Jake FoxCrude oil prices slipped Monday, with the United States Oil Fund (AMEX:USO) trading at 117.98 dollars, down 0.75% on the day. The exchange traded fund, which tracks crude prices, sits well within its 52 week range of 102.42 to 143.78, and an RSI reading of 46.12 suggests the market is neither overbought nor oversold as traders weigh fresh signs of consolidation among major producers.
Data as of 2026-08-10Price 117.98 USD Day change -0.89 (-0.75%) 52-week range 102.42 – 143.78 RSI (14) 46.12 Volume 4,509,887
Key Takeaways
- USO fell 0.75% to 117.98 dollars, still comfortably inside its yearlong trading band
- BP has agreed to buy Woodside Energy's 70% stake in the Calypso gas project off Trinidad and Tobago, taking full ownership
- The deal gives BP sole control of Block TTDAA 14, an early stage deepwater gas prospect, pending regulatory approval before the end of 2026
- BP already supplies most of Trinidad and Tobago's domestic gas and holds 45% of the Atlantic LNG export terminal
- No price tag or development schedule has been disclosed, and Calypso remains years from any production decision
BP Tightens Its Grip on Trinidad and Tobago Gas
BP's move to buy out Woodside's stake in Calypso is less about adding a flashy new discovery and more about consolidating what it already controls in the region. The British major is now the sole owner of Block TTDAA 14, a deepwater gas project still in its early stages, and becomes operator in the process. Government and regulatory sign off is still required, with closing targeted for the end of 2026.
Trinidad and Tobago has depended on offshore natural gas for decades, both to feed its domestic petrochemical industry and to keep its LNG export terminals running. BP is already the largest single supplier of gas to that domestic market and holds a 45% stake in the Atlantic LNG facility on the country's southwest coast. Folding Calypso into that existing footprint gives BP a chance to route any future output through infrastructure it already owns rather than building something new from scratch.
Why Full Ownership Matters More Than New Barrels
The Calypso transaction does not commit BP to actually developing the field. What it does is hand BP total authority over the technical and investment calls that will decide whether Calypso ever produces a molecule of gas. Gordon Birrell, BP's upstream executive vice president, framed it as building on the company's existing strengths to potentially open new production and support growth in the region over time.
Woodside's exit from the project is notable in its own right. The Australian producer has been trimming its international portfolio in recent years, and walking away from Calypso fits that pattern. For BP, absorbing the stake means one less partner to coordinate with on a project that is still, by its own account, early stage.
What This Means for Crude and the Broader Energy Market
The Calypso deal is a natural gas story, not a crude oil one, but it lands against a backdrop of broader questions about energy supply security. Aging fields in Trinidad and Tobago have been declining, and additional upstream gas resources are seen as necessary to keep domestic industry and LNG exports supplied. That dynamic mirrors the pressure facing crude markets more broadly, where inventories, geopolitical flashpoints and the strength of the dollar all continue to shape prices reflected in vehicles like USO.
Will Calypso Ever Reach Production?
BP has bought itself flexibility, not certainty. With full control of Block TTDAA 14, the company can move at its own pace, weigh Calypso against other opportunities in its portfolio, and decide later whether the economics justify development. For now, the deal is a consolidation play, one that strengthens BP's hand in a country where it already dominates gas supply, without locking in a firm production timeline.
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Holly Herrera
James Stephens