Trinidad & Tobago Energy Revival Takes Centre Stage

Trinidad & Tobago Energy Revival Takes Centre Stage as Global Markets Consolidate

• Trinidad & Tobago’s energy outlook strengthened, supported by NGC’s 20% interest in the Manakin gas development, BP’s move toward full ownership of the 4.4 Tcf Calypso project, renewed ExxonMobil exploration and proposed Point Lisas investments. Successful execution could increase LNG production, downstream activity, employment and foreign-exchange earnings.

• Global equity markets consolidated near elevated levels. In the U.S., the S&P 500 gained approximately 0.4% and the Nasdaq rose 0.1%, while the Dow declined 0.6%. Brent crude climbed almost 6% to US$88.52 per barrel, while the U.S. 10-year Treasury yield remained around 4.7%.

• European and Asian markets delivered mixed performances. The FTSE 100 fell 1.38% and STOXX Europe 600 declined 0.36%, while Germany’s DAX gained 0.46%. Japan significantly outperformed, with the Nikkei 225 rising 4.61%, compared with declines of 2.15% in Hong Kong and 0.33% in Shanghai.

• Trinidad & Tobago equities strengthened, with the TTSE Composite gaining 0.89%, the All T&T Index rising 0.33% and the Cross Listed Index advancing 2.48%. Trading volume increased 70.1% to approximately 1.76 million shares, while banking-system excess liquidity remained substantial at approximately TT$4.08 billion.

• Caribbean sovereign bonds remained competitively priced. Trinidad’s 2030 to 2036 bonds offered yields of approximately 5.44% to 6.17%, compared with Jamaica’s longer maturities at roughly 5.74% to 6.22%, Barbados’ 2035 at 6.64%, and selected Dominican Republic bonds around 5.42% to 6.19%.

  
  

Trinidad & Tobago Energy Revival Takes Centre Stage as Global Markets Consolidate

August 14, 2026

Dave Dookie, Managing Director

Trinidad and Tobago’s energy sector moved firmly back into focus this week, with developments across natural gas, LNG and Point Lisas strengthening the medium-term outlook. The National Gas Company (NGC) has secured a 20% interest in the Manakin portion of the Manakin-Cocuina cross-border gas field, estimated to contain approximately one trillion cubic feet of natural gas. Around 70% of the project’s gas is expected to support Atlantic LNG, with the balance available to the domestic petrochemical sector, potentially helping to alleviate longstanding gas supply constraints.

The outlook is further supported by BP’s move toward full ownership of the Calypso deep-water project, estimated at approximately 4.4 trillion cubic feet of gas, alongside ExxonMobil’s renewed offshore exploration activity. At Point Lisas, plans to restart the former ISCOTT steel facility by Pinnacle Steel and Vanadium Corporation and development of a fuel-storage and bunkering terminal by Curlew Midstream could support industrial activity, employment and foreign exchange generation. The key consideration remains execution and how quickly these projects translate into additional gas production, LNG exports and downstream activity.

Global Markets

Global equity markets were mixed over the five trading days as investors weighed strong corporate earnings and continued AI optimism against softer U.S. economic data, geopolitical uncertainty and rising oil prices. In the United States, the S&P 500 gained approximately 0.4% and the Nasdaq Composite rose 0.1%, while the Dow Jones Industrial Average declined 0.6%. The S&P 500 reached fresh records during the week before retreating 0.2% on Friday as weaker July retail sales raised concerns about consumer momentum.

Higher energy prices also influenced sentiment, with Brent crude rising almost 6% for the week to US$88.52 per barrel, reflecting increased geopolitical and supply concerns. The U.S. 10-year Treasury yield remained elevated at around 4.7%, reinforcing the challenge higher borrowing costs pose for equity valuations. For Trinidad and Tobago, sustained higher oil prices should provide some support for upstream energy revenues and government receipts, although this benefit may be partially offset by higher imported fuel and transportation costs.

UK and European Markets

European equities were softer overall. The STOXX Europe 600 declined 0.36% over five days, while the FTSE 100 fell approximately 1.38%. Performance within continental Europe was mixed as the Germany’s DAX gained 0.46%, while France’s CAC 40 declined 0.90% and Italy’s FTSE MIB fell approximately 0.25%.

European investors continue to balance relatively attractive valuations and solid earnings against geopolitical risks and higher energy costs. The resurgence in oil prices is particularly relevant for Europe given the region’s exposure to imported energy. At the same time, European equities continue to attract investors seeking diversification away from highly valued U.S. technology stocks, with financials, energy, defense and industrial companies providing broader market leadership.

Asian Markets

Asia delivered a notably divergent performance. Japan remained the standout, the Nikkei 225 gained approximately 4.61% over five days, extending its strong longer-term advance. The supplied market data show the Nikkei up more than 60% over one year. Expectations surrounding Japanese monetary policy, the yen and continued demand for technology and semiconductor related companies remain major market drivers.

Elsewhere, Hong Kong weakened, with the Hang Seng declining approximately 2.15% over five days, while mainland China’s Shanghai Composite slipped approximately 0.33%. Australia’s S&P/ASX 200 fell around 1.60%. Asian markets therefore continue to reflect significant differences in domestic growth, monetary policy expectations and technology sector exposure. Japan and selected semiconductor heavy markets remain comparatively strong, while Chinese and Hong Kong equities continue to contend with more restrained investor sentiment.

Caribbean Markets

In Trinidad and Tobago, domestic equities strengthened despite the more cautious international backdrop. The TTSE Composite Index increased 0.89% to 1,015.28, while the All Trinidad and Tobago Index rose 0.33% and the Cross Listed Index advanced 2.48%. Trading activity also increased materially, approximately 1.76 million shares changed hands, up 70.1% from the previous week, with total market value increasing 55.5% to approximately TT$14.43 million.

Liquidity within Trinidad and Tobago’s banking system remains ample but declined modestly during the week. Commercial banks ended the period with approximately TT$4.084 billion of excess reserves, compared with TT$4.198 billion a week earlier. There were no Open Market Operation or debt-auction maturities during the week, with the next maturity scheduled for August 26. Although system liquidity remains substantial, the weekly decline bears monitoring because changes in excess liquidity influence short-term interest rates, institutional demand for government securities and the availability of domestic credit.

Caribbean Sovereign Bonds

Trinidad and Tobago’s U.S.-dollar sovereign bonds continue to trade firmly relative to regional peers. The T&T 4.50% 2030 offered approximately 5.44%, while the 5.95% 2031 offered 5.64%. Further along the curve, the 2034 and 2036 bonds offered approximately 6.05% and 6.17%, respectively.

Regional yields remain broadly comparable. The Dominican Republic 2030 offered approximately 5.42%, while its 2034 and 2036 issues yielded about 6.02% and 6.19%. Jamaica continued to command strong pricing, with its 2036 bond yielding approximately 5.87%, while the 2039 and 2045 issues offered 5.74% and 6.22%. Barbados provided somewhat higher yields at longer maturities, with its 2035 bond offering approximately 6.64%. Overall, Trinidad’s sovereign curve remains competitively priced within the Caribbean credit market.

Outlook

Markets enter the coming week balancing resilient corporate earnings and technology optimism against geopolitical risks, higher oil prices and softer U.S. consumption. With U.S. equities near record highs, elevated valuations and Treasury yields leave markets sensitive to economic developments.

For Trinidad and Tobago, the outlook is increasingly tied to energy. Recent gas agreements and proposed Point Lisas investments could strengthen production, fiscal revenues, foreign-exchange availability and industrial activity, while improving investor confidence if projects advance successfully from development to production.

Global Markets

Market	Index	5-Day Change	1-Year Change
United States	S&P 500	+0.39%	+21.81%
United States	Dow Jones Industrial Average	-0.56%	+19.64%
United States	Nasdaq Composite	+0.14%	+23.12%
United Kingdom	FTSE 100	-1.38%	+17.14%
Europe	STOXX Europe 600	-0.36%	+18.78%
Germany	DAX	+0.46%	+8.46%
France	CAC 40	-0.90%	+9.74%
Italy	FTSE MIB	-0.25%	+25.62%
Japan	Nikkei 225	+4.61%	+61.11%
Hong Kong	Hang Seng	-2.15%	-1.58%
China	Shanghai Composite	-0.33%	+7.11%
Australia	S&P/ASX 200	-1.60%	+2.72%

Source: LSEG Data & Analytics

About the author: Dave Dookie is the Managing Director of Waterloo Capital Advisors Limited, a Trinidad and Tobago based financial advisory firm specializing in investment management, capital markets and structured finance. He has advised governments, financial institutions, and energy companies on debt issuance, project financing, and strategic capital raising across the Caribbean. He holds degrees and advanced qualifications from the London School of Economics and Political Science (LSE) and the University of London and has completed advanced training in data science through the MIT Applied Data Science Program.

Disclosure, Conflicts of Interest & Important Information

This publication has been prepared and issued by Waterloo Capital Advisors Limited (“Waterloo Capital”) for informational and market commentary purposes only. The material contained herein does not constitute, and should not be construed as, investment advice, a recommendation, or an offer or solicitation to buy or sell any security, financial instrument, or to participate in any investment strategy. The information contained in this report has been obtained from publicly available sources and other third-party data believed to be reliable, including financial market data providers, government publications, and industry sources. While Waterloo Capital has made reasonable efforts to ensure the accuracy and completeness of the information presented, no representation or warranty, express or implied, is made as to its accuracy, reliability, or completeness. Any opinions, projections, or forward-looking statements expressed herein reflect the judgment of Waterloo Capital as of the date of publication and are subject to change without notice.

Investments in financial markets involve risks, including the possible loss of principal. Past performance is not indicative of future results, and market conditions may change rapidly. Economic forecasts, price projections, and market outlooks are inherently uncertain and should not be relied upon as guarantees of future performance.

Waterloo Capital Advisors Limited, its affiliates, directors, officers, employees, and associated persons may from time to time have positions in securities, commodities, currencies, or other financial instruments referenced in this publication. In addition, Waterloo Capital may provide, or seek to provide, investment banking, capital markets advisory, asset management, research, or other financial services to companies, governments, or institutions mentioned in this report. Such activities may give rise to potential conflicts of interest.

Recipients of this publication should not treat it as a substitute for the exercise of their own independent judgment. Investors should consider the appropriateness of any investment strategy in light of their individual objectives, financial circumstances, and risk tolerance, and should seek independent professional advice, including financial, legal, tax, or accounting advice where appropriate. This report is intended solely for general informational distribution and may not be reproduced, redistributed, or published in whole or in part without the prior written consent of Waterloo Capital Advisors Limited. The distribution of this publication may be restricted by law in certain jurisdictions, and persons into whose possession this report comes are required to inform themselves of and observe any such restrictions.

Waterloo Capital Advisors Limited accepts no liability whatsoever for any direct, indirect, incidental, or consequential loss or damage arising from the use of, or reliance on, the information contained in this publication.

© Waterloo Capital Advisors Limited. All rights reserved.