BOE Report

Trump invokes Cold War-era Defense Production Act for oil production, refining

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US President Donald Trump determined on Thursday that petroleum production, refining, and related activities are essential to national defense, a move that could open up US funding for fossil fuel projects. In a presidential memo, Trump also invoked part of the Cold War-era Defense Production Act, allowing him to provide financial incentives for oil-related activities, pipelines and storage of liquid fuels. Prices for crude oil and diesel have surged since the US and Israel attacked Iran in [Read more]

US regulator is probing suspicious Iran oil trading, official says

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The US Commodity Futures Trading Commission is probing suspicious oil trading activity around the US war in Iran and scrutinizing prediction market trading around elections, the agency's enforcement director said on Thursday at a conference in New York. CFTC Enforcement Director David Miller made the remarks in response to a Bloomberg News story last week that said a CFTC political appointee had told market surveillance staff to retract a referral to the agency's enforcement team identifying [Read more]

US refiners have run harder in 2026 as tight diesel supplies boost margins, EIA says

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The US Energy Information Administration said on Thursday that US refiners have maintained higher-than-normal run rates this year, buoyed by strong margins stemming from tight global supplies of refined fuel products. * Refinery utilization has averaged more than 95% of capacity between May and September, the highest for those months since 1998, the EIA said. * "This year the refinery runs were driven largely by tight global supplies for distillate fuel oil, leading to high international [Read more]

Citi sees oil risks skewed to upside despite recovery in Gulf exports

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Citi said on Thursday that near-term risks to oil prices remain skewed to the upside despite a recovery in Gulf crude exports, as shipping bottlenecks continue to keep delivered supplies tight. * "The normalization of Arab Gulf oil exports has been volumetric rather than logistical, with unprecedented shipping inefficiencies keeping delivered crude costs elevated," Citi said * More than 1 million barrels per day of Gulf crude exports were moved via ship-to-ship transfers in September, [Read more]

Shell- and Exxon-backed UK chemicals group weighs $8 billion sale, FT reports

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Infineum, a UK-based chemicals group backed by Shell, is exploring an $8 billion sale, the Financial Times reported on Thursday, as the energy major tries to refocus on its core oil and gas operations. The chemicals group, which is owned by Shell and ExxonMobil as a 50:50 joint venture, has tapped advisers at Bank of America to run a sale of the business, the report said, citing people familiar with the matter. The companies are aiming for a roughly $8 billion valuation from a sale that [Read more]

Cheniere signs long-term LNG supply deals with QatarEnergy through 2054

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Cheniere Energy said on Thursday it has signed long-term agreements to supply QatarEnergy with 4 million metric tons of liquefied natural gas (LNG) annually from the early 2030s through 2054, as it plans to expand production capacity. Here are more details: * Agreements cover 2 million metric tons per year each from Cheniere’s Sabine Pass terminal in Louisiana and Corpus Christi terminal in Texas * LNG prices are indexed to Henry Hub natural gas prices plus a fixed fee * 1 million [Read more]

Asia buys more LNG despite surging prices, El Nino clouds outlook: Russell

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Asia's imports of liquefied natural gas are likely to rise to a three-month high in October despite the surge in spot prices to the most in almost four years. October arrivals in the top-importing region are estimated at 23.31 million metric tons, the strongest since July's 23.38 million, according to data compiled by commodity analysts Kpler. October will also be the second-highest monthly total since the outbreak of the conflict in the Middle East, which started on February 28 when the [Read more]

Saudi Aramco seeks to partner with countries to expand its oil stockpile, CEO says

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Saudi Arabia and its oil giant Aramco are seeking to partner with other countries to expand their strategic stockpile as it sees oil demand increasing to 3 million barrels per day after the Iran war, CEO Amin Nasser told Al Arabiya Business TV on Thursday. Nasser has previously said Aramco's incident response is now more than six times faster than the industry average, with Saudi output recovering to about 8 million barrels a day in September. • Saudi daily oil output dropped below 7 [Read more]

Valero kicks off refiner results with record quarterly profit on higher margins

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Refiner Valero Energy posted its highest-ever quarterly profit on Thursday, beating Wall Street expectations, as disruptions caused by the Middle East conflict sent refining margins soaring during the third quarter. Shares of the company rose 2.6% in premarket trading. The US refining industry has been reaping bumper profits since the start of the war in Iran, with benchmark margins for converting crude into transportation fuels rising over two-fold. The 3-2-1 crack spread, which measures [Read more]