News

Some producers in the Middle East are likely to struggle to restore oil output to pre-conflict levels by the end of 2027, even if trade patterns return to normal by early next year, the U.S. Energy Information Administration said on Tuesday. Disruptions to shipping through the Strait of Hormuz and attacks on energy infrastructure have forced oil producers across to Middle East to sharply reduce production, reducing global supply and sending oil prices to multi-year highs. The EIA estimated [Read more]

U.S. natural gas storage is on track to end the April-October summer injection season at a three-year low of 3.872 trillion cubic feet (tcf) on October 31, 2026, according to analysts' estimates. That compares with a two-year low of 3.929 tcf at the end of October in 2025 and a five-year (2021-2025) average of 3.782 tcf. Looking ahead, analysts estimate stockpiles are on track to end the November 2026-March 2027 winter withdrawal season at a five-year low of 1.801 trillion cubic feet (tcf) [Read more]

U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, driven by AI-hungry data centers and electrification, the Energy Information Administration said in its Short-Term Energy Outlook (STEO) on Tuesday. The EIA projected that power demand will rise from a record 4,195 billion kilowatt-hours (kWh) in 2025 to 4,268 billion kWh in 2026 and 4,391 billion kWh in 2027. Demand is surging in large part due to data centers dedicated to [Read more]

A U.S. military helicopter fired at the rudder of a Panama-flagged ship after its crew ignored warnings from personnel working to enforce a naval blockade on Iranian ports, the Wall Street Journal reported on Tuesday, citing a U.S. official. There were no immediate reports of casualties from the incident, the report said, adding that the ship appeared to be trying to transfer its crew to another civilian vessel after the attack. British maritime risk management group Vanguard and a [Read more]

Ukrainian forces have stepped up strikes on Russian energy infrastructure and other sites in what Kyiv says is an effort to deprive Russia of resources to fund its military. Following is a summary of the attacks — starting with the most recent — and their impact: ORSK The Ukrainian military said on Tuesday it had attacked Orsknefteorgsintez oil refinery in the Russian city of Orsk, the second-largest city in the Orenburg region and an important industrial hub. The refinery's design [Read more]

Phillips 66, Kinder Morgan and HF Sinclair said on Tuesday they have decided to proceed with the proposed $5 billion Western Gateway Pipeline system and finalized a joint venture agreement for the same. Phillips 66 will own 49.9% of the venture, Kinder Morgan 35.1% and HF Sinclair 15%. Companies have been racing to build a major new fuel pipeline to the U.S. West Coast ahead of planned refinery closures in California, a relatively isolated fuel market with limited links to major refining [Read more]

Gasoline at $38 a gallon sold from cramped apartments. Diesel hawked on Instagram by a celebrity model to a reggaeton soundtrack. Six decades after Fidel Castro’s revolution, all of a sudden, capitalist cracks are appearing in Cuba’s communist energy sector. Under Washington’s crippling oil embargo against Cuba, an exception that allows U.S. firms to export fuel to private Cuban businesses has kickstarted a chaotic black market and pried the lid off an energy sector tightly controlled by the [Read more]