U.S. crude stocks and distillate inventories fell while gasoline inventories rose last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.2 million barrels to 424.1 million barrels in the week ended October 2, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.7 million-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 444,000 barrels in the week, the EIA said. Oil futures pared some earlier gains [Read more]
Headlines
US SEC will not pursue charges against climate group, warns of disclosure obligations
The US Securities and Exchange Commission disclosed in a report on Wednesday that it had investigated the actions of a climate group in connection with a May 2021 ExxonMobil shareholder meeting and has chosen not to pursue charges against it. But the SEC warned that it had concerns about actions by the group, known as Climate Action 100+, and said that ahead of the 2027 proxy season, large shareholders need to understand their regulatory obligations. Climate Action 100+ and ExxonMobil did [Read more]
Iranian official says ‘illegal routes’ in Strait of Hormuz to soon be blocked
Transit routes in the Strait of Hormuz deemed illegal by Iran will soon be closed, an adviser to the Revolutionary Guards' Commander told the semi-official Fars News Agency on Wednesday, referring to the southern pathway hugging Oman's coast. Mohammadreza Naqdi said these "few routes" had been created by blasting and damaging some of the rocky passages in the strategic waterway and were used by "small boats smuggling oil and transferring it to tankers", challenging the narrative that Gulf oil [Read more]
The Great Trump-driven Pre-Referendum Pipeline/Infrastructure Build Out: great to see but tread wisely
Perspective is everything, particularly with respect to the blizzard of energy infrastructure announcements. Industry readers here will fall into two groups: those with more than a decade in Canada’s upstream energy sector, who will be identifiable by a countenance of total disorientation. The other group less hardened group will be observing the absolute torrent of new energy development news, and be thinking, “What’s up with those old guys? Shouldn’t they be over the moon?” Both viewpoints [Read more]
US “ideas” on Iran’s nuclear work are at odds with Tehran’s demands, senior Iranian official tells Reuters
Washington's "requests and ideas" about Iran's nuclear programme are at odds with Tehran's demands, a senior Iranian official told Reuters on Wednesday when asked about US Vice President JD Vance's comment that Tehran must cut enrichment to end the war with Washington. "Vance's comments are Washington's ideas and requests (...) Americans are free to make requests and have ideas, but they are at odds with Iran's demands," the senior Iranian official, who is directly involved in indirect [Read more]
Ukraine’s attacks on Russian energy sites — what has been hit?
Ukrainian forces are keeping 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. VOLGOGRAD The Volgograd refinery owned by Russia's Lukoil halted crude oil processing completely on October 2 after equipment was damaged by a drone attack, two industry sources told Reuters. In 2024 the refinery processed [Read more]
Europe’s LNG demand, growing fleet size to pressure shipping rates in winter
Strong European demand for liquefied natural gas is expected to cap shipping costs this winter by keeping more cargoes within the Atlantic basin, though a resurgence in buying from Asia could constrain vessel availability and lift freight costs. Both Atlantic and Pacific freight rates have fallen back to levels seen before the US-Israeli war on Iran, as more newbuild vessels join the global fleet and a greater share of US cargoes have been heading to Europe rather than Asia, shortening voyage [Read more]
Shell third quarter 2026 update note
The following is an update to the third quarter 2026 outlook and gives an overview of our current expectations for the third quarter. Outlooks presented may vary from the actual third quarter 2026 results and are subject to finalisation of those results, which are scheduled to be published on 29 October, 2026. Unless otherwise indicated, all outlook statements exclude identified items. See appendix for the definition of the non-GAAP measure used, the reconciliation from GAAP to non-GAAP and [Read more]
Oil gains as US storm and Houthi air strikes threaten supply
Oil prices climbed on Wednesday as the market weighed supply constraints from a storm heading for US oil-producing regions and attacks by Yemen's Iran-backed Houthis on Saudi Arabia against increased supplies of Middle East crude. Brent futures rose $1.05, or 1.04%, to $101.63 a barrel by 0400 GMT. US West Texas Intermediate (WTI) crude futures rose 80 cents, or 0.89%, to $90.24 a barrel. US forecasters said on Tuesday a storm forming in the Gulf of Mexico would become the first Atlantic [Read more]
US forecasts hurricane later this week in Gulf of Mexico
US forecasters said on Tuesday a storm forming in the Gulf of Mexico and speeding towards Louisiana and Mississippi would become the first Atlantic hurricane of 2026 within two days. Currently named Tropical Depression Nine, the cyclone would be at tropical storm strength by early Wednesday, the National Hurricane Center said. "The depression is expected to pass to the north of the Yucatan Peninsula on Thursday, and approach the US northern Gulf Coast on Friday," the Hurricane Center said [Read more]
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