Headlines

US homes that primarily heat with natural gas or propane — about half of households — will spend less on energy this winter than last, the Energy Information Administration said in its winter fuels outlook report on Tuesday. But households that use heating oil, about 3% of US homes mostly in the US Northeast, are expected to pay about 21% more than last winter, the EIA said. The EIA is forecasting a 30% increase in heating oil prices, which would be offset by milder Northeast weather. It [Read more]

The US Energy Information Administration raised its oil price forecast for this year and next year on Tuesday, as global stockpiles fall rapidly and diesel markets remain tight due to the ongoing Iran war. Global benchmark Brent crude is now expected to average about $98 a barrel in 2026, up 8% from the EIA's previous forecast, the agency said in its Short-Term Energy Outlook. Oil and fuel prices have risen dramatically due to the US-Israeli war on Iran, which in turn has disrupted oil [Read more]

Emera said on Tuesday it would buy peer Canadian Utilities for C$14.3 billion ($10.02 billion) in stock, strengthening its financial muscle as power companies ramp up investments to tap into booming demand. The deal, which will create one of Canada's top power providers with an enterprise value of about C$72 billion, comes when utilities across North America move ahead with costly upgrades of aging grid and transmission infrastructure. "As demand rises from electrification trends and major [Read more]

OTTAWA - Conservative members of Parliament are calling for a boost to Canadian diesel production to one million barrels per day as the price for the fuel continues to soar. Fuel prices have increased globally in recent months as wars in Iran and Ukraine impact world oil supplies. Statistics Canada reports diesel prices across the country in August were up between 60 and 90 cents on average compared with where they were a year ago. Conservative energy critic Carol Anstey said Canadians [Read more]

Iraq's government has proposed an oil price assumption of $58 a barrel with total spending projected at 217 trillion Iraqi dinars ($166 billion), lawmakers familiar with the 2027 draft budget said on Tuesday. The proposals would leave the budget with a deficit of more than 40 trillion dinars. The legislation projects crude oil exports of around 4 million barrels per day, including shipments from the Kurdistan region, four members of the parliamentary finance committee said. The [Read more]

Largest merger in Canadian history1 HIGHLIGHTS Emera and Canadian Utilities will combine in a merger of equals to form a Top 20 North American utility, with approximately $72 billion in combined enterprise value , $45 billion in rate base and six million customers. Creating a Canadian champion with greater financial strength, operating capabilities and investment capacity, the combined company is expected to benefit from improved credit rating thresholds, providing greater financial [Read more]

Energy Transfer said on Tuesday it has agreed to acquire Vaquero Midstream in a deal valued at about $2.63 billion in cash and stock, expanding its midstream operations. The deal includes $1.95 billion in cash and about 33.3 million newly issued Energy Transfer shares, Energy Transfer said. It said the assets, which are linked to its existing natural gas and natural gas liquids infrastructure, would provide additional volumes for its transportation, fractionation, terminalling and export [Read more]

Around 12 million barrels per day of crude oil and 2 million bpd of refined products — volumes needed to dampen price pressure — have left the Middle East on tankers in the last 7 to 10 days, commodities trading giant Vitol's CEO said on Tuesday. With inventories in the West largely drained, that flow of 10 million to 14 million bpd is helping to keep energy markets in balance going into winter, Russell Hardy told the Energy Intelligence Forum in London. "Without it, you do have that $200 [Read more]

UBS raised its Brent crude price forecasts for the 2026 and 2027 stating that Middle East flows were disrupted more than expected following the breakdown of the June US-Iran Memorandum of Understanding and added that the recovery remains fragile given the ongoing attacks. * "While Hormuz flows have materially recovered in recent weeks, this improvement has come at great expense and remains fragile given ongoing Iranian attacks," UBS said in the note dated Monday. * The bank forecasts Brent [Read more]