Dallas – October 29, 2026 -- Brent crude spot prices reached $123.10 per barrel on October 27, with WTI at $103.37, as third-quarter results from PetroChina, Eni, Equinor and Phillips 66 showed sharply higher profits in a supply-constrained market, according to EIA daily data.
Brent averaged $114 in September as global inventories sat 509 million barrels below pre-war levels
The EIA said Brent averaged $114 per barrel in September, $23 above August. The IEA said cumulative global observed inventories ended September 509 million barrels below pre-war levels. In its October Short-Term Energy Outlook, the EIA estimated that global oil inventories fell by an average of 1.9 million barrels per day in the third quarter. It forecasts Brent will decline to an average of $87 per barrel by the second quarter of 2027.
Crude production shut-ins averaged 4.8 million b/d in September, down from 5.8 million b/d in August and from a peak of 10.9 million b/d in May.
IEA expects 2026 oil demand to fall 2.6 million b/d while deficits persist
The IEA's October Oil Market Report forecasts world oil demand will drop by 2.6 million b/d on average in 2026. Market balances are projected to stay in deficit through year-end, and constrained middle distillate supplies are likely to persist well into 2027. Global supply rose 2.5 million b/d month on month to 102.3 million b/d in September, driven by Gulf producers. The agency said renewed attacks in the Gulf leave the recovery fragile.
U.S. data showed similar tightness. Commercial crude inventories fell 1.9 million barrels to 410.6 million barrels in the week ending October 23, 4% below the five-year average. Distillate stocks fell 1.5 million barrels to 10% below the five-year average. U.S. refineries processed 16.5 million b/d at 92.8% utilization. The seven OPEC+ countries that decided on October 4 to maintain September 2026 required production for November meet again on November 1.
PetroChina's nine-month profit rises 21.9% to RMB155.78 billion
PetroChina said third-quarter profit attributable to owners rose 21.6% to RMB51.84 billion under IFRS, on revenue of RMB793.57 billion, up 10.4%. Nine-month profit reached RMB155.78 billion, which the company called its best same-period result in history. Its average realized crude price for the nine months was US$77.65 per barrel, up 18.5%. Third-quarter crude throughput rose 11.1% from the second quarter to 346.9 million barrels. Refining, chemicals and new materials operating profit reached RMB23.13 billion, up RMB6.89 billion year on year.
Eni lifts buyback 12% to €3.8 billion and declares €0.46 extraordinary dividend
Eni reported third-quarter adjusted net profit of €2.80 billion, up 125% from €1.25 billion a year earlier. Net profit was €3.21 billion versus €803 million. Underlying exploration and production output rose 7% to 1.83 million barrels of oil equivalent per day. The refining, chemicals and sites-in-transformation segment posted proforma adjusted EBIT of €472 million, against a €53 million loss a year earlier. Citing an improved full-year cash flow projection of €16.5 billion, the company will pay the extraordinary dividend in December.
Equinor's net operating income more than doubles to $11.95 billion on a record Mongstad contribution
Equinor posted third-quarter adjusted operating income of USD 12.35 billion. Net operating income was USD 11.95 billion, up from USD 5.27 billion a year earlier, while net income was USD 2.54 billion. The company cited higher commodity prices, strong refining margins and a record contribution from the Mongstad refinery. It realised USD 92.3 per barrel for liquids and USD 20.0 per mmbtu for European gas. Equinor raised its 2026 production growth guidance to around 4%, declared a quarterly cash dividend of USD 0.39 per share and acquired an interest in the Lackawanna gas-fired power plant in the U.S.
Phillips 66 doubles refining pre-tax earnings to $6.03 billion at a $38 per barrel margin
Phillips 66 reported third-quarter adjusted earnings of $5.6 billion, or $14.08 per share, up from $3.85 billion, or $9.55 per share, in the second quarter. Refining pre-tax earnings rose to $6.03 billion from $3.06 billion. The realized margin was $38.00 per barrel versus $24.08, with 98% utilization and a quarterly record distillate yield of 41%. The company returned $2.8 billion to shareholders and cut total debt by $2.0 billion to $18.5 billion. It also reached a final investment decision on the Western Gateway Pipeline system, with an expected in-service date in 2029.