Energy Markets

Houston – November 03, 2026 -- Marathon Petroleum and Valero Energy reported third-quarter net income of $7.4 billion and $6.8 billion, up from $1.4 billion and $1.1 billion a year earlier, as wider crack spreads lifted refining margins while U.S.-Iran diplomacy remained unresolved.

Brent trades in a $6.44 range as no ceasefire is announced

As of 10:23 a.m. ET Tuesday, January Brent traded at $103.97 a barrel, against Monday's close of $104.77, after a session range of $100.80 to $107.24. December West Texas Intermediate stood at $96.49, against a Monday close of $96.46. No ceasefire agreement had been announced as of Tuesday morning.

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.

UAE – October 21, 2026 -- The United Arab Emirates' reported exit from the OPEC+ alliance has opened a debate in global oil markets over whether the cartel can hold together, with analysts split on the consequences for prices and for major importers such as India.

Analyst Peter Cardillo reads UAE move as first crack inside OPEC

Market expert Peter Cardillo says the reported departure could be the first sign of fissures within OPEC. He argues it raises questions about the cartel's long-term future. The source material does not confirm the terms or timing of the exit, which is described only as reported.

Hamilton, Bermuda – – October 01, 2026 -- Borr Drilling Limited (NYSE: BORR, OSE: BORR) has locked in new commitments for three premium jack-up rigs, extending contract coverage across West Africa and the North Sea into mid-2027.

Norve wins 245-day firm scope off West Africa

An undisclosed operator issued a binding letter of award for the Norve, covering a firm scope of three wells over an estimated 245 days. The contract is set to start mid-December 2026, keeping the rig committed into August 2027, with priced options adding a further 175 days of potential work.

Shell exercises option on Natt in Nigeria

Shell Nigeria Exploration and Production Company has exercised a one-well option on the Natt. Based on the current well program, the rig is expected to remain under contract with Shell into early August 2027.

Houston – September 17, 2026 -- Shell Energy North America (US), L.P. (SENA), a subsidiary of Shell plc, has agreed to sell its interests in RISEC Holdings, LLC to Constellation Energy Generation, LLC for $715 million while simultaneously acquiring 100% equity in Hunlock Creek Generating LLC, a 169-megawatt gas-fired generation asset in Pennsylvania.

Shell exits New England plant to lock in accelerated gains

RISEC owns a 609-MW, two-unit combined cycle gas turbine power plant serving the New England power market. SENA has held an energy conversion agreement for the plant's full electricity output since 2019, an arrangement that will terminate once the Constellation sale closes. The company said the transaction brings forward returns it had expected to realize through longer-term ownership, delivering a significant gain on the sale.