Oil Crashes 9% as Trump and Vance Blame Iran War for Midterm Rout

Crude oil prices experienced a significant decline, with Brent falling $8.94, or 8.6%, to $94.66 per barrel, while WTI dropped $8.01, or 8.3%, to $88.08. This sharp downturn comes as traders react to the White House's comments linking the recent midterm election losses to the ongoing conflict in Iran, suggesting a potential shift in U.S. foreign policy that could lead to a resolution of the war. The market had previously been buoyed by concerns over supply disruptions, but the prospect of an end to hostilities has shifted sentiment dramatically. Just days prior, Brent was trading near $118, indicating the volatility and rapid changes in market perception. The comments from Trump and Vice President Vance highlight the political implications of energy prices, with gasoline costs being a focal point in the electoral outcome. As the market digests these developments, investors should be cautious of further price fluctuations, particularly if geopolitical tensions ease or if U.S. production levels respond to the changing landscape. The decline in prices could also impact inventory levels and refinery capacity utilization, as lower prices may lead to reduced production incentives. Overall, the market is now grappling with the dual pressures of political narratives and the potential for increased supply, which could further weigh on prices in the near term.

Blue Chips Surge Past 2.8% as VIX Drops Below 18 While Oil Sinks Nearly 8%

Oil prices experienced a significant decline, with WTI crude sinking nearly 8% amid a broader market rally in equities. This sharp drop in crude can be attributed to a combination of factors, including easing volatility in the stock market, as indicated by the VIX falling below 18. While blue-chip stocks surged, the energy sector faced headwinds, reflecting a divergence in investor sentiment. The strong performance of gold and silver, which both saw gains of over 3% and 5% respectively, suggests a flight to safety among investors, potentially indicating concerns about economic stability that are not translating into demand for oil. Additionally, the robust gains in the stock market, particularly the Dow's record high, may have overshadowed the underlying weaknesses in oil demand signals. As earnings season unfolds, the mixed results could further influence market perceptions, leading to volatility in energy prices. The current inventory data and refinery capacity utilization will be critical to monitor in the coming weeks, as they could provide insights into the supply-demand balance. Investors should remain cautious, as the significant drop in oil prices could reflect broader economic concerns that may impact future demand. Overall, the energy market is navigating a complex landscape, and the recent price movements underscore the need for vigilance in assessing both macroeconomic indicators and sector-specific developments.

Phillips 66 (PSX) Secures Long Term Used Cooking Oil Supply For Renewable Fuels

Phillips 66 has secured a long-term supply of used cooking oil from Restaurant Technologies, which will be processed into renewable fuels at its Rodeo Renewable Energy Complex. This strategic move not only enhances Phillips 66's commitment to lower carbon fuels but also positions the company to capitalize on the growing demand for sustainable aviation fuel and renewable diesel. By sourcing used cooking oil from U.S. restaurants, Phillips 66 is tapping into a domestic feedstock that aligns with broader industry trends toward sustainability and emissions reduction. This partnership is likely to bolster the company's reputation among commercial customers focused on minimizing their transportation emissions, potentially leading to increased demand for its renewable fuel products. As the market shifts towards greener alternatives, this initiative could provide Phillips 66 with a competitive edge in the renewable fuels sector. Investors should note that the emphasis on renewable energy sources is becoming increasingly critical as regulatory pressures mount and consumer preferences evolve. The integration of used cooking oil into the fuel supply chain may also help stabilize feedstock costs, which can be volatile in traditional oil markets. Overall, this development signals a significant step forward for Phillips 66 in diversifying its energy portfolio and aligning with global sustainability goals, which could positively influence its stock performance and market valuation in the long run.

Stocks surge, oil tumbles after Trump's election rout

Stocks surged significantly following President Trump's defeat in the midterm elections, which resulted in the Republican party losing control of Congress. This political shift has led to increased investor optimism in the equity markets, driving share prices higher. However, oil prices tumbled in response to the election outcome, reflecting a complex interplay between political developments and market sentiment. The loss of Republican control may signal potential changes in energy policy, which could impact future oil production and regulatory frameworks. Additionally, the market is reacting to broader economic signals, including concerns about inflation and its potential effects on consumer demand for energy. As traders reassess the geopolitical landscape, oil prices are likely to remain volatile, influenced by both domestic policy changes and global supply dynamics. The drop in oil prices could also be exacerbated by any shifts in OPEC's production strategy in response to changing demand forecasts. Investors should remain vigilant as these developments unfold, as they could lead to significant fluctuations in energy markets. The interplay between stock market performance and oil prices underscores the interconnectedness of these sectors, with political events serving as catalysts for market movements. Overall, the current environment suggests a cautious approach to oil investments, as uncertainty looms over both domestic and international energy policies.

New Jersey Moves to Block Trump's Russian Diesel Imports

New Jersey's decision to block Russian diesel imports is a significant development that could further tighten the already strained U.S. fuel market. Governor Mikie Sherrill's warning to port and terminal operators highlights the state's commitment to enforcing sanctions against Russian fuel, which complicates efforts to alleviate high industrial fuel prices. This move comes at a time when global refining capacity is under pressure due to ongoing geopolitical tensions, particularly the impact of Ukrainian drone attacks on Russian refineries and disruptions in critical shipping routes like the Strait of Hormuz. As the U.S. grapples with elevated fuel costs, the inability to access Russian diesel could exacerbate supply constraints, pushing prices higher. Investors should be aware that this situation may lead to increased volatility in energy markets as refiners seek alternative sources to meet demand. The potential for further sanctions or restrictions could also create a ripple effect, influencing global oil prices as markets react to the tightening supply. Additionally, the ongoing geopolitical landscape continues to play a crucial role in shaping investor sentiment and market dynamics. With refining capacity already stretched, any additional disruptions could lead to significant price spikes. Overall, the combination of local regulatory actions and international tensions is likely to keep energy prices elevated in the near term, making it essential for market participants to stay vigilant.

RELX (RELX) Exit: Generative AI Headwinds Prompt Portfolio Sale

Rising long-term interest rates, driven by a "higher for longer" Federal Reserve policy, are creating headwinds for various sectors, including energy. This environment is likely to dampen investment in oil and gas, as higher borrowing costs can deter capital expenditures necessary for exploration and production. Additionally, the concentration of U.S. equity markets in mega-cap technology stocks suggests a shift in investor focus away from traditional energy sectors, which could lead to reduced liquidity and support for oil prices. As crude prices face pressure from these macroeconomic factors, the potential for increased volatility in energy markets remains high. Investors should also consider the implications of generative AI advancements, which may disrupt traditional business models and further complicate the energy landscape. The interplay between these technological shifts and economic conditions could lead to a reevaluation of energy investments. Furthermore, any slowdown in demand signals, particularly from major consumers, could exacerbate the situation, leading to inventory builds and downward price pressure. Refinery capacity utilization may also be affected as margins tighten, impacting the overall supply chain. In summary, the combination of rising interest rates, shifting market dynamics, and potential demand fluctuations presents a challenging environment for oil prices and energy markets moving forward.

Williams Companies (WMB) Completes Key Gas Deal And Deepens Haynesville Reach

Williams Companies (NYSE:WMB) has completed its acquisition of Momentum Midstream, expanding its natural gas footprint in the Haynesville region. The enlarged pipeline network is structured to feed growing LNG, industrial and power sector demand tied to Haynesville supply. Management positions the combined infrastructure as a key piece of Williams Companies' natural gas platform through at least 2030. The Momentum Midstream deal and new Haynesville pipeline capacity tell only part of the...

U.S. election raises questions for Asian LNG demand and energy trade

(Oil Gas 360) Asian energy-importing economies are reassessing their outlook for oil, natural gas and international trade following Democratic [ ]

Chevron Stocks Move Lower Refining Supplies Most of the Profit Increase

Quarterly cash flow weakened sequentially despite a substantial annual earnings improvement.

How Could Devon Energy (DVN) Reshape Its Future With A $4.2 Billion Deal?

Devon Energy (NYSE:DVN) agreed to sell its Eagle Ford assets to Crescent Energy in a US$4.2b cash transaction. The divested Eagle Ford position represents about 4% of Devon Energy's total production footprint. Management plans to direct sale proceeds toward share repurchases and debt reduction, in line with its portfolio focus on longer-duration assets. The US$4.2b Eagle Ford sale is only part of the story for Devon Energy's evolving portfolio and capital plans. We have also flagged 2...

MPC Q3 Earnings Beat Estimates on Strong Refining Margins

Marathon Petroleum's Q3 earnings surge on stronger refining margins, while renewable diesel turns profitable and the company expands its share buyback plans.

Crude inventory falls by 0.9M barrels for the week ended October 30 – EIA

Will ExxonMobil's 100,000-BPD Diesel Expansion Boost Refining Profit?

XOM plans to invest $10 billion in refining through 2030, targeting higher diesel output, improved efficiency and stronger cash flow.

UAE-Controlled Moeve Sells Algerian Upstream Assets

Spanish energy firm Moeve has agreed to sell its upstream oil and gas assets in Algeria to units of Indonesia’s state energy firm Pertamina in a deal that sees Moeve, majority owned by Abu Dhabi’s fund Mubadala, exiting the upstream business globally. Moeve, which rebranded from Cepsa in 2024 “to drive the energy transition towards a more sustainable future,” is nearly 62% owned by Mubadala, the sovereign investment company of the United Arab Emirates (UAE). Moeve is selling its entire interests in the non-operated…

Democrats Win Texas Oil Regulator Seat for First Time Since 1990

Texas voters on Tuesday elected a Democrat to the Railroad Commission, the regulator of the state’s oil and gas industry, for the first time since 1990. They also elected a Democratic governor who promised to halt new data center construction. Democrats running against data centers took the governorships of Georgia and Ohio and won control of Georgia’s utility regulator. Voters cast those ballots with gasoline at its highest Election Day price on record. State Rep. Jon Rosenthal, a former oilfield engineer who calls himself a “drill…

Nigeria s Oil and Gas Output Rises to 3.04 Million Boepd

Nigeria’s NNPC raised its oil and gas production in September from a month earlier as output was restarted at some oilfields, the state-owned oil and gas company said in its latest monthly report this week. NNPC’s total oil and gas production rose to 3.04 million barrels of oil equivalent per day (boepd), up from 3.01 million boepd in the previous month, amid slightly higher crude oil and natural gas production and flat condensate output, NNPC’s report showed. Revenues came in at $3.4 billion (4.608 trillion Nigerian naira), in…

Vermilion Energy GAAP EPS of CAD -0.23, revenue of CAD593.86M; updates FY outlook

Enbridge Inc. Declares Quarterly Dividends

(TSX:ENB) (NYSE:ENB) Enbridge Inc. announced that its Board of Directors has declared a quarterly dividend of $0.9700 per common share. The dividend is payable on December 1, 2026 to shareholders of record on November 13, 2026. The amount of the common share dividend is consistent with the September 1, 2026 dividend. The Board also declared quarterly dividends for multiple series of Enbridge Preferred Shares, all payable on December 1, 2026 to shareholders of record on November 13, 2026. The declared preferred share dividends are as follows: Series A at $0.34375, Series B at $0.32513, Series D at $0.33825, Series F at $0.34613, Series G at $0.29918, Series H at $0.38200, Series I at $0.27487, Series L at US$0.36612, Series N at $0.41850, Series P at $0.36988, Series R at $0.39463, Series 1 at US$0.41898, Series 3 at $0.33050, Series 4 at $0.29108, Series 5 at US$0.41769, Series 7 at $0.37425, Series 9 at $0.35450, Series 11 at $0.34231, Series 13 at $0.33719, Series 15 at $0.35163, and Series 19 at $0.38825. All amounts are in Canadian dollars unless otherwise specified. Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. The company is headquartered in Calgary, Alberta.

Energy Transfer sanctions $1.6bn South Mississippi pipeline project

Energy Transfer has approved a final investment decision (FID) for the $1.6bn South Mississippi Pipeline Project in southern Mississippi, US.

CVR Energy to acquire two US refineries from Marathon for $4.2bn

CVR Energy to acquire two US refineries and associated marketing assets from Marathon Petroleum for about $4.2bn plus net working capital.

Europa Oil Gas Holdings — Cloughton Well – Planning Application Update

(LSE:EOG) Europa Oil & Gas (Holdings) plc announced that on 4 November 2026, the Local Planning Authority of North Yorkshire Council refused planning permission for the Cloughton gas appraisal well. Europa has appealed the planning refusal to the Secretary of State. The council's refusal contradicts the recommendation of its own planning officers. Thirteen independent expert reports supported approval of the Cloughton gas appraisal well. The refusal and the pending appeal have delayed the timeline for the Cloughton appraisal. This situation creates uncertainty around the near-term development value of the Cloughton project. The delay could materially affect project scheduling. The delay could also affect any related valuation of the project. Europa stated that it will update shareholders on the outcome of the appeal in due course. The Cloughton gas appraisal well remains subject to the outcome of the appeal process. The planning decision and appeal are significant factors for the project's future development. No financial figures, production volumes, or reserves were disclosed in this announcement. No named executives or quoted remarks appear in the source text. No counterparties other than the Local Planning Authority of North Yorkshire Council and the Secretary of State are mentioned. No specific license or permit numbers are provided in the announcement.

IEA sees gas market pressure extending into 2027 despite new LNG capacity

(Oil Gas 360) Global natural gas markets could remain constrained well into 2027 as disruptions to Middle Eastern [ ]

Suncor Energy reports third quarter 2026 results

(TSX:SU) Suncor Energy reported record quarterly adjusted funds from operations of $6.7 billion and free funds flow of $5.2 billion for the third quarter of 2026. The company returned more than $2.0 billion to shareholders, including nearly $1.4 billion in share repurchases and nearly $700 million in dividends. Suncor achieved strong upstream production of 853,000 bbls/d and record third quarter refined product sales of 677,000 bbls/d, supported by refinery crude oil throughput of 488,000 bbls/d. Subsequent to the quarter, Suncor increased monthly share repurchases by 50% to $750 million and raised its quarterly dividend by 10% to $0.66 per share. The company reached an agreement to divest its non-core offshore assets, including a 48% interest in Terra Nova, 40% in White Rose, and 38.6% in West White Rose, for $1.2 billion (US$860 million) plus a contingent payment of up to $350 million (US$250 million), with an effective date of July 1, 2026, and expected closing in early 2027, subject to customary conditions. Net earnings for Q3 2026 were $3.814 billion ($3.27 per share), up from $1.619 billion ($1.34 per share) in Q3 2025. Adjusted operating earnings were $4.631 billion ($3.97 per share), compared to $1.794 billion ($1.48 per share) in the prior year quarter. Cash flow provided by operating activities was $6.196 billion ($5.31 per share), up from $3.785 billion ($3.13 per share) in Q3 2025. Capital expenditures excluding capitalized interest were $1.468 billion. Operating, selling and general expenses were $3.552 billion. Net debt decreased to $1.751 billion from $7.147 billion in Q3 2025. Total Oil Sands bitumen production was 948,000 bbls/d, with net synthetic crude oil production of 528,100 bbls/d and non-upgraded bitumen production of 260,400 bbls/d. Exploration and Production output increased to 64,000 bbls/d, primarily due to higher production at Terra Nova. Refinery utilization was 95%, and refined product sales reached 676,900 bbls/d. For the nine months ended September 30, 2026, current income tax and royalties expenses totaled $8.067 billion. The divestiture of offshore assets includes the transfer of all investment commitments and future liabilities, such as a $500 million regulatory well compliance program at Terra Nova starting in 2027 and $1.4 billion in estimated future abandonment and lease liabilities. Suncor's board approved a quarterly dividend of $0.66 per share, reflecting a 10% increase. The company projects total 2026 share repurchases of $5.5 billion. There have been no changes to the 2026 corporate guidance ranges previously updated on August 4, 2026.

Suncor Energy increases dividend

(TSX:SU) (NYSE:SU) Suncor Energy's Board of Directors has approved a quarterly dividend of $0.66 per share on its common shares. This new dividend represents a 10% increase over the prior quarterly dividend. The dividend will be payable on December 24, 2026 to shareholders of record at the close of business on December 3, 2026. Rich Kruger, Chief Executive Officer, stated that the significant increase in the quarterly dividend reflects the strength and resiliency of Suncor's uniquely integrated business model and the materially higher performance achieved over the past several years. Kruger also noted that with sustainably higher cash flow, Suncor is in a strong position to reward shareholders through continued dividend growth and reliable, ratable share repurchases, now and into the future. Suncor Energy is described as Canada's leading integrated energy company. The company's operations span the full energy value chain, including oil sands mining and in situ operations, upgrading, offshore production, petroleum refining in Canada and the U.S., marketing and trading, and nationwide Petro-Canada retail and wholesale networks. Suncor delivers reliable energy that fuels economic growth and meets the needs of customers across Canada and globally. The company maintains an unwavering focus on safety, operational excellence, and profitability. Suncor is committed to delivering industry-leading performance and long-term shareholder value. Suncor's common shares are listed on the Toronto and New York stock exchanges under the symbol SU. The news release contains certain forward-looking information. Readers are referred to Suncor's Management's Discussion and Analysis dated November 3, 2026 for further details.

SM Energy Reports Third Quarter 2026 Results

(NYSE:SM) SM Energy Company reported financial and operating results for the third quarter of 2026. Operating cash flow for the quarter was $1.1 billion, which funded $417 million of debt redemption and $133 million of capital returned to stockholders. The company substantially completed its Civitas merger integration, actioning approximately $400 million of merger run-rate synergies, which is twice the original $200 million target and $25 million greater than the revised $375 million target. The NPV-10 of merger synergies increased to $2.0 billion from $1.8 billion. Net income for the quarter was $93 million, or $0.39 per diluted share, while adjusted net income was $465 million, or $1.95 per diluted share. Capital expenditures totaled $711 million, or $747 million before changes in accruals. Adjusted free cash flow was $397 million, and adjusted EBITDAX was $1.3 billion. Average net daily production was 433 MBoe/d, including 230 MBbl/d of oil. The company narrowed its full-year 2026 capital guidance to approximately $2.75 billion. SM returned $133 million of capital to stockholders, representing approximately 34% of adjusted free cash flow, through $81 million in share repurchases (2.3 million shares) and a $0.22 per share quarterly dividend. All $417 million aggregate principal amount of 6.625% Senior Notes due 2027 were redeemed at par, resulting in no maturities until mid-2028. Net debt was reduced to $6.0 billion, down from $7.4 billion at March 31, 2026. Oil volumes were impacted by higher-than-planned downtime in the Permian Basin and takeaway constraints in the Uinta Basin, reducing oil volumes by approximately 2 MBbl/d and 4 MBbl/d, respectively. Income tax expense was $30 million, including current tax expense of $37 million. Year-to-date share repurchases totaled $165 million. Full-year 2026 oil production guidance was lowered by 1% to 220-222 MBbl/d, and total production guidance was narrowed to 420-422 MBoe/d. Full-year capital expenditures are expected to be approximately $2.75 billion. Fourth quarter 2026 production is expected to be 435-445 MBoe/d, including 229-239 MBbl/d of oil, with capital expenditures of approximately $610 million. Full-year 2026 cash tax guidance is updated to approximately $100-$120 million. For the three months ended September 30, 2026, realized oil sales price before derivatives was $85.76 per Bbl, gas was $2.48 per Mcf, and NGLs were $29.40 per Bbl. Net production volumes for the quarter were 21.2 MMBbl oil, 84.4 Bcf gas, and 4.6 MMBbl NGLs. Lease operating expense was $7.02 per Boe, transportation costs were $3.53 per Boe, production taxes were $3.47 per Boe, ad valorem tax expense was $0.38 per Boe, and general and administrative expense was $1.40 per Boe. Depletion, depreciation, and amortization was $14.81 per Boe. As of September 30, 2026, cash and cash equivalents were $442 million, accounts receivable were $1,175 million, and total assets were $18,963 million.

Goldman lifts 2027 gas outlook as Middle East LNG disruptions persist

(Oil Gas 360) Goldman Sachs has sharply increased its European natural gas price forecasts for 2027, citing continued uncertainty [ ]