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CommodityInvesting.com — CommoditiesOct 28, 10:30 PM

Italy approves 2027 budget with tax hikes on banks and energy firms

CommodityInvesting.com — CommoditiesOct 28, 10:03 PM

Northwest European diesel margins hold steady amid mixed signals

CommodityOilPrice.comOct 28, 10:00 PM

Why the Shipping Industry Is Turning Its Attention to Nuclear Power

Commercial shipping causes significant pollution, accounting for about 3% of global greenhouse gas emissions, or roughly a billion tonnes of CO2-equivalent annually. Heavy fuel oil combustion emits sulfur oxides (SOx), nitrogen oxides (NOx) and black carbon, worsening coastal air quality and causing respiratory illness. Ships release millions of gallons of oily bilge water that spreads invasive…

CommodityOilPrice.comOct 28, 09:00 PM

China Secures Massive Discount on Russian Gas as Moscow’s Leverage Weakens

Russia is giving China a huge discount on natural gas purchases, underscoring the Kremlin’s fiscal dependency on Beijing. The Moscow Times (MT), citing Russian Duma documentation, shows that China will pay an average of approximately $248 per thousand cubic meters of pipeline gas in 2026, compared with $562 for Gazprom's other foreign customers outside the former Soviet Union. That means Beijing…

CommodityOilPrice.comOct 28, 08:30 PM

UBS Sees $110 Brent by Year-End as Gulf Flows Stay Below Prewar Levels

UBS has raised its Brent forecast for the second time this month and now expects crude to trade at $110 a barrel at the end of 2026, up from 100. The Swiss bank also lifted its 2027 curve by $5 a barrel at each point, to $95 for March, $90 for June and $85 for September. “Uncertainty around our forecasts remains elevated, reflecting the unpredictable nature of the Middle East conflict, and the…

CommodityOilPrice.comOct 28, 08:00 PM

Energy Crisis Shapes UK Budget as Chancellor Faces Pressure Over Defence Spendin

John Healey’s maiden Budget is likely to omit clear plans to boost defence spending, reform taxes and curb the welfare bill, economists have predicted, in a move that would kick “tough decisions into the long grass”. Healey, who resigned from Sir Keir Starmer’s government over the Treasury’s refusal to set out how it would lift spending on the military to three per cent of GDP by 2030, is…

CommodityOilPrice.comOct 28, 07:30 PM

Equinor Raises Oil and Gas Output Forecast as Operating Profit Doubles

Equinor raised its 2026 oil and gas production growth forecast to around 4% after higher commodity prices and record earnings at its Mongstad refinery helped more than double third-quarter operating profit. The Norwegian producer now expects faster growth than its previous guidance of 3%, following quarterly equity production of 2.166 million barrels of oil equivalent per day. International…

CommodityOilPrice.comOct 28, 07:00 PM

UBS Data Shows Russian Oil Exports Only 10% Below Pre-War Levels

President Trump's US-Russia deal to export diesel and crude cargoes has drawn considerable scrutiny from Western elites as the first shipments could soon reach US shores. Ukrainian drone strikes on Russian refineries, combined with disruptions in the Strait of Hormuz, have intensified pressure on the global energy market and refining capacity ahead of the US midterms. UBS chief economist Arend…

CommodityOilPrice.comOct 28, 06:30 PM

PetroChina Q3 Profit Jumps to $7.78 Billion

PetroChina’s third-quarter profit rose 21.6% on Iran war-inflated oil and gas prices, while the company’s nine-month crude output, refinery runs and domestic diesel sales all fell. Net profit for the July-September period reached 51.84 billion yuan ($7.78 billion), up from 42.29 billion yuan a year earlier, Asia’s largest oil and gas producer said in a stock filing on Wednesday. Net profit for…

CommodityInvesting.com — CommoditiesOct 28, 06:25 PM

US crude and distillate inventories fall, gasoline stocks rise, EIA says

CommodityOilPrice.comOct 28, 05:44 PM

US Oil Inventories Fall Again As Prices Rise

Crude oil inventories in the United States saw a decrease of 1.9 million barrels during the week ending October 23, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 410.6 million barrels, according to government data, which is now 4% below the five-year average for this time of year. The EIA’s data…

CommodityOilPrice.comOct 28, 05:30 PM

China’s Refiners Turn to Africa and Brazil Crude as Freight Rates Ease

China’s refiners are buying crude oil from West Africa and Brazil after freight rates eased in the past two weeks, while competition for Russian supply is stronger and Iranian barrels have disappeared. Following a decline in shipping rates from all-time highs, some Chinese refiners have bought West African and Brazilian crude grades at premiums of up to $20 per barrel above ICE Brent for delivery…

CommodityOilPrice.comOct 28, 05:00 PM

Iran Eyes $130 Oil While at Least 50 Tankers Sit Stuck in the Gulf

An oil price of $130 per barrel could be one of the scenarios of Iran’s economic planners preparing the budget for the next Iranian year starting March 2027, according to Iranian media. It is not clear yet what baseline Iranian economists will use in next year’s budget, but the Plan and Budget Organization may include a scenario assuming $130 a barrel oil, according to Fars News Agency, which is…

CommodityOilPrice.comOct 28, 04:30 PM

QatarEnergy Extends LNG Force Majeure to End of 2026

State-owned firm QatarEnergy has extended the force majeure on LNG deliveries to the end of the year, leaving Europe and Asia without certain term supply heading into the winter, in a move that drove European natural gas prices to the highest level since the autumn of 2022. Italy’s gas importer and energy provider Edison said it had received a notice from QatarEnergy confirming the extension of…

CommodityOilPrice.comOct 28, 04:00 PM

U.S. Lawmakers Warn Banks Against Trump's Russian Diesel Deal

A bipartisan group of US lawmakers has warned American banks, port authorities, and fuel-industry groups against facilitating imports of Russian diesel, raising the prospect of congressional investigations and legal action over President Donald Trump’s decision to ease restrictions on Russian fuel. In letters sent to the chief executives of major US banks and the heads of several port…

CommodityOilPrice.comOct 28, 03:30 PM

Bahri Profit Hits $1.36 Billion as the World Scrambles for Tankers

Surging tanker rates amid the oil and shipping crisis helped Saudi Arabia’s shipping giant Bahri post a tenfold jump in net profit for the third quarter from a year earlier. Bahri booked a net profit of $1.36 billion (5.1 billion Saudi riyals) for the third quarter, ten times higher than the profit of $137 million (513 million riyals) for the same period in 2025, driven in particular by the Bahri…

CommodityInvesting.com — CommoditiesOct 28, 02:59 PM