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CommodityOilPrice.com

China's Rail Line Into Central Asia Is Set for 2031

Construction of the China-Kyrgyzstan-Uzbekistan railway is steadily advancing, with work underway on 28 of the 29 planned tunnels and 47 of 50 bridges along the route’s roughly 305-kilometer Kyrgyz section, according to Kyrgyz Railways, a partner in the project. About 22 percent of total construction work is expected to be completed by the end of 2026, with tunnel excavation currently 21.5…

CommodityOilPrice.com

Fire Shuts Equinor’s Visund Platform in Norwegian North Sea

Equinor halted output at its Visund oil and gas platform in the Norwegian North Sea on Wednesday after a fire in an electrical switchboard room, taking all 13.2 million cubic meters per day of the field’s gas export capacity off the market from Thursday. The fire broke out shortly before 11 a.m. local time, NRK reported. Equinor spokesperson Ellen Maria Skjelsbæk told the broadcaster that crews…

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New Jersey Moves to Block Trump's Russian Diesel Imports

New Jersey Democratic Governor Mikie Sherrill warned port and terminal operators in the state against "purchasing or unloading the illegal Russian fuel currently bound for the east coast of the United States." Sherrill's move threatens to complicate President Trump's efforts to bring Russian diesel into US markets to ease high industrial fuel prices amid a severe global refining squeeze fueled by…

CommodityOilPrice.com

Dangote Breaks Ground on $2.5 Billion Namibia Fuel Hub for Southern Africa

Aliko Dangote, Africa’s richest person whose Dangote Group operates the biggest refinery on the continent, on Wednesday broke ground for a planned fuel storage site in Namibia, which will serve as a fuel distribution hub in southern Africa. “We want to heavily invest so that most of the landlocked countries will be able to access petroleum products at a cheaper price,” Dangote said at a…

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US Oil Inventories Fall Further As Demand Holds

Crude oil inventories in the United States saw a decrease of 900,000 barrels during the week ending October 30, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 409.8 million barrels, according to government data, which is now 4% below the five-year average for this time of year. Total commercial…

CommodityOilPrice.com

Brent Falls to $100 as Traders Bet on a U.S.-Iran Deal

Oil traders are pricing a U.S.-Iran settlement and discounting the threats around it. As of 9:40 a.m. ET on Wednesday, Brent had fallen $3.04, or 2.9%, to $100.60 per barrel, its third straight loss, and WTI had dropped $2.86, or 3%, to $93.23. Murban slipped $1.27 to $100.90. Both crude benchmarks traded higher early before reversing in a volatile session. President Trump told the Financial…

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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…

CommodityOilPrice.com

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…

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European Gas Prices Fall 2% as Traders Wait on Trump’s Next Move in Iran

European benchmark natural gas prices fell in the early morning on Wednesday, as traders brace for what will happen next in Iran after U.S. President Donald Trump lost Republican control of both chambers of Congress in the midterm elections on Tuesday. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, fell by 2% as of 9 a.m. in Amsterdam on…

CommodityOilPrice.com

Iran Says Four Oil Tankers Destroyed by Mines Near Strait of Hormuz

Four oil tankers were destroyed after hitting naval mines in an area south of the Strait of Hormuz proscribed by Iran as prohibited for navigation, Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Wednesday, as attacks on vessels in the region intensify while crude oil flows have dipped from recent highs. The four tankers are still ablaze, while two other vessels have been seized, the…

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India Races to Triple Coal Stockpiles to Prevent Summer Blackouts

India’s coal, power, and railway ministries are working jointly to boost the country’s stocks of coal ahead of next summer, Bloomberg has reported, citing unnamed sources. The target total is 55 million tons—a substantial boost from the current inventory, which amounts to 18 million tons. The targeted amount should be secured by the end of the current Indian fiscal year, March 31. Currently, coal…

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