Key OPEC+ producers are expected to keep their oil output quotas unchanged for December when they meet Sunday, sources told Reuters. The group finished unwinding 1.65 million barrels a day of cuts in September, though the targets have been mostly on paper as the Middle East conflict has disrupted supply.
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A fire broke out near Saudi Arabia's Ras Tanura oil export hub after an attack early Tuesday but was quickly contained, a source told Bloomberg; the extent of any damage was unclear. Saudi Arabia also said it intercepted three ballistic missiles and four drones launched by the Houthis.
Top officials from Saudi Arabia, Turkey and Pakistan traveled to Tehran to try to ease fears of renewed escalation with the U.S. and Israel. Oil prices stayed high anyway, with Brent above $110 a barrel and WTI near $101 on Tuesday morning.
EQT agreed to buy Range Resources in an all-stock deal that the companies say creates America's leading natural gas company, with a pro forma enterprise value of more than $50 billion. They describe the combined company as the largest and only vertically integrated U.S. natural gas producer.
The EIA's weekly survey for Oct. 26 put the U.S. average price of regular gasoline at $4.269 a gallon and on-highway diesel at $6.352. California remained the most expensive, at $5.888 for regular and $8.155 for diesel, while the Gulf Coast had the cheapest gasoline at $3.702.