Brent crude touched $114 a barrel intraday on Friday, a level it last closed at on May 4. PVM analyst Tamas Varga pointed to doubts that a proposed U.S.-China-Russia meeting will bring peace in Ukraine, plus renewed strikes on vessels in the Strait of Hormuz and the Houthi threat to Saudi oil sites.
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President Trump announced up to $150 million in Defense Production Act Title III funding to expand petroleum production, storage and logistics at U.S. refineries, including restarting a refinery. The Energy Department says the money should raise domestic output of gasoline, diesel and jet fuel by millions of gallons per day and lower prices.
The U.S. Department of Energy announced more than $125 million for 63 tribe-led projects in 16 states, including Alaska, the largest single investment in the history of its Office of Indian Energy. The 61 tribal entities selected for award negotiations will use the money to cut electricity costs, expand access and support economic development.
U.S. refineries ran at more than 95% of capacity on average from May through September, the highest for those months since 1998, the EIA says. Tight global diesel supplies and strong margins drove the high runs and heavy exports, and utilization stayed above the five-year seasonal average in early October.
MISO picked a consortium of Ameren Transmission Company of Illinois, NextEra's GridLiance Heartland and Dairyland Power Cooperative to build a major transmission project in Iowa. The EASL project is a foundational piece of a new 765-kilovolt backbone, and the three will own it jointly once it's in service.
