EIA data show U.S. crude inventories fell 1.9 million barrels in the week ending Oct. 23 to 410.6 million barrels, 4% below the five-year average. Prices rose Wednesday morning, with Brent around $115.61 and WTI around $102.41, both up sharply from a week earlier.
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EQT agreed to buy Range Resources in an all-stock deal that the companies say creates America's leading natural gas producer with a pro forma enterprise value over $50 billion. They call the combined company the country's largest and only vertically integrated gas producer, with the largest natural gas marketing platform.
The Energy Department closed a $5.1 billion loan package to Alliant Energy to expand power generation and strengthen the grid in Iowa and Wisconsin. DOE says the projects will add more than 2.6 gigawatts of new or upgraded capacity and save customers more than $1 billion on electricity.
QatarEnergy extended its force majeure on LNG deliveries, in place since April, to the end of 2026, leaving Europe and Asia short of some term supply heading into winter. Italy's Edison said it would miss three more cargoes, and European gas prices hit their highest level since autumn 2022.
Sources told Reuters that seven core OPEC+ members are expected to keep December production targets unchanged when they meet Sunday, Nov. 1. Middle East supply disruptions and uncertainty over future capacity are complicating the group's plans, and no final decision has been made.
