PetroChina reported third-quarter net income of 51.84 billion yuan ($7.78 billion), up 21.6% year on year, as higher oil and gas prices offset falling crude production and weaker fuel sales.
Kazakhstan's energy ministry has drafted a measure that would halt road and rail exports of liquefied petroleum gas, propane and butane for six months beginning November 14, 2026, aiming to safeguard domestic fuel stocks.
UBS chief economist Arend Kapteyn finds that Russian crude export volumes sit only around 10% under pre-war figures, as sanctions have mostly shifted buyers rather than shrinking worldwide supply.
The US Energy Information Administration (EIA) reported a 1.892-million-barrel decline in crude oil inventories for the week ending October 23, against expectations of a small build, while gasoline stocks rose sharply.
QatarEnergy has prolonged its force majeure on liquefied natural gas deliveries through December 2026, cutting term supply to Europe and Asia and pushing European gas prices to their highest level since the 2022 energy crisis.
Iranian media report that budget planners are considering a scenario of $130-a-barrel oil for the fiscal year starting March 2027, even as a US naval blockade has stranded at least 50 Iranian tankers in the Persian Gulf.
The Bank of Canada raised its overnight rate target by 25 basis points to 2.5% on October 28, its first increase since July 2023, citing elevated oil prices feeding through to broader inflation.
Finance minister John Healey presented his inaugural Autumn Budget, lowering household energy costs, lifting the bank surcharge by three percentage points to 6%, and committing an extra £10 billion to Ukraine. Gilt yields dipped and bank shares climbed following the announcement.
The US Federal Reserve is widely expected to leave its policy rate unchanged on Wednesday, with markets pricing in roughly a 9% chance of a hike. Attention shifts to Fed Chair Kevin Warsh's press conference for signals on a possible December move.
The dollar softened and oil climbed as a Saudi refinery strike and the Bank of Canada's rate hike shaped a session also dominated by the UK budget and Israeli election jitters.