Oil rose as a push to end the US government shutdown buoyed wider markets, with crude traders also looking toward a data-heavy week that will yield insights into whether a long-awaited global surplus is forming. West Texas Intermediate rose around 0.6% to settle above $60 a barrel after two weekly declines, while Brent closed around $64. In the US, the White House expressed support for a bipartisan deal to reopen the US government after its longest-ever shutdown. Markets took the progress as a breakthrough, with tech shares driving the equities rally. Crude has dropped in five of the past six weeks as jitters over surplus supply gained greater traction. The Organization of the Petroleum Exporting Countries and its allies have been loosening output curbs in an apparent effort to gain market share, while drillers from outside the alliance, including the US, have also been adding barrels. OPEC is due to release its monthly analysis on Wednesday, with the International Energy Agency issuing an annual energy outlook the same day, followed by its regular monthly snapshot on Thursday. US sanctions also remain in focus after the Trump administration last month targeted Russia’s Rosneft PJSC and Lukoil PJSC in a bid to raise pressure on the Kremlin to end its war in Ukraine. Governments across Europe and the Middle East are rushing to ensure Lukoil’s sprawling oil operations can keep running after the US sanctions and a quashed bid by energy merchant Gunvor Group for its assets last week. Iraq is said to have transferred operations at Lukoil’s West Qurna 2 field to two state firms in an effort to ensure production continues. Earlier in the day Lukoil declared force majeure, allowing it to exercise the right to skip contractual obligations on the field, according to a person familiar with the matter.

By the numbers: Consolidated Edison Q3 2025 -1.5% Consolidated Edison Co. of New York sold 15,692 million kWh in the third quarter of 2025, down slightly from 15,923 million kWh in the same period of 2024. After adjusting for weather and other variations, the utility said delivery volumes increased 0.3%. +10.6% CECONY’s sales of electricity reached $3.73 billion in the third quarter of 2025, up from $3.38 billion in the same period last year. $688 million Utility holding company Consolidated Edison saw its third quarter net income reach $688 million compared with $588 million in the same period of 2024. Rate case drives revenues Consolidated Edison Co. of New York, the electric utility serving New York City, warned customers heading into the summer that their bills would be going up. Now those sales are showing up on the utility parent company’s bottom line. Parent company Consolidated Edison also owns Orange and Rockland Utilities and Rockland Electric Co., as well as transmission and clean energy development businesses. “Third quarter 2025 results reflect [an] increase in electric rate base at CECONY,” the full name of the New York City distribution utility, the company said in its third quarter earnings presentation. Residential sales were flat but third quarter electric sale revenues at CECONY rose more than 5%, year over year. Commercial sales rose 3% and revenues jumped 13.9%. Retrieved from Consolidated Edison. And the utility has proposed spending almost $17 billion in New York City and Westchester County to build out its gas and electric systems from 2026 to 2028. Electric system spending is about $12 billion of the total.  If regulators approve, the spending plan “will fund critical infrastructure investments while keeping affordability and reliability front and center,” Chairman and CEO Tim Cawley said in a statement. “At the same time, the settlement

Shell Plc canceled plans to build two wind farms off the coast of Scotland as the British oil major pulls back from significant investments in the sector.  Shell had previously been in two joint ventures with Iberdrola SA’s ScottishPower Renewables division to develop the CampionWind farm and the MarramWind farm. The companies swapped stakes in the projects, leaving Shell as the sole owner of the CampionWind project. It subsequently returned the lease for the wind farm to Crown Estate Scotland, according to an emailed statement from Shell. “Shell believes that returning the CampionWind lease to CES will offer the best opportunity for any potential future the site may have,” the statement said. “Substantial pre-investment work has already been undertaken to de-risk the site, which Shell hopes will support any possible future.” Under Chief Executive Officer Wael Sawan, Shell has pulled back from previous ambitions to be a major developer of offshore wind farms. It also canceled plans earlier this year for a project in the US that has faced opposition from the Trump administration.  Shell won the leases for the two sites in a massive auction held in 2022. Since then, the cost of offshore wind has risen sharply, including for the nascent floating technology that will likely be deployed at the CampionWind and MarramWind projects. Bloomberg News previously reported that the company had sought to sell its stakes in Scottish wind projects.  ScottishPower Renewables will continue to develop the larger of the two sites, the 3-gigawatt MarramWind project off the northeast coast. It could be one of the first commercial floating wind farms in the world, the developer said in a statement.  WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will

In an EBW Analytics Group report sent to Rigzone by the EBW team on Monday, Eli Rubin, an energy analyst at the company, noted that the December natural gas contract “pulled back to $4.268 [per million British thermal units (MMBtu)] intraday Friday before skyrocketing to test $4.509 [per MMBtu] this morning”. Rubin highlighted in the report that “a cold spell lifted weekend Henry Hub prices to a seven-month high of $3.76 [per MMBtu], LNG exports pushed a step-change higher to a record 18.1 Bcf/d [billion cubic feet per day], and weekend weather forecasts added eight HDDs [heating degree days] since Friday”. The EBW energy analyst went on to note in the report, however, that gas production set a record high on Sunday as Marcellus producers raised output into the first cold spell of the season. “Further, current cold weather may end mid-week, with daily weather-driven demand to slide 12.7 Bcf/d by Thursday,” Rubin added. “U.S. natural gas storage may reach Thanksgiving only slightly below 3,900 Bcf [billion cubic feet],” Rubin continued. Rubin went on to warn in the report that technical momentum may fizzle after having achieved the $4.50 per MMBtu target. “Chances for a cold December lie beyond the 1-15 day forecast window,” Rubin pointed out. “While another test of support is probable within the next 7-10 days, the bullish long-term structural outlook has limited both the duration and magnitude of any pullbacks – and may continue to offer support,” he added. In an exclusive interview with Rigzone on Monday morning, Art Hogan, Chief Market Strategist at B. Riley Wealth, said the fundamental backdrop continues to move natural gas prices higher. “Futures rose nearly three percent to around $4.45 per MMBtu, the highest since March and close to levels last seen in December 2022, lifted by strong export demand

EOG Resources Inc has consummated its takeover of Encino Acquisition Partners (EAP) from the Canada Pension Plan (CPP) Investment Board and Encino Energy for $5.7 billion subject to post-closing adjustments. “In the Utica, the integration of the Encino assets is proceeding exceptionally well, with continued incremental efficiency gains”, EOG chair and chief executive Ezra Yacob said in the company’s quarterly report. The transaction involved the purchase of CPP’s 98 percent stake and Encino Energy’s two percent stake in EAP, which the two formed 2017, CPP said May 30 announcing the deal. The acquisition grows EOG’s Utica shale position by 675,000 net acres to 1.1 million net acres with over two billion net barrels of oil equivalent undeveloped resources, Houston, Texas-based EOG said in a separate statement May 30. “Pro forma production totals 275,000 barrels of oil equivalent per day creating a leading producer in the Utica shale play”, EOG said then. “The acquisition expands EOG’s core acreage in the volatile oil window, which averages 65 percent liquids production, by 235,000 net acres for a combined contiguous position of 485,000 net acres”, EOG said at the time. “In the natural gas window, the acquisition adds 330,000 net acres along with existing natural gas production with firm transportation exposed to premium end markets. “In the northern acreage, where the company has delivered outstanding well results, EOG increases its existing average working interest by more than 20 percent”. EOG raised its regular dividend by five percent to $1.02 per share in light of the transaction. “EOG expects to generate more than $150 million of synergies in the first year driven by lower capital, operating and debt financing costs”, the May statement said. Yacob said then, “This acquisition combines large, premier acreage positions in the Utica, creating a third foundational play for EOG alongside our Delaware Basin and Eagle Ford assets”. The acquisition

Year to date through November 4, global oil demand growth is tracking an expansion of 0.85 million barrels per day. That’s what J.P. Morgan analysts said in a report sent to Rigzone by the JPM Commodities research team recently, adding that the expansion figure is 50,000 barrels per day below the company’s estimate of 0.90 million barrels per day. Global oil demand averaged 105.8 million barrels per day in October, the analysts noted in the report, pointing out that demand “consistently trail[ed]…” their estimates by 50,000 barrels per day throughout the month. The analysts said in the report that, for the first four days of November, they estimate global demand averaged 105 million barrels per day. They noted that this was an increase of 450,000 barrels per day compared with the same period last year but 30,000 barrels per day below their forecast monthly growth of 480,000 barrels per day. “High-frequency indicators suggest that U.S. oil consumption remains subdued, with travel activity declining as daily flights dropped seven percent week over week for the period ending November 3, largely due to the ongoing shutdown,” the analysts said in the report. “Additionally, U.S. container arrivals for November point to an eight percent decrease relative to last year, marking the third consecutive month of annual decline,” they added. “In East Asia, petrochemical feedstock demand continues to be softer than usual, while industrial activity in Germany has extended its downturn into a third consecutive month,” they continued. The analysts also stated in the report, which was sent to Rigzone on November 5, that global total liquids stocks “rose by 29 million barrels last week, bringing the year to date increase to 385 million barrels”. “Regionally, OECD liquid stocks have grown by 83 million barrels, while stocks in China have increased by 88 million