ExxonMobil and Chevron reported soaring third-quarter earnings driven by record refining margins and surging domestic fuel prices. Meanwhile, European natural gas prices reached $1,192 per thousand cubic meters, and Qatari LNG exports fell sharply amid Middle East supply disruptions.
Global market
US energy giants ExxonMobil and Chevron posted surging third-quarter profits, with ExxonMobil doubling earnings to $15.4 billion ($17.5 billion adjusted) and Chevron nearly tripling net income to $9.9 billion. Downstream refining operations drove the growth, with Chevron’s refining profits jumping to $4.93 billion. The earnings surge coincided with sharp increases in US retail fuel prices, where gasoline rose 34% and heating oil jumped 74% ahead of the midterm elections. Amid the global supply squeeze, European nations began rethinking oil refinery phase-down plans, while diesel prices in Finland reached a record €2.49 per liter. According to Baker Hughes, active US oil drilling rigs rose by two to 462 units.
Russia & CIS
European natural gas prices climbed to $1,192 per thousand cubic meters as winter demand heightened supply concerns. US President Donald Trump stated that revenue from Venezuelan crude supplies is 10 times higher than US military expenditure in Iran. In regulatory actions, the US Treasury Department’s Office of Foreign Assets Control (OFAC) extended the operating license for Serbian oil company NIS until December 11. Meanwhile, Thailand expressed appreciation to Russia for supporting free trade agreement negotiations with the EAEU, and MOL’s refinery near Budapest resumed operations following a fire.
Armenia
Qatari liquefied natural gas exports dropped by 80% due to Middle East conflict escalation and maritime transport instability, exacerbating global fuel tightness. Despite European natural gas prices rising to $1,192 per thousand cubic meters and record European diesel prices, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct natural gas imports from Russia and generation at the Armenian Nuclear Power Plant operate at full capacity under long-term EAEU agreements, shielding the domestic fuel market from global price shocks recorded in international market price assessments.