Saturday, 31 October 2026

WTI and Brent crude both settled higher for the week, according to Oil & Gas Journal.

Oil prices stayed elevated as fears of an expected escalation in the Middle East following the US midterm elections, along with persistent threats to shipping in the Strait of Hormuz, sustained a geopolitical risk premium, Oil & Gas Journal reported.

Another inventory draw helped support the rally, according to the publication.

WTI was up $11.50/bbl since Oct. 1, Oil & Gas Journal reported.

Eni has started gas production from the Maha Field in Indonesia's Kutei Basin offshore East Kalimantan, 21 months after reaching its final investment decision, according to Offshore Magazine.

The field consists of two subsea production wells tied back to the existing Jangkrik FPU, Offshore Magazine reported. After processing aboard the Jangkrik FPU, Maha gas will move through existing pipeline infrastructure to Indonesia's domestic market and the Bontang LNG plant, which serves both domestic and export customers.

The Maha Field can produce 250 MMscf/d of gas, according to Offshore Magazine.

Gas prices fell five cents per gallon over the past week ahead of Halloween, according to AAA.

In a separate consumer-price move, dry fruit prices rose 35% during the Diwali season, according to fnbnews.com. The same report attributed the increase to geopolitical tensions, adverse weather conditions, and supply chain disruptions.

On a 13-0 vote, the Los Angeles City Council moved to reinstate a citywide prohibition on new oil and gas drilling and set a 20-year deadline for existing operations to close, according to the Press-Telegram. The action restores a policy that courts had struck down.

Under the ordinance, no new oil or gas wells may be drilled, and current extraction sites are reclassified as nonconforming land uses across the city. Mayor Karen Bass must sign off before it takes effect.

STAND-L.A., an environmental justice coalition, says the rules reach more than 600 active and 1,200 idle oil wells within the city.

The California Independent Petroleum Association plans to take the revised ordinance to court. A recent state law expanded the power of local governments to limit drilling.

Residents in affected neighborhoods have cited pollution and health concerns, and the council's vote is the city's newest effort to halt oil extraction there.