Sunday, 1 November 2026

Brent crude reached USD 111 per barrel in October, according to J.P. Morgan Asset Management. The benchmark climbed 14% over the month and stood 83% higher year-to-date, with refined products rising even more, J.P. Morgan Asset Management reported.

Brent oil futures point to USD 85 per barrel by the end of 2027, according to J.P. Morgan Asset Management.

J.P. Morgan Asset Management said a geopolitical risk premium will likely stay embedded in Middle East-linked commodity prices until de-escalation looks durable.

Two whistleblower reports allege attempted manipulation of the world's benchmark tanker rate, filed with the Baltic Exchange since the war in Iran began, Bloomberg and gCaptain reported.

One report targeted Mercuria along with a second company it did not name, drawn from the Baltic's written opening arguments and a witness statement by its head of compliance. The Baltic's inquiry into that report found no evidence the benchmark had been manipulated.

The other report, aimed at a different company that was also left unnamed, remains open, the Baltic's filings showed.

Lawyers for Mercuria said in written opening arguments that the firm "strongly and categorically rejects any allegation of wrongdoing".

Soaring tanker freight rates are adding billions of dollars in shipping-related liabilities for the world's oil majors, squeezing refining margins and producing losses on trading positions, according to Splash247.

Shell plc disclosed a non-cash USD 5.4 billion increase in its shipping lease liabilities during the third quarter, according to Splash247. The rise reflects higher tanker rates since the outbreak of the Middle East conflict.

The higher freight costs have fed through to squeezed refining margins and trading losses across the sector, per Splash247.

Greenpeace said TotalEnergies chief executive Patrick Pouyanné saw his holding appreciate by nearly GBP 8.4 million during the conflict. According to Greenpeace, Pouyanné sold around GBP 3.1 million in shares and savings one month after the war began.

Pakistan received its third liquefied natural gas (LNG) cargo from Qatar this month, according to ProPakistani.

The vessel Shandong Redwood arrived on October 28 and berthed at the Engro Elengy LNG terminal, ProPakistani reported. The cargo was priced at 13.37 percent of Brent.

The two earlier cargoes arrived before it, according to ProPakistani. The first, Al-Areesh, reached Pakistan on October 13. The second, Ejnan, arrived on October 21 and berthed at the Pakistan GasPort Limited (PGPL) terminal for regasification.

Coal India's coal stocks fell nearly 49% in the six months to September as the state-run miner supplied more coal than it produced, according to The Economic Times.

Offtake rose 7.6% while production declined 2.5% in the first half of FY27, the report said.

The drawdown amounts to a reduction of 63.70 million tonnes over the six-month period.

At least 100 pupils were reportedly hospitalised after a gas odour spread through three communities in Ogun State, according to The Nation. The odour caused respiratory and related health problems for residents.

The incident was the fourth of its kind within seven months, The Nation reported.

Kehinde Bello, an Ogun State official, linked the latest pollution to underground gas emissions previously reported in the area. The state government attributed the phenomenon to emissions from geological and tectonic fault lines rather than sabotage or a gas pipeline leak.

Seven bodies have been recovered after a community boat capsized during a protest tied to the blockade of the Anambra Basin offshore vessel in Kula Kingdom, Rivers State, according to EnviroNews.

The incident occurred on October 20, 2026, during a protest reportedly linked to grievances over an unresolved oil spill and the blockade of the Floating Storage and Offloading (FSO) vessel, according to ThisDay.

HOMEF called for a shift away from an extractive economic model that prioritises oil production and commercial interests over people, community welfare and environmental protection, according to EnviroNews.

The Ijaw Youth Council demanded the investigation and prosecution of anyone found culpable in the incident, including those responsible for the operations of the vessel and two tugboats reportedly involved, according to ThisDay.