US natural gas production is on track for a second straight record year. Producers are responding to data center power demand at home, growing LNG export capacity and strong global demand for spot cargoes while Qatar's gas is offline due to the Iran war.
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Oil rose Wednesday as traders weighed reports the US could resume strikes on Iran after next week's midterms and watched a tight Israeli election. Brent gained 1.3% to settle above $115 a barrel after a two-day drop, while WTI closed near $103.
UBS raised its year-end Brent forecast to $110 a barrel from $100, citing ongoing Middle East supply disruptions, higher transport costs and uncertainty over how fast global inventories recover. The bank's outlook suggests prices could stay elevated even as production and exports slowly improve.
Phillips 66 posted record third-quarter earnings as refining margins more than tripled and overseas demand for US fuels surged. The Houston company reported adjusted earnings of $14.08 per share, well above Wall Street expectations.
The Energy Department closed a $5.1 billion loan package to Alliant Energy through its Office of Energy Dominance Financing. DOE says the money will expand firm power generation, strengthen grid reliability and lower electricity costs in Iowa and Wisconsin.
