The Energy Department announced about $967 million in additional Grid Resilience formula grants for states, territories and tribes. The money is meant to upgrade infrastructure, prevent outages and meet growing electricity demand.
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U.S. refineries ran at more than 95% of capacity on average from May through September, the highest for those months since 1998, the EIA says. Tight global diesel supplies and strong margins drove the high runs and heavy exports, and utilization stayed above the five-year seasonal average in early October.
The Energy Department is offering an exchange of up to 315,000 barrels of fuel oil from the Northeast Home Heating Oil Reserve to ease supply disruptions. Companies that borrow it must return the same amount plus a premium before the 2027–28 heating season.
The EIA's weekly update puts the U.S. average residential heating oil price at $6.19 a gallon and residential propane at $2.69 as of Oct. 19. Residential propane runs much higher on the East Coast, at $3.69 a gallon.
Europe's benchmark TTF gas price rose to nearly 90 euros per megawatt-hour on Thursday, its highest since December 2022, as the Saudi-Houthi conflict escalated and Iran said it struck tankers in the Persian Gulf. EU gas storage was only 74% full on Oct. 21, versus a five-year average of about 86%.
