This Week in Energy — October 29, 2026

The Tip Desk · This Week in Energy · October 30, 2026 · 2 min read

U.S. crude and distillate inventories declined, while Brent’s average rose across the available trading days. EQT detailed an announced Range Resources acquisition, a proposed pipeline and a 10-year LNG sales agreement.

U.S. crude oil inventories excluding the Strategic Petroleum Reserve fell by 1.9 million barrels to 410.6 million barrels in the week ended October 23, according to the Energy Information Administration. Distillate fuel oil stocks declined by 1.5 million barrels to 102.8 million barrels. Refinery utilization slipped to 92.8% of operable capacity from 93.4% the preceding week.

Natural gas storage in the Lower 48 states increased by 80 billion cubic feet over the same week, reaching 3,724 billion cubic feet on October 23, EIA figures showed.

Brent Europe spot crude averaged above the prior week’s level across the three available trading days from October 23 through October 27. WTI at Cushing averaged below its prior-week level over those days. These were partial-week averages; the preceding week’s averages each covered five trading days.

EQT’s October 27 third-quarter update highlighted its announced acquisition of Range Resources and plans to expand transport options for its gas. The company said it had launched an open season for the proposed 42-inch POWER Pipeline, which would connect its core Marcellus assets in Pennsylvania with the Clarington hub in Ohio.

EQT also reported signing a 10-year LNG sales agreement with Lithuania’s Ignitis Group and contracting for 7 billion cubic feet of storage capacity at the Leaf River Energy Center’s Gulf Coast salt-dome expansion. EQT said the storage arrangement would bring its Gulf Coast capacity to 11 billion cubic feet and provide flexibility to support its LNG business.

DT Midstream said on October 29 that it had reached a final investment decision on its Midwestern pipeline’s MIST S1 mainline expansion, with capacity of about 300 million cubic feet a day. It also reported final investment decisions on a Midwestern lateral serving a new Indiana power plant and Guardian’s second modernization phase. FERC had approved Guardian’s rate-case settlement, which recovers the first modernization phase’s investment.

Core Laboratories reported on October 28 that third-quarter revenue rose 6% from the preceding quarter but remained 2% below a year earlier. Chief Executive Larry Bruno said international revenue increased across Europe-Africa, Asia-Pacific, Latin America and the Middle East. He described a gradual improvement in Middle Eastern activity, particularly late in the quarter, and attributed stronger U.S. product sales partly to modestly improved land completion activity and greater adoption of the company’s completion technologies.