This Week in Energy — November 5, 2026

The Tip Desk · This Week in Energy · November 7, 2026 · 2 min read

U.S. distillate inventories fell as refinery utilization increased. Crude spot-price averages declined, while Devon and Canadian Natural reported on pipeline access and gas-marketing arrangements.

U.S. distillate fuel oil inventories fell by 3.6 million barrels to 99.3 million barrels in the week ended October 30, according to the Energy Information Administration. Refinery utilization increased to 94.5% from 92.8% a week earlier. The utilization figures measure refinery activity; they do not establish how much distillate was produced.

Commercial crude inventories, excluding the Strategic Petroleum Reserve, decreased by 0.9 million barrels to 409.8 million barrels. Lower 48 working natural gas storage increased by 77 billion cubic feet to 3,801 billion cubic feet over the same week.

Crude spot prices averaged lower across the available trading days from October 30 through November 3. WTI at Cushing averaged $102.42 a barrel, $3.60 below the prior week's average. Brent Europe averaged $111.52 a barrel, $11.28 below the prior week's average. Each current average covered three trading days, compared with five observations in the preceding week, so these were not full-week comparisons.

Devon Energy reported on November 5 that it had acquired a 25% interest in the Solitude Pipeline System, along with firm transportation capacity connecting Permian natural gas to Gulf Coast and LNG-linked pricing. The company produced 4.4 billion cubic feet of natural gas a day in the third quarter. The pipeline investment gives its gas business a transportation interest alongside its producing assets.

Canadian Natural Resources said in its November 5 filing that it had increased committed volumes on Canada's Trans Mountain Expansion pipeline to 177,750 barrels a day. Its total contracted crude export transportation capacity to Canada's west coast and the United States Gulf Coast reached 265,250 barrels a day, representing approximately 22% of its forecast 2026 liquids production. The company said the arrangements support access to diverse refining markets and reduce its exposure to transportation constraints.

Canadian Natural also described a 15-year natural gas supply agreement with Cheniere Marketing associated with the Sabine Pass liquefaction expansion. Under the agreement, it will deliver gas in Chicago and receive a price based on the Japan Korea Marker index, less transportation and liquefaction deductions. Canadian Natural anticipates deliveries beginning in 2030.