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BAKKEN WIRE
The Morning Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·☀️Morning Wire·
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Date: Saturday, October 31, 2026

Headlines Oil prices are climbing this morning, with WTI up 2.08% to $104.12 and Brent up 2.37% to $113.43, according to the provided data. The move is attributed by Rigzone to traders assessing Washington's appetite for renewed military escalation against Iran. In corporate news, major earnings are in focus: Chevron reported Q3 profits nearly tripled to $9.9 billion, handily beating forecasts, with its U.S. refining profits jumping from $638 million to $3.59 billion. Similarly, BP posted its highest quarterly profit in 18 years, citing soaring refining margins. On the inventory front, the EIA reported a weekly draw, with commercial crude stocks at 410.625 million barrels as of October 23.

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