Refining Margins Widen and LNG Equipment Orders Land as WTI Settles Near $96

HOUSTON, Nov. 4, 2026 /CNW/ -- Oil Market Daily News Commentary - U.S. crude futures covered a lot of ground on Tuesday and finished close to where they started. NYMEX WTI for December delivery traded between $93.59 and $98.82 a barrel before settling at $96.09, down 37 cents, while January Brent settled at $103.60, down $1.17, according to CME Group settlement data. December WTI was quoted at $96.56 at 2:25 a.m. ET Wednesday, up 47 cents. Against that backdrop, third-quarter reports from across the oil and gas chain, from Appalachian gas fields to pipelines, refineries, LNG equipment and Canadian oil sands, show how this year's price swings and wider refining margins are reaching company results, and which policy items the companies themselves are watching. Active Companies from around the markets with current developments this week include: EQT Corporation (NYSE: EQT), The Williams Companies, Inc. (NYSE: WMB), Phillips 66 (NYSE: PSX), Baker Hughes Company (Nasdaq: BKR), Imperial Oil Limited (NYSE American: IMO).

The U.S. Energy Information Administration's October Short-Term Energy Outlook, released Oct. 6, forecast that the Brent spot price would average $105 per barrel in the fourth quarter, $14 higher than in the prior month's outlook, before falling to an average of $84 next year. The agency assumed Middle East oil flows would remain constrained through the fourth quarter, and that convoys through the Strait of Hormuz and workarounds such as bypass routes and more ship-to-ship transfers would lead the region's production and exports to generally increase over the forecast period. The outlook also included exchanges of 40 million barrels of crude from the Strategic Petroleum Reserve announced on Sept. 29. The next edition is scheduled for Nov. 10.

Natural gas is moving on a different track. December Henry Hub futures settled at $2.895 per million British thermal units on Tuesday, up 3.9 cents, according to CME Group. The EIA expects U.S. LNG exports to average 17.6 billion cubic feet per day in 2026 and 18.6 Bcf/d in 2027, up from 15.1 Bcf/d in 2025, and forecasts U.S. crude production of 13.9 million barrels per day this year and 14.3 million next year. Commercial crude inventories excluding the SPR stood at 410.6 million barrels in the week ending Oct. 23, down 1.9 million barrels from the prior week, in the EIA's most recent weekly report; the next one is scheduled for release today.

Policy is the other moving part. According to race calls by The Associated Press, Democrats won control of the Senate late Tuesday and the House early Wednesday, ahead of the new Congress that convenes Jan. 3, 2027. Among the sector's pending items, the House-passed SPEED Act (H.R. 4776), a bill that, according to its Congressional Research Service summary, limits the scope of the National Environmental Policy Act and modifies environmental reviews under that law, was referred to the Senate Environment and Public Works Committee on Dec. 18, 2025, and congress.gov lists no further action since. The companies below spell out their own exposures in their latest releases, from permits and tariffs on steel pipe to methane rules, biofuel programs and sanctions.

Readers who want a framework for weighing earnings, prices and policy news like this can start with the free Knowledge is Power guide from Stock Preachers at oilmarketdaily.com/.

In other industry developments and happenings in the market this week include:

EQT Corporation (NYSE: EQT)

EQT Corporation reported third-quarter results on Oct. 27 with sales volume of 583 Bcfe, inclusive of 21 Bcfe of strategic curtailments, capital expenditures of $638 million, which the company said was 10% below the low end of guidance, and free cash flow attributable to EQT of $283 million. Its recent highlights include the announced acquisition of Range Resources Corporation, which the release describes as a proposed transaction, a 10-year LNG sales agreement with Lithuania's Ignitis Group, an open season for the new 42-inch POWER Pipeline to the Clarington hub in Ohio, and a 3% dividend increase. Among the risks EQT lists are its ability to obtain environmental and other permits and the timing thereof, government regulation including rules on methane and other greenhouse gas emissions, and the availability and cost of equipment and pipe, including as a result of inflationary pressures or tariffs.

"Despite downward pressure on natural gas prices during the quarter, our marketing efforts drove stronger realized pricing, operating expenses came in at the low end of guidance and capital spending was well below expectations as efficiencies continue to accrue," said Toby Z. Rice, President and CEO.

The Williams Companies, Inc. (NYSE: WMB)

Williams reported third-quarter adjusted EBITDA of $2.039 billion on Nov. 2, up 6% from a year earlier, and adjusted earnings of $0.54 per diluted share, up 10%, and said it is tracking toward the upper half of its 2026 adjusted EBITDA guidance range of $8.3 billion to $8.5 billion. The Tulsa-based company closed its acquisition of Momentum Midstream, which it said enhances its Haynesville position to serve growing LNG, industrial and power demand, announced Transco's 150+ MMcf/d Southeast Supply Enhancement II and expanded pipeline capacity by 413 MMcf/d across four projects. Its forward-looking statement factors include the ability of Williams and other energy companies to obtain necessary permits and approvals, tariffs on foreign-made materials and goods including steel and steel pipes, and changes in U.S. governmental administration and policies.

"Williams delivered another strong quarter as our teams continued to execute across a growing portfolio of critical energy infrastructure projects," said Chad Zamarin, president and chief executive officer.

Phillips 66 (NYSE: PSX)

Phillips 66 reported third-quarter earnings and adjusted earnings of $5.6 billion, or $14.08 per share, on Oct. 28, with refining utilization of 98% and a realized refining margin of $38.00 per barrel, up from $24.08 in the second quarter. The company said its refining margins were primarily driven by an increase in market crack spreads. It returned $2.8 billion to shareholders, decreased total debt by $2.0 billion to $18.5 billion and reached a final investment decision on the proposed Western Gateway Pipeline system, which has an expected in-service date in 2029. Among the factors Phillips 66 lists in its cautionary statement are changes to government policies affecting the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels, and its ability to timely obtain or maintain permits, including those for capital projects.

"Phillips 66 delivered strong operating performance in the third quarter and is executing on its financial and operating commitments," said Mark Lashier, chairman and CEO of Phillips 66.

Baker Hughes Company (Nasdaq: BKR)

Baker Hughes reported third-quarter orders of $10.8 billion on Oct. 27, including $5.9 billion in its Industrial & Energy Technology (IET) segment, and remaining performance obligations of $46.4 billion, including record IET RPO of $39.4 billion. The quarter included a major LNG award from Venture Global for the Plaquemines expansion and an order for Venture Global's Cloud Connector Pipeline project that includes 13 gas turbine-driven compression systems to support what Baker Hughes described as one of the largest deployments for LNG feed gas transportation in the United States, and the company said it is raising its full-year IET order guidance. The risk factors it lists include tariffs and changes in global trade policy, government disruptions and sanctions, drilling permits for and regulation of shelf and deepwater drilling, and the recent conflict in the Middle East and its impact on the Strait of Hormuz.

"Baker Hughes delivered another strong quarter, reflecting disciplined operational execution and broad-based commercial momentum across the company," said Lorenzo Simonelli, Chairman and CEO.

Imperial Oil Limited (NYSE American: IMO)

Imperial reported record quarterly net income of C$2,454 million, or C$5.11 per diluted share, on Oct. 30, and returned C$2,506 million to shareholders, including C$2,086 million of share repurchases. Upstream production averaged 418,000 gross oil-equivalent barrels per day. Kearl total gross production of 282,000 barrels per day included the impacts of a third-party pipeline outage that shut down production for multiple days, and the company is now targeting total gross Kearl production of 280,000 barrels per day in 2026. On trade, the Calgary-based company said that, based on its assessment of U.S. tariffs on certain imports from Canada, Canada's retaliatory tariffs and their effects to date, it does not expect them to have a material impact on its consolidated financial position, results of operations or cash flows.

"Imperial's advantaged integrated business model continues to deliver strong financial results across all operating segments," said John Whelan, chairman, president and chief executive officer.

The sector's next data points are already on the calendar, with the EIA's weekly petroleum figures due today and its next Short-Term Energy Outlook on Nov. 10, while the companies above have set out in their own releases which permits, trade measures and programs they track. Readers can find the free Knowledge is Power guide from Stock Preachers at oilmarketdaily.com/.

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