WTI (Nov) $88.28 -$1.16, Brent (Dec) $100.20 -38c, Diff -$11.92 +78c.

USNG (Nov) $3.20 +9c, UKNG (Nov) 200.11p +9.61p, TTF (Nov) €80.45 +€3.32.

Oil price

Oil is up sharply this morning and my original comments which were pretty much a smash up of recent notes are verging on the redundant.

WTI is up $3.72 at $92 and Brent has gained $4.25 reaching $104.45 and all on the back of a report from Axios overnight. In it they report that the Pentagon has contacted CENTCOM in which they should ‘conclude preparations for resuming major combat operations in Iran’ according to US officials. 

Now whether this happens soon, ie before the Israeli and US elections at the end of this month and early November respectively or afterwards is a moot point, the market thinks the former.

But one of the points I had in my notes was to suggest that if there is so much crude flowing from the Gulf why is dated Brent over $13o? As I have said recently this doesn’t fit with more reports that the IEA has been told to agree to accelerate the G7 release of 100m barrels and to ‘prioritise’ diesel, same old same old…

Also the attacks by the Houthis are actually being increased, again as I have noted most days recently and with the Yemeni Government at last moving militarily, I can only expect an increase in destructive missile activity potentially affecting crude movements in the area. 

Another thing I had ready was my almost defunct hurricane watch…due to El Nino or similar, the season hasn’t happened this year and yesterday I nearly commented but at that time it was only tropical storm watch. But overnight it has been upgraded and Hurricane Isais has been made a category 1 and is sweeping across the Gulf of America. Around 25% of US oil and 20% of gas supply may be shut-in and whilst it won’t be for long the market isn’t that tolerant at the moment. 

The EIA stats came out and showed a draw of 3.186m barrels, once again the teenage scribblers got the sign wrong and had forecast a build of 1.7m, gasoline added 382/- b’s and again the kids were wrong-footed with a guess of a draw of 1.7m…

Not much company news today but important to see what is going down in the oil market especially as the stakes look like being raised somewhat right now…

Petro Matad

Petro Matad has announced that Mike Buck, Chief Executive Officer, and members of Sunsteppe Renewable Energy management team will hold an Investor Presentation on the Company’s Renewable Energy joint venture on the Investor Meet Company platform on 20 October 2026 at 09:00 BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 19 October 2026 at 09:00 BST, or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet PETRO MATAD LIMITED via:

https://www.investormeetcompany.com/petro-matad-limited/register-investor

Investors who already follow PETRO MATAD LIMITED on the Investor Meet Company platform will automatically be invited.

I flagged this recently and whilst it may be clutching at straws it looks like being of increasing importance for MATD as they struggle with their hydrocarbon portfolio. I will be listening in and am sure that Mike Buck and team will be their usual detailed analysis of the joint venture.