Houston, November 3 (Reuters/ PR Newswire ) – This week, the focus of the oil market is on the diplomatic efforts to end the US-Iran conflict. The US Secretary of State stated last Saturday that negotiations “never stopped”; on Monday, the Iranian state news agency reported that Iran’s foreign minister said that Doha and Islamabad are playing a positive role in mediation. As of Tuesday morning, no ceasefire agreement has been announced yet.
The quarterly reports of five energy companies released over the past two weeks show the refining profit margins, crude oil price spreads, LNG exports, and oilfield activities for the third quarter. Some of the companies with the latest updates this week include: Marathon Petroleum Company ( NYSE : MPC ), Chevron Corporation ( NYSE : CVX ), Valero Energy Corporation ( NYSE : VLO ), Chenier Energy Corporation ( NYSE : LNG ), and Halliburton Company ( NYSE : HAL ).
U.S. Secretary of State Marco Rubio stated on October 31 that negotiations with Iran "have not actually stopped" at any time. In some cases, direct talks took place, but more often they were conducted through intermediaries. The United States is willing to accept a diplomatic solution. He did not provide any details on the progress of the negotiations or a timeline; when asked about possible U.S. military action, he said that the president has not made a decision yet and prefers a diplomatic approach.
On Monday, the Iranian National News Agency IRNA reported that Foreign Minister Abbas Araghchi stated that Iran has put forward clear proposals and fair conditions for a diplomatic withdrawal; Doha and Islamabad are playing an active role in mediation. The report also mentioned that he linked the re-opening of the Strait of Hormuz and the full resumption of negotiations to unconditional acceptance of these conditions.
Also on Monday, the Prime Minister and Minister of Foreign Affairs of Qatar reiterated during a call with the Jordanian Foreign Minister that Qatar supports diplomatic efforts aimed at achieving freedom of maritime navigation. The day prior, Qatar condemned the attack on the LNG cargo ship Al Mayeda, owned by Nakilat, while it was sailing in the Arabian Gulf.
On Tuesday morning, futures prices fluctuated in both directions. According to delayed trading data, as of 10:23 a.m. Eastern Time, January-delivered Brent crude oil was priced at $103.97 per barrel, lower than the Monday closing price of $104.77; the intraday trading range was from $100.80 to $107.24 per barrel. December-delivered West Texas Intermediate crude oil ( WTI ) was priced at $96.49 per barrel, slightly higher than the Monday closing price of $96.46.
The U.S. Energy Information Administration (EIA) estimated in its October “Short-Term Energy Outlook” that crude oil production decreased by an average of 4.8 million barrels per day in September, down from a peak of 10.9 million barrels per day in May; and assuming that crude oil flows from the Middle East remain restricted, it forecasted that the average price of Brent spot oil in the fourth quarter would be $105 per barrel. The agency stated that the higher risks faced by tankers in the region have increased transportation costs, which in turn have raised the risk premium in oil prices.
Fuel prices remain significantly higher than the same period last year. Data released on Tuesday by EIA shows that on November 2, the national average retail price of regular gasoline in the United States was $4.153 per gallon, which is a decrease of 11.6 cents from a week earlier, but still 1.134 dollars higher than the same period last year; the average price of diesel for road use was $6.292 per gallon, which is 2.539 dollars higher than the same period last year.
As of the week of October 23, U.S. commercial crude oil inventories were 410.6 million barrels, which is 4% lower than the five-year average. The next weekly report will be released on Wednesday at 10:30 a.m. Eastern Time in the United States. The seven OPEC+ countries, which met on November 1, maintained the necessary production levels for December 2026 consistent with those of September 2026, and will meet again on November 29.
As of the trading session on Tuesday, the difference between the high and low points of January Brent crude oil prices had exceeded $6 per barrel; when diplomatic news changes, energy stocks can also fluctuate rapidly in the same manner. If you want to learn how to interpret these chart trends, you can obtain the free guide Knowledge is Power at oilmarketdaily.com.
Here are some other industry developments in the market this week:
Marathon Petroleum Company ( NYSE : MPC )
Marathon Petroleum operates the largest refining system in the United States. On November 3, the company announced its third-quarter results, with net profit attributable to MPC amounting to $7.4 billion, or $26.59 per diluted share; compared to $1.4 billion in the same period last year, which was $4.51 per share. The company's refineries operated at 100% crude oil capacity, with a total processing volume of 3.2 million barrels per day, and the refining and marketing margin increased from $17.60 per barrel to $45.70 per barrel. The company stated that the performance of its refining and marketing business was mainly driven by higher market cracking spreads in all regions.
MPC This quarter, the company returned $3.3 billion in capital to shareholders, announced a 10% increase in quarterly dividends, and stated that the board of directors has approved an additional $5 billion authorization for share repurchases. The company also announced the sale of the São Paulo Park and Mandan refinery along with related midstream assets for $4.2 billion, with the transaction expected to be completed by the end of 2026.
The chairman, president, and CEO of Marathon Petroleum, Maryann Mannen, stated: "Our value chain capabilities remain our decisive advantage, enabling us to seize opportunities in a dynamic market environment and improve profit margins."
Chevron Corporation ( NYSE : CVX )
Chevron announced on October 30 a third-quarter profit of $9.9 billion, or $5.06 per diluted share; after adjustments, the profit was $10.4 billion, or $5.28 per share. The company disclosed that the average spot price for Brent crude oil during that quarter was $97 per barrel, compared to $69 a year ago.
The company stated that production was lower than the same period last year, mainly due to reduced equity distribution caused by high oil prices, as well as the impact of conflicts in the Middle East; affected by the supply disruptions triggered by these conflicts, its international refined oil sales decreased by 9%. In the United States, refinery crude oil processing volume reached a record of 1.09 million barrels per day. Chevron also cut its total debt by $3.5 billion this quarter and announced a quarterly dividend of $1.78 per share, to be paid on December 10, 2026.
Chevron Chairman and CEO Mike Wirth stated: "We are reinvesting to provide more energy to markets with limited supply."
Valero Energy Company ( NYSE : VLO )
On October 22, Valero announced that its net profit attributable to shareholders for the third quarter was $6.8 billion, or $23.89 per share; in the same period last year, it was $1.1 billion, or $3.53 per share. The average daily refining capacity was 3 million barrels, and the refining margin calculated based on this capacity was $39.24 per barrel, which is higher than the $13.14 per barrel from a year ago.
The raw material table in the company's performance shows that the price difference for crude oil has widened compared to a year ago: the price difference between Brent and WTI is $5.37 per barrel, whereas it was $3.11 a year ago; the price difference between Brent and Maya crude oil is $13.37 per barrel, compared to $7.14 a year ago; the price difference between Brent and West Canadian Select (Houston) crude oil is $16.49 per barrel, up from $6.93 a year ago. Valero also completed the optimization project for the St. Charles FCC facility this quarter.
Valero Chairman, CEO, and President Lane Riggs stated: "Our refineries are operating at near-record utilization rates, providing a reliable supply of key transportation fuels this quarter."
Chenier Energy Company ( NYSE : LNG )
On October 29, Chenier announced third-quarter revenue of approximately $6.2 billion and net profit of about $1.2 billion. The company also raised its full-year 2026 consolidated adjusted EBITDA guidance to $8.75 billion to $9.25 billion, from the previous range of $7.9 billion to $8.4 billion.
The company stated that in the third quarter, it exported 188 ships of LNG goods, which is higher than the 163 ships from a year ago. In August, the company completed the substantial completion of the seventh production line of Project CCL Stage, claiming that the project was finished ahead of the guaranteed schedule and without exceeding the budget, and it also increased its LNG production capacity by more than 20%. In addition, the company exported its 5,000th shipload of LNG goods from its operations along the Gulf of Mexico in the United States.
The board of directors announced a quarterly dividend of $0.625 per share, an increase of over 12% from the previous quarter.
Chairman, President, and CEO Jack Fusco of Chennier stated: "In the third quarter of 2026, we achieved several key milestones on the Chennier platform, including the substantial completion of the seventh and final production line of Project CCL Stage, the export of the 5,000th shipment LNG, as well as continued commercial success in supporting the future brownfield expansions of Sabine Pass and Corpus Christi."
Hilton Corporation ( NYSE : HAL )
Halliburton announced on October 20th that its revenue for the third quarter was $5.7 billion, which was the same as that of the second quarter; the net profit attributable to the company was $417 million, or $0.50 per share after dilution; the adjusted net profit attributable to the company was $501 million, or $0.60 per share.
International business revenue increased by 3% quarter-on-quarter to $3.5 billion, with revenue from the Middle East/Asia growing by 8% to $1.4 billion, mainly driven by increased activities in multiple product and service lines in Saudi Arabia and Kuwait; North American revenue decreased by 5% to $2.2 billion, primarily due to a reduction in fracturing services for onshore operations in the United States. The company repurchased approximately $250 million in common stock this quarter.
Chairman, President, and CEO Jeff Miller stated that based on the company's preliminary outlook for 2027, he expects revenue to grow by a mid-teens percentage, with an operating margin of around 15%. This outlook assumes that the North American market remains stable.
Jeff Miller said, "We have once again gone through one of the largest energy shocks in history over the course of three months. I expect that the efforts to restore production, rebuild inventory, and strengthen energy security will drive a continuous increase in the demand for oilfield services over the coming years."
Regarding negotiations, Iran's conditions for the Strait of Hormuz, as well as the inventory data on Wednesday EIA, these will be the next key points to watch for crude oil, refining profit margins, and LNG shipments. If you want to understand how the energy charts will react after these news are released, you can obtain a free Stock Preachers guide at oilmarketdaily.com and also the The Roadmap market report.
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This article is an independent news commentary. Oil Market Daily is wholly owned and operated by Market Equities Limited (“MEL”). MEL is a company registered under Irish law. MEL has not received any compensation from any of the companies mentioned in this article. MEL and its owners, operators, directors, and related parties currently do not hold any shares in the companies mentioned in this article, but retain the right to buy or sell these shares at any time without prior notice. Background information comes from a speech by U.S. Secretary of State Marco Rubio issued by the U.S. Department of State on October 31, 2026; statements issued by the Qatar Foreign Ministry on November 1 and 2, 2026; a report on the speech of Iran's Foreign Minister by IRNA on November 2, 2026; delayed ICE Brent and NYMEX WTI futures data as of 10:23 a.m. Eastern Time on November 3, 2026; the “Short-Term Energy Outlook” released by the U.S. Energy Information Administration on October 6, 2026, the “Weekly Petroleum Status Report” released on October 28, 2026, and updates on gasoline and diesel fuels released on November 3, 2026; as well as a press release issued by OPEC on November 1, 2026. Company information is from press releases issued by each company between October 20 and November 3, 2026; prices, diplomatic positions, and forecasts may change. The information is sourced from company press releases and regulatory documents, government and industry data, published reports, and third-party data considered reliable, but no guarantee is provided for its accuracy. Investment in securities carries risks, including the potential loss of part or all of the investment. This article is governed by Irish law.
SOURCE Oil Market Daily
