Ukraine bombs another Russian refinery
November 2, 2026
The energy markets are down in hopes for peace. Qatar and Iran are discussing ways of ending the war between the US and Iran and that has traders selling of these markets.
Traders will be watching for any kind of US response to this news but there is still an underlying tone that increased attacks could happen after the election. There are a lot of factors in play here and it might be a very volatile market for the next few days.
The following is a bit of shocking news to me. It will be interesting to see if all this comes to fruition. It has been reported that a major US refiner reported agreed to acquire an idled-270,000 barrels per day Houston-area refinery, with a restart targeted for late 2027 and potentially supported by up to $150 million of Defense Prodctuion Act funding. Combined with a separate Caribbean refinery project, the two facilities could add nearly 500,000 bpd of refining capacity by 2028 if completed as planned.
Ukraine reportedly struck a Russian refinery Thursday night for the first time in nearly two weeks.
Goldman Sachs is predicting Brent crude oil at $140 per barrel next year if crude exports from the Middle East do not improve from where they have been running. It believes crude supplies remain down about 3.5 million barrels per day.