RSS feed source: US Energy Information Administration

In-brief analysis

October 5, 2026

Data source: Bloomberg L.P.
Note: 3Q26=third quarter of 2026

Petroleum markets in the third quarter of 2026 (3Q26) were characterized by increasing prices for crude oil and petroleum products amid persistent conflict in the Middle East.

Crude oil prices

Crude oil prices steadily climbed in 3Q26 as markets adjusted to renewed military strikes in the Middle East. The front-month futures price of a barrel of Brent crude oil began the quarter at $72 per barrel (b) on July 1, the lowest since February 26, two days before the start of the war. The low prices at the start of the quarter reflected increased flows through the Strait of Hormuz in June following the June 17 Memorandum of Understanding (MOU).

Following the resumption of military strikes on July 7, crude

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RSS feed source: US Energy Information Administration

In-brief analysis

October 2, 2026

U.S. natural gas production hit an all-time high in July 2026, driven primarily by increased output in the Permian Basin, according to our latest Natural Gas Monthly.

Gross withdrawals—the total volume of gas extracted at the wellhead—reached a record 137 billion cubic feet per day (Bcf/d) in July 2026. It was the first new monthly record for gross withdrawals in 2026, following five record-setting months in 2025.

The July 2026 record was driven primarily by new wells coming online in Texas and New Mexico. The Permian region, which includes parts of western Texas and eastern New Mexico, is one of the most prolific oil and gas regions in the world and has been experiencing increased gas-to-oil ratios. U.S. natural gas production grew in 2025 as a result of higher natural gas prices, continued

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RSS feed source: US Energy Information Administration

In-brief analysis

October 1, 2026

U.S. propane exports increased to 2 million barrels per day (b/d) in the first half of 2026, 11% more than during the same period in 2025. Increased U.S. propane production and changing trade flows, particularly increased exports to India and other countries in South Asia, drove propane exports to a record high of 2.1 million b/d in April 2026. Since then, total propane exports, including exports to India, have continued at levels well above the five-year average.

Record U.S. propane production has supported the rise in propane exports. Propane production, which is a byproduct of natural gas processing and crude oil refining, has increased rapidly over the past 10 years as U.S. natural gas output has grown. Higher propane production has led to lower U.S. propane prices relative to Asia, underpinning

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