United States fuel inflation reached the midterm campaign in the official data. The October 14 consumer price index showed overall prices up 3.7 percent over the last 12 months, with gasoline up 34.2 percent and fuel oil, primarily used in residential heating, up 74.2 percent, OilPrice.com reported, driven in large part by oil and gas trade disruptions stemming from the war in Iran. Average gasoline prices have edged higher than at any point of the previous presidential term, according to a Politico analysis of AAA figures cited in the report.
Africa’s gold refining push is broadening. BusinessDay reported that the Democratic Republic of Congo launched its first pilot gold refinery in Kalemie on March 11, with estimated capacity of 500 to 600 kilograms a month, Burkina Faso inaugurated RAFFINOR-BF in September with initial annual capacity of 164 tonnes, Ethiopia launched a 50 million dollar precious metals refinery in October with capacity to process more than 600 tonnes annually, and Zambia unveiled a new refinery on October 25. The combined value of gold reserves held by eight African central banks rose 113.5 percent to 66.6 billion dollars in the second quarter of 2026 from 31.2 billion dollars in 2023, while physical holdings rose only from 505 tonnes to 509.2 tonnes.
European gas tightened sharply in the weekly round. OilPrice.com reported that TTF, Europe’s natural gas benchmark, soared past 100 euros per megawatt hour and is heading for a 42 percent monthly gain, as European inventories started net withdrawals even though storage sites are only 75 percent full.
Two United States refining items ran the other way, towards more supply. Phillips 66 declared force majeure on butane loadings from its 260,000 barrel a day Freeport LPG terminal after a power outage and compressor failure, OilPrice.com reported. Valero Energy agreed to buy LyondellBasell’s idled Houston refinery for 320 million dollars and restart its 165,000 barrel a day distillation column by the end of 2027.
Egypt is substituting towards fuel oil. The state energy company EGPC bought six fuel oil cargoes for November and December delivery as soaring LNG prices threaten the country’s finances, OilPrice.com reported, noting Cairo budgeted 10.1 billion dollars for LNG imports in financial year 2026/2027 and has already spent 60 percent of the sum. That figure is carried as reported in the weekly round, not from an Egyptian primary source.