Oil and gas markets experienced sharp price fluctuations, with Brent crude shifting from a high of $107.18 following Houthi missile strikes to $98.33 as Gulf supply concerns eased. European natural gas prices dropped 10.5 percent on confirmed supply stability. Meanwhile, major sector deals advanced, including Diversified Energy's $1.8 billion acquisition of Birch Permian Holdings and an eight-year lithium supply agreement between Bridge Green and Hartree Partners.
01Company specific
Crusoe Cancels $1.25 Billion AI Data Center Turbine Plan With Boom
techcrunch.com reports that Crusoe has abandoned a $1.25 billion plan to purchase stationary power plant turbines from Boom Supersonic for its . Crusoe had agreed to buy 29 of Boom's 42-megawatt Superpower turbines, with initial deliveries originally scheduled to begin in 2027. Boom Supersonic CEO Blake Scholl announced the cancellation in a post on X, stating that turbines are no longer part of Crusoe's near-term primary power mix at its Abilene site and elsewhere. Crusoe recently raised $3.9 billion and is building a massive campus in Abilene, Texas, that supplies computing power to OpenAI and Oracle, alongside a 900-megawatt data center for Microsoft that will use on-site gas turbines. Boom Supersonic, which is developing the Overture supersonic passenger jet, launched its stationary power plant business last year and raised $300 million largely to commercialize the effort. Despite losing its launch customer, Boom stated it will deliver about 250 megawatts of Superpower turbines to other sites next year and is targeting 1 gigawatt in 2028.
Crusoe Funding and Planned Turbine Spend ($B)
Crusoe's recent raise dwarfs the canceled turbine order.
Bridge Green and Hartree Sign $1 Billion Lithium Carbonate Supply Agreement
Bridge Green Upcycle and Hartree Partners signed an eight-year commercial agreement for the purchase and marketing of recycled lithium carbonate valued between $500 million and $1 billion. Under the terms, Hartree receives exclusive rights to market approximately 10,000 tonnes per annum of lithium carbonate across all grades from Bridge Green facilities. The agreement includes an to renew for an additional seven years. Alongside the supply arrangement, Hartree made an investment in Bridge Green as part of the company bridge financing round. Initial volumes of lithium carbonate for Hartree are anticipated in 2028. Bridge Green earlier commissioned its Circularity Center India with a nameplate capacity of around 7,200 tonnes per annum of lithium-ion battery input, and upcoming Series A funding is expected to finance integrated refining facilities in India and the US.
Michigan Judge Dismisses State's Antitrust Lawsuit Against Major Oil Companies
A federal court dismissed Michigan's lawsuit against four major oil companies and their primary trade association on September 22. U.S. District Judge Jane Beckering ruled that the state lacked antitrust standing to sue under federal law because the link between the alleged 1979 conspiracy and current energy prices was too remote. Michigan Attorney General Dana Nessel had filed the 126-page action in January, alleging that BP, Chevron, Exxon, Shell, and the American Petroleum Institute coordinated to suppress , electric vehicles, and charging infrastructure to protect fossil fuels. The state argued this collusion left consumers paying artificially high prices for household energy and transport. Judge Beckering found that while energy overcharges represented a plausible antitrust injury, the causal chain spanning nearly five decades was too attenuated to prove proximate cause. The court also held that effects such as climate-related damage, higher property insurance premiums, and public mitigation spending fell outside the scope of antitrust law. The Sherman Act claim was dismissed with prejudice, while a separate claim under the Michigan Antitrust Reform Act was dismissed without prejudice, leaving the state free to refile it in a Michigan state court.
Diversified Energy Acquires Birch Resources for $1.8 Billion
Energy agreed to acquire Permian Basin oil and gas producer Birch Permian Holdings for $1.8 billion, marking the largest transaction in the buyer's 25-year history. The purchase adds approximately 46,000 net mineral acres and roughly 500 operated wells, backed by current net production of about 68,000 barrels of oil equivalent per day. Funding for the deal relies primarily on a $1.5 billion -backed securitization arranged with Carlyle, supplemented by existing credit facilities. The expands Diversified's production by approximately 35% and adjusted by roughly 55% while incorporating gathering, processing, and water infrastructure. The transaction follows the buyer's 2025 purchase of Maverick Natural Resources and broadens its existing investment framework with Carlyle to allow up to $10 billion in potential future acquisitions, up from $2 billion previously. Birch was formed from assets restructured under Breitburn Energy Partners' 2018 Chapter 11 and was backed by Elliott Investment Management. The transaction is expected to close during the fourth quarter of 2026, subject to customary closing conditions.
Oil Prices Surge Above $3 Following Middle East Escalation and Supply Concerns
Oil prices retreated to a two-week low on Tuesday as improving supply prospects from the Gulf eased market anxiety following disruptions to Saudi export infrastructure. The November contract fell $2.01, or 2 per cent, to $98.33 a , while the October contract lost $2.50, or 2.61 per cent, to $93.28 a barrel. Prices pulled back as Iran signaled it could reopen the Strait of Hormuz within seven days if the United States lifts its blockade, and Saudi Arabia moved to resume operations at its East-West Pipeline and Red Sea port of Yanbu. The pipeline closure had previously driven to a 3.75-month high after drone strikes halted flows across the 750-mile conduit. Total Middle East oil flows averaged 17 million barrels per day over the preceding 10 days, remaining roughly 6 million bpd below the 2025 average. Meanwhile, diesel prices in Europe and the United States have rallied to record highs amid sharp export cuts from Russia, Saudi Arabia, and the United Arab Emirates.
Oil Futures Settlement Prices ($)
Brent and WTI contracts fell by over 2 percent during Tuesday's session
European Natural Gas Prices Drop 10.5% Weekly as EU Confirms Stable Supply
European prices fell 10.5 percent on a weekly basis as easing supply concerns and weak seasonal demand subdued the market. The front-month October contract at the Dutch TTF hub traded at 71.16 euros per megawatt-hour at 3:14 p.m. local time on Friday, down from 79.51 euros per megawatt-hour the previous week. Prices declined early in the week following reports that Iran could reopen the Strait of Hormuz if the United States lifted its blockade on Iranian ports, before recovering slightly to 74.94 euros per megawatt-hour on Thursday as diplomatic expectations faded. Gas Infrastructure Europe reported that European Union storage facilities stood at 70.24 percent of capacity on September 24, down from more than 80 percent at the same point last year. The European Commission's Gas Coordination Group met on September 24 and confirmed that gas supplies remain stable with no immediate risk to security, citing increased import capacity, supply , and lower overall demand. The European Network of Transmission System Operators for Gas will publish its Winter Preparedness Report on October 8, coinciding with the next scheduled meeting of the Gas Coordination Group.
TTF Front-Month Gas Contract (EUR/MWh)
European gas prices dropped 8.35 euros per megawatt-hour on the week.
Oil Prices Rise 4% Following Houthi Missile Strikes on Saudi Arabia
Channelnewsasia.com reports that oil prices jumped about 4 per cent to a one-week high on Thursday after Yemen's Iran-backed Houthis fired missiles at Saudi Arabia. rose $4.10, or 4.0 per cent, to $107.18 a , while US rose $3.66, or 4.0 per cent, to $95.82. Saudi Arabia intercepted six ballistic missiles fired by the Houthis, thwarting attacks on the southern province of Taif and Yanbu area on the Red Sea. Brent futures were on track to close at their highest since September 15 after climbing about 8 per cent over the past two days. WTI was on track to rise for the first time in seven days after falling about 13 per cent over the prior six days. The premium of Brent crude over WTI rose to its highest since May for a second day in a row. Weekly US crude exports stood at 3.3 million barrels per day during the week ended September 18, down from a weekly record high of 6.4 million bpd in April.
Geopolitical volatility and supply shifts continue to whip energy prices around, even as corporate dealmaking expands production capacity. Whether easing Hormuz tensions will permanently offset Middle Eastern supply disruptions remains the key question for markets tomorrow.
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