Shell expects refinery utilization to be between 92% and 100% in the fourth quarter.

Energy: 1. Indonesia will establish a special agency to expedite investment approvals in the oil and gas sector. 2. The White House: The Venezuelan oil deal will deliver a total of 65 billion barrels. 3. US regulators plan to introduce new rules to expedite the approval process for liquefied natural gas (LNG) projects. 4. European natural gas prices hit €100 for the first time since the 2022 energy crisis. 5. The Philippines is in talks with several countries, including Saudi Arabia, to store oil in the Philippines. 6. ADNOC, Total Energy, and Chevron are expected to win LPG supply contracts in India in 2027. 7. According to TASS: Russian Deputy Prime Minister Nova stated that Russia has not negotiated with the US on resuming oil projects. 8. The UK will extend its fuel tax freeze until at least July. 9. The UK insists on the North Sea oil and gas windfall tax until 2030, rejecting industry requests for early cancellation. 10. According to the Financial Times: Venezuelan energy executives warned that despite efforts by the Trump administration and Caracas to increase oil production, it remains difficult to recruit enough skilled workers to revitalize Venezuela's oil industry. Other: 1. The port of Murmansk, Russia, began loading its first batch of exported grain. 2. A 5.0 magnitude earthquake struck off the coast of North Sulawesi, Indonesia. 3. World Bank: Commodity prices are projected to rise by 23% in 2026, while global oil supply is expected to decline by 5.2%. 4. Hong Kong SAR Government: Hong Kong's net gold exports to the Mainland in September were 74.987 tons, compared to 58.491 tons previously. Total gold exports to the Mainland in September were 94.096 tons, compared to 77.137 tons previously. 5. World Bank: Precious metal prices are projected to rise by 40% in 2026 due to increased demand for safe-haven assets, before declining in 2027. 6. World Bank: Fertilizer prices are projected to rise by 14% in 2026 due to soaring urea prices, before falling back to 2025 levels in 2027.

CITIC Lyon raised Fosun Pharma (02196.HK) H-share target price 1.9% to HK$27.1, and lifted its A-share PT, while maintaining an Outperform rating. The broker said Q3 results were broadly in line, with margin improvement driven by stronger sales of innovative products. Near-term catalyst: a global Phase III readout for AR1001 in Alzheimer’s. Continued commercialization progress for serpulimab in China and regulatory developments in the U.S. and Japan provide additional growth optionality.