Stocktwits Midweek Energy Check: Oil Rallies, Trump’s Greenland Deal Makes Waves, Oracle Reaffirms Bloom Energy’s Jupiter Ties

Oil prices surged after Yemen's Iran-allied Houthis attacked Saudi Arabia on Tuesday.

• Meanwhile, last week, Trump said that Russian President Vladimir Putin agreed to supply 300,000 tons of diesel immediately, another 500,000 tons in November, followed by 1 million tons and a further 3 million tons in subsequent deliveries.
• Trump announced in a social media post early Wednesday that large-scale oil, gas, and mineral exploration is set to begin in Greenland, without providing details on projects or timelines.
• Bloom Energy garnered attention after Oracle reaffirmed its role as the primary power source for a proposed energy service agreement with El Paso Electric for Project Jupiter. 

Energy markets were squarely in focus in the week starting Oct. 12, amid a series of geopolitical, company-specific, and macroeconomic developments. 

The war in the Middle East escalated on Tuesday, after Yemen's Iran-allied Houthis attacked Saudi Arabia even as investors weighed the ​prospect of increased diesel from Russia.

U.S. President Donald Trump also announced a “Massive Oil, Gas, and Mineral Exploration” in Greenland on Wednesday. 

Meanwhile, developments from oil major BP PLC (BP) and Oracle’s (ORCL) reaffirmation of Bloom Energy’s (BE) role in Project Jupiter put both energy stocks in focus. 

Geopolitical Developments That Impacted Oil Prices

The Houthis targeted an administrative building at Saudi Aramco’s headquarters in Dhahran on Tuesday, sparking a fire. No casualties were reported. The attack followed a Houthi warning that Saudi oil facilities were “legitimate targets” in response to a Saudi-led coalition evacuation order for an oil facility in Sanaa, Yemen. Saudi Arabia also intercepted missiles aimed at Riyadh, with debris injuring four people and damaging 15 homes.

Oil prices surged following the attacks. Brent crude futures expiring in December were trading at $106.33 a barrel, up about 0.6% at the time of writing, while WTI crude futures expiring in November traded at $94.58 per barrel.

The United States Oil Fund (USO) was down about 0.5% at the time of writing, amid ‘neutral’ sentiment. The exchange-traded fund, which tracks the price of West Texas Intermediate (WTI) light, sweet crude oil, has gained more than 121% year-to-date. 

Meanwhile, last week, Trump said that Russian President Vladimir Putin agreed to supply 300,000 tons of diesel immediately, another 500,000 tons in November, followed by 1 million tons and a further 3 million tons in subsequent deliveries.

According to data from AAA Fuels, diesel prices averaged $6.2997 across the U.S. at the time of writing, down from $6.3015 a week ago. 

Trump’s Greenland Announcement 

Trump said on Wednesday that large-scale oil, gas, and mineral exploration is set to begin in Greenland, without providing any details on projects or timelines.

In a post on Truth Social, the president said, “Massive Oil, Gas, and Mineral Exploration is getting ready to begin in our new and beautiful Greenland! There are Experts that are saying that the amount of easily available Oil is far greater than that of almost any land, anywhere in the World and, even more importantly, from a Security Purpose in the Defense and Offense of both the United States of America, and Europe, is second to none.” 

He added that any future attack on the U.S. will have to come across Greenland, “where our Defense will routinely knock down drones, missiles, or any other form of weapon not yet even conceived. It gives us time, location, and sightline, like nowhere else in the World!”

The announcement follows an agreement reached in September by the U.S., Denmark and Greenland to ease tensions. The deal expands the U.S. military presence, enables two new bases and the proposed “Golden Dome” missile defense system, and reaffirms Danish sovereignty and Greenland’s right to self-determination.

DOE’s Strategic Petroleum Reserve Authorization 

Over the weekend, the U.S. Department of Energy (DOE) announced authorization for an emergency exchange of up to 4 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to address supply disruptions caused by weather challenges in the Gulf of America. 

Hurricane Isaias forced offshore oil and gas producers to shut down Gulf of Mexico operations, disrupting crude supplies and prompting the DOE to authorize a 4-million-barrel SPR exchange for ExxonMobil (XOM) and BP, which must return the crude with additional barrels in 2027.

Nuclear Stocks: BE, NNE In Focus

Among nuclear energy companies, Bloom Energy garnered attention after Oracle reaffirmed its role as the primary power source for a proposed energy service agreement with El Paso Electric for Project Jupiter. 

Oracle proposed an energy service agreement with El Paso Electric to cover power needs during construction, commissioning, and emergencies, alongside up to $55 million annually in customer bill credits for three years. The proposal also reaffirms Bloom Energy’s fuel cells as the campus’s primary power source, with up to 2.45 GW of installed capacity expected.

Meanwhile, Roth Capital hiked the price target on BE stock to $260 from $225 and maintained a ‘Neutral’ rating. The revised target, however, implies about a 1% downside from its last close.

Nano Nuclear Energy (NNE) said on Tuesday that the U.S. Nuclear Regulatory Commission’s review of its KRONOS micro modular reactor project at the University of Illinois is progressing, with a draft safety evaluation expected in February 2027 and final approval milestones extending through September 2027. The company said that it is on track to begin construction in the second half of 2027.

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