Weekly Energy Market Recap: Sep 25 - Oct 2, 2026

Key Takeaways

• The Trump administration has urged Germany and France to release diesel from emergency stockpiles or face a potential U.S. diesel export ban, sources told Reuters, as relayed by Oil & Gas 360. The two countries hold about 35% of the EU's strategic diesel reserves.
• Investing.com Commodities columnist Phil Flynn wrote that retail diesel is averaging about $6.37 a gallon, roughly 72 percent above a year ago.
• KGHM and South32 have begun a $725 million expansion of the Sierra Gorda copper mine in Chile, MINING.COM reported.
• MINING.COM reported that Audrey Robertson, the US Assistant Secretary of Energy for Critical Minerals and Energy Innovation, said on The Northern Miner Podcast: "If we do not control our supply chain, we do not control our destiny."
• The UK registered 99,199 battery-electric cars in September, according to preliminary SMMT data reported by Electrek.

Oil & Gas Markets

Washington is pressing Europe to draw down its diesel stockpiles, and Brussels is signaling it may comply. Oil & Gas 360, relaying Oilprice.com, reported that Europe is moving closer to another emergency oil stock release under pressure from the Trump administration. Sources told Reuters on Thursday that the administration has urged Germany and France to release diesel from emergency stockpiles or face a potential U.S. diesel export ban, Oil & Gas 360 reported. Oil & Gas 360 also reported that the two countries together hold about 35% of the EU's strategic diesel reserves. European Energy Commissioner Dan Jørgensen told Euronews' Europe Today that releasing oil from strategic reserves to curb soaring fuel prices "is a possibility". On emergency stock releases, Jørgensen said: "We've used it before, and we'll likely use it again," according to Oil & Gas 360. The European Commission also held a call on Thursday with several countries, including the UK, to assess different scenarios, an EU source told Euronews.

U.S. Energy Secretary Chris Wright said that "several European member countries have released only a fraction of the crude oil and petroleum products they pledged," Oil & Gas 360 reported. Flynn wrote that Wright is seeking Europe's release of about 120 million barrels of diesel from strategic stocks over 180 days, out of the EU's roughly 315 million barrels. Wright said on Fox News of Europe: "I'm highly confident they will," as relayed by Flynn. Flynn also wrote that sources familiar with International Energy Agency discussions say European leaders were pushed into releasing 50 million barrels of diesel and gasoline from reserves. He added that France was reportedly proposing that European countries release 50 million barrels of diesel and that IEA members release 50 million barrels of crude oil. Flynn wrote that President Trump says he is "thinking about" a ban on U.S. diesel exports.

The price backdrop explains the urgency. Oil & Gas 360, citing Oilprice.com, reported that since crude jumped again in September to above $100 per barrel, diesel prices hit record highs in many countries, including the United States. Flynn wrote that retail diesel is averaging about $6.37 a gallon. That is off the September 22 record of $6.53 but roughly 72 percent above a year ago, when it was $3.70. Regular gasoline is about $4.40, off last week's $4.49 but about $1.24 above a year ago, he wrote. Flynn argued that "this is not a crude problem; it is a diesel problem," citing lost refineries, Middle East plants hit in the Iran war, Russian refineries knocked offline and European closures.

Gas infrastructure drew attention in New England. Massachusetts Governor Maura Healey called on the Trump administration to expedite review of Enbridge's Algonquin Gas Transmission expansion, the Reliable Affordable Resilient Enhancement (RARE) project, Oil & Gas 360 reported, relaying a Reuters report. "I've been clear that we need to bring more energy supply into Massachusetts with an all-of-the-above approach," Healey said. According to Reuters, as relayed by Oil & Gas 360, the project is expected to provide gas supply to 600,000 customers and lower gas bills by $40 million each year. Enbridge said on its website that it is targeting a 2028 in-service date and that RARE will expand capacity by around 75 million cubic feet per day. The governor said the project is undergoing federal environmental review through the US Federal Energy Regulatory Commission.

Renewable Energy Developments

UK electric-car registrations rose again in September, though the industry says the policy math remains difficult. Electrek, citing preliminary Society of Motor Manufacturers and Traders data, reported that the UK registered 99,199 battery-electric cars, up 36.3% from a year ago and 28.3% of the market. Electrek also reported that plug-in hybrids jumped 55.7% to a record 59,563 units and a record 17% share. Tesla's Model 3 was the best-selling EV in the UK in September with 9,929 units, and the number two car in the country regardless of powertrain, Electrek reported.

Electrek reported that the ZEV mandate's headline 2026 target is 33%, and the SMMT says hitting it would take another 265,000 EV registrations in the fourth quarter. SMMT chief executive Mike Hawes said "the UK still has the world's toughest targets and highest energy costs."

In Germany, Electrek reported that GICON's pilot wind turbine in Schipkau stands 365 meters (1,197 feet) tall including its blades. GICON says its design could produce more energy than a conventional turbine with the same rotor diameter, and the turbine has a rated capacity of 3.8 megawatts. Electrek noted that the projected energy yield has yet to be demonstrated in operation.

Mining & Critical Minerals

KGHM and South32 have officially begun a $725 million expansion of their Sierra Gorda copper mine in Chile, MINING.COM reported. The expansion is expected to lift annual copper output to nearly 200,000 tonnes. The fourth grinding line will increase the Antofagasta operation's ore-processing capacity by 26%. Construction is scheduled to begin in January 2027, with the expanded plant expected to reach full capacity in the second half of 2030. According to South32's investment approval announcement, the project targets average annual payable copper production of about 195,000 tonnes and a roughly 10% reduction in average operating unit costs. The expansion is expected to create about 900 direct construction jobs.

Poland's KGHM owns 55% of Sierra Gorda, and Australia's South32 holds the remaining 45%. Chilean President José Antonio Kast joined local and Polish officials at the symbolic cornerstone ceremony, held on the 12th anniversary of the mine's first production on October 1, 2014. Sierra Gorda CEO Marcelo Bustos said the operation ranks as Chile's eighth-largest copper producer, accounting for 3.1% of national output. The broader plan includes a $100 million exploration program between 2028 and 2032, aimed at extending operations to 2049. In August, the partners announced a 61% increase in the ore reserve estimate, to 1.1 billion tonnes grading 0.39% copper.

In Washington, Robertson said the US must regain control over critical-minerals supply chains to protect its energy, economic and national security, MINING.COM reported. The DOE wants to accelerate existing projects, improve processing technology and let US heavy industry compete profitably at home, she said. She also said about 160 mining engineers graduated in the US over the past year, compared with about 3,000 in China. The DOE said the US will need about 6,000 new mining engineers for the next decade for the development and establishment of the supply chain. In precious metals, per market data, gold rose 0.62% and silver gained 1.24% on the latest session.

Week Ahead Preview

The week's stories leave one question unresolved: whether Europe will release diesel from strategic stocks on the scale Washington is seeking. They also leave open whether the U.S. follows through on a diesel export ban. Electrek reported that official commissioning of GICON's Schipkau wind turbine is planned for November.

This weekly recap draws on reporting by Oil & Gas 360, Investing.com Commodities, MINING.COM, Electrek. For daily coverage, visit stakeandpaper.com.