Coquest

Your Daily Energy Report for October 2, 2025

Posted on 2025-10-02

Crude Oil

Crude Oil futures for November settled down -$1.30 or -2.104% at $60.48. Oil prices fell on Thursday, its weakest level in four months. The decline extended a four-session losing streak, pressured by worries about too much supply. OPEC+ is expected to sign off on a production boost for November of as much as half a million barrels per day—triple the pace of October’s increase—with Saudi Arabia eager to claw back market share. Signs of an imbalance are already showing, as OPEC’s overall output ticked higher last month once Riyadh restored the initial portion of previously idled barrels, according to a survey cited by Bloomberg. In the U.S., inventories of both crude and gasoline are climbing, while Iraq’s Kurdish exports are preparing to flow again through Turkey’s Ceyhan port after a restart agreement. Broader market nerves added to the weakness, with Washington’s ongoing government shutdown raising the threat of widespread furloughs and little progress toward ending the stalemate.
 

Natural Gas

Natural Gas futures for November settled down -$.034 or -.978% at $3.442. Natural gas prices dipped today, erasing earlier gains and snapping a four-day winning streak, despite storage figures that appeared supportive. Government data showed underground stockpiles rose by just 53 billion cubic feet in the week ending Sept. 26—well below both expectations of 67 bcf and the typical five-year increase of 85 bcf. Overall inventories reached 3.561 trillion cubic feet, which is 0.6% higher than the same time last year and sits 5% above the seasonal norm. Production across the Lower 48 states averaged 107.4 bcfd in September, down from the August peak of 108.3 bcfd. Meanwhile, LNG shipments set a fresh monthly record at 9.4 million tonnes, narrowly surpassing August’s 9.3 million.
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