Coquest

Your Daily Energy Report for October 3, 2025

Posted on 2025-10-03

Crude Oil

Crude Oil futures for November settled up $.40 or .661% at $60.88. Oil prices rose on Friday, snapping part of a four-session slide, though they remain set for about a 7% loss on the week —the steepest since late June. Traders are bracing for the possibility that OPEC+ could accelerate supply additions, with reports suggesting eight producers may lift November output by roughly 274,000 to 411,000 barrels per day, far above October’s increase, as Riyadh aims to defend its market position. Weak refinery demand during fall maintenance, softer seasonal consumption, and the ongoing U.S. government shutdown have added downward pressure. Still, steady Iraqi exports and continued buying from China have cushioned prices somewhat, even as the IEA projects a major surplus emerging in 2026. Analysts say the oversupply long expected after OPEC+ restored 2.2 million barrels per day in 2023 is finally materializing.
 

Natural Gas

Natural Gas futures for November settled down -$.118 or -3.428% at $3.324. Natural gas prices fell again today, adding to yesterday’s decline, but still closed out their second straight weekly advance. Weather models from NatGasWeather indicate much of the U.S. will see unseasonably warm high pressure in the days ahead, limiting heating needs. Projections for October 2–8 point to weak nationwide consumption, with another stretch of above-normal temperatures possible between October 12–16, according to Atmospheric G2. That pattern would curb residential and commercial heating demand, even though power sector gas usage is edging higher. The Edison Electric Institute noted U.S. electricity generation was nearly 6% above last year’s level in the latest week, but that hasn’t shifted the demand picture significantly.
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