Coquest

Your Daily Energy Report for October 28, 2025

Posted on 2025-10-28

Crude Oil

Crude Oil futures for November settled down -$1.16 or -1.892% at $60.15. Oil prices fell on Tuesday, extending their losing streak to a third consecutive session. The decline came as market participants worried about potential oversupply after reports indicated OPEC+ might move forward with another output increase. The group is said to be weighing a small production boost for December during its upcoming Sunday meeting, amid Saudi Arabia’s efforts to reclaim lost market share. Those developments tempered optimism stemming from progress in U.S.–China trade discussions, as negotiators from both nations reportedly finalized a draft framework awaiting approval from Presidents Trump and Xi, who are scheduled to meet in South Korea on Thursday. Meanwhile, U.S. sanctions targeting Russian oil majors Rosneft and Lukoil also drew attention, with sources suggesting Washington’s goal is to make Moscow’s crude exports more expensive and risky without triggering another sharp price surge.
 

Natural Gas

Natural Gas futures for November settled down -$.097 or -2.818% at $3.345. Natural gas prices dropped today, weighed down by steady output and ample stockpiles. Daily production has hovered near 108 billion cubic feet recently close to a three-week high after record output earlier in the year helped push inventories to levels comfortably above seasonal norms. Storage facilities now hold about 5% more gas than the typical average for late October, reducing worries about pre-winter supply tightness. Forecasts call for generally seasonal temperatures across most of the country through mid-November, limiting expectations for stronger heating demand. However, some outlooks point to slightly cooler conditions ahead, which could lift consumption somewhat, particularly as LNG exports remain strong.
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