Coquest

Your Daily Energy Report for November 3, 2025

Posted on 2025-11-03

Crude Oil

Crude Oil futures for December settled up $.07 or .115% at $61.05. Oil prices rose on Monday, fluctuating within a narrow range as investors weighed OPEC+’s decision to halt production increases for the upcoming quarter amid expectations of softer demand and a potential supply surplus. The producer group described the pause as a response to typical seasonal patterns, though analysts continue to warn of oversupply risks heading into 2026 as both OPEC and independent producers expand output. Actual production growth has trailed projections, with some countries compensating for earlier overproduction while others face challenges ramping capacity, leaving about 1.2 million bpd yet to return to the market. At the same time, stricter U.S. sanctions have added uncertainty to Russian export flows, while the UAE and several other members have attempted to ease market fears of an impending glut.
 

Natural Gas

Natural Gas futures for December settled up $.142 or 3.443% at $4.266. Natural gas prices gained today, supported by forecasts calling for colder conditions and surging LNG export activity. Over the weekend and into Monday, weather models trended significantly chillier, with both the GFS and ECMWF projections adding roughly 20 heating degree days compared with Friday’s outlook. The added demand is expected to stem largely from a cold front forecast to hit the Midwest, Ohio Valley, and Northeast around November 9–11. At the same time, LNG exports reached an all-time high, underscoring tight fundamentals in the domestic gas market. Global demand for U.S. supply has strengthened ahead of peak winter heating season, pushing feedgas deliveries to record levels. According to the most recent EIA report, inventories increased by 74 bcf for the week ending October 24.
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