Coquest

Your Daily Energy Report for November 12, 2025

Posted on 2025-11-12

Crude Oil

Crude Oil futures for December settled down -$2.55 or -4.178% at $58.49. Oil prices dropped on Wednesday, snapping a three-day rally and hitting the lowest level in nearly three weeks after OPEC adjusted its market assessment to show a surplus in the third quarter. The producer group now estimates that global supply outpaced demand by roughly half a million barrels per day, reversing its earlier projection of a shortfall. The change was driven by unexpectedly strong U.S. output and higher production among OPEC members. Traders are awaiting fresh updates from the EIA’s monthly report later Wednesday and the IEA’s market outlook on Thursday. The IEA recently moderated its stance on the timeline for peak oil demand, suggesting that global consumption may keep growing through mid-century.
 

Natural Gas

Natural Gas futures for December settled down -$.032 or -.701% at $4.533. Natural gas prices slipped today, pulling back from Tuesday’s high, as traders weighed forecasts for a temporary warm spell against continued strength in exports and the likelihood of colder weather early next month. Forecast models point to milder conditions in the near term before temperatures fall again, which could lift heating demand heading into December. Exports of LNG remain elevated, with flows to the main U.S. terminals averaging roughly 17.8 bcfd so far in November, up from October’s record pace of 16.7 bcfd, as European buyers seek alternatives to Russian gas. Domestic output has also reached new highs, with Lower 48 production hitting about 109 bcfd, helping keep inventories roughly 4% above average for this time of year. Separately, the International Energy Agency noted that global consumption of oil and gas may continue to rise through mid-century, signaling a slower energy transition than previously expected.
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