Coquest

Your Daily Energy Report for December 2, 2025

Posted on 2025-12-02

Crude Oil

Crude Oil futures for January settled down -$.68 or -1.146% at $58.64. Oil prices saw a marginal reduction on Tuesday, as the market's attention was fixed on international events, specifically the geopolitical situations in Venezuela and Ukraine, and their potential influence on the global petroleum supply chain. US President Trump held a focused meeting regarding Venezuela late Monday, following an escalation of tensions; the President had issued a weekend warning suggesting the country’s aerial territory should be treated as closed. In parallel developments, Ukraine has continued its pattern of frequent missile and drone attacks targeting the energy facilities belonging to a major OPEC+ producer. The Caspian Pipeline Consortium reported that it has successfully resumed the pumping and loading of oil from one mooring point at its Black Sea terminal, which had been interrupted by a Ukrainian drone attack on Saturday.

​​​​​Natural Gas

Natural Gas futures for January settled down -$.081 or -1.646% at $4.840. Natural gas prices slipped today and are searching for a clear direction after recent gains. The initial rally was driven by weather models forecasting significantly colder temperatures across the northern and eastern parts of the U.S. for early December, fueling expectations of strong heating demand. However, the market's momentum stalled as 7-15 day weather outlooks became mixed over the weekend, introducing uncertainty about the longer-term cold trend. Weighing against the weather-driven demand is a robust supply picture, with lower-48 dry gas production remaining near record highs and increasing rig counts. As such, bulls are still technically in control, but the market's next sustained push higher will depend on a renewed, decisive cold surprise in the upcoming weather forecast models.
​​​​
Continue reading the full Coquest Daily Report.

---