Oil & Gas Prices at noon on Nov 4

[dan_s]

Trading Economics
WTI at $60.83 when this was posted.
WTI crude oil futures fell to below $61 per barrel on Tuesday after a four-day advance, amid persistent concerns about oversupply despite OPEC+’s decision to pause output increases early next year.
> The producer group agreed to a modest production hike in December but will halt further additions from January to March due to seasonal demand fluctuations. The decision comes amid expectations that the oil market could face a surplus in 2026, with continued increases in supply from both OPEC and non-OPEC producers.
> Still, some analysts cautioned that supply risks remain, citing tighter US sanctions on Russian oil majors Rosneft and Lukoil as well as continued attacks on the country’s energy infrastructure.
> The latest Ukrainian drone strike set a tanker ablaze and disabled several loading facilities at the Black Sea port of Tuapse, home to a Rosneft refinery.
MY TAKE: There is still work to be done in Iran and Venezuela.

HH Natural Gas
DEC25 NYMEX contract at $4.37/MMBtu at the time of this post.
US natural gas futures climbed above $4.35 per MMBtu, the highest since March, supported by stronger heating demand and robust LNG exports to Europe and Asia.
> Colder weather forecasts for early winter boosted expectations for increased gas consumption, while LNG export flows averaged 16.6 billion cubic feet per day in October, setting a new record.
> European buyers continued to rely heavily on US gas as Russian supplies dwindled and inventories in key hubs fell, while Washington pushed for new energy commitments in trade talks with Asian partners.
> On the supply side, US output remained high at around 107 bcfd, keeping the market well supplied.
> Storage levels in the Lower 48 states increased by 74 billion cubic feet in the week ending October 27, exceeding forecasts for a 71 bcf build.
JAN26 NYMEX contract is up 5.6% to $4.60/MMBtu.