Market Insights > First Look

Crude Jumps as South American Tensions Flare; Gas Prompt Trading Above $4

October 31, 2025 | Narciso Cano
  • Oil climbs as US-Venezuela tensions escalate
    • The WTI prompt-month contract edged up $0.15 to $60.72 early Friday (7:55 AM CT)
    • Crude hit an intraday high following reports the US may target Venezuelan military sites
    • OPEC+ is expected to announce another modest output hike when the group meets this weekend
    • “We’ve seen some OPEC+ unwinds along with growth in non-OPEC supply,” said Chevron CFO Eimar Bonner
      • “There’s potential for continued pressure through this year and into 2026,” he added
    • During President Trump’s Thursday meeting with Chinese leader Xi Jinping, Trump noted, “We didn’t really discuss oil”
      • The absence of strong pressure on Beijing to curb Russian crude purchases remains a key revenue stream for Russia’s war effort

 

 

 

 

 

Regional Market Insights
Updated regularly with the most important market moves and outlooks.

 

  • Natural gas is trading higher, with the December contract above $4/MMbtu
    • Lower-48 weather forecasts shifted slightly cooler in the 11-15 day period, with temperatures still expected to be below the ten-year average for the next week, and above average for the second week of November
    • Yesterday, the EIA reported a 74 Bcf injection into storage, which put the storage surplus to the five-year average at +171 Bcf
    • LNG feedgas pushed to a new record of 18.72 Bcf/d, with exports likely to top 19 Bcf/d within the next month
  • Equinor sees future US LNG exports possibly capped by political factors (NGI)
    • While Equinor expects US LNG supply to continue growing, the company said that political factors could cap future export expansions
    • Equinor’s CEO said, “U.S. gas prices have become recently much more of a political topic domestically in the United States because everyone sees that data center and artificial intelligence demand will have a significant impact on energy prices,”
    • Competition between LNG exports and power generation could result in higher household utility bills, potentially resulting in increased political pressure focused on lower costs for consumers

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