As of Monday, November 9, 2026 at 7:34 AM CT
WTI
$90.32
▼ −$0.51 (−0.6%)
Brent
$97.35
▼ −$0.97 (−1.0%)
Henry Hub $/MMBtu
$3.02
▲ +$0.02 (+0.7%)
U.S. Rigs
604
▲ +1 w/w · 463 oil / 131 gas
Storage EIA gas +77 Bcf to 3,801 Bcf (wk ending Oct 30)
TOP STORY
Oil slides again Monday, Brent near $97.35 and WTI near $90.32, after Trump says new U.S. strikes on Iran are 'highly unlikely' while talks progress, even as Iran says three tankers burned in Hormuz and JPMorgan sees a widening glut
RIM Intelligence's 19:00 JST snapshot shows January Brent at $97.35 (down $0.97 from Friday's $98.32 settle) and December WTI at $90.32 (down $0.51 from $90.83). Brent fell about 16% last week, its steepest weekly drop since the start of the COVID-19 pandemic. Trump told CNN fresh strikes are 'highly unlikely' if a strong agreement is signed, while the IRGC says three tankers caught fire in Hormuz and JPMorgan estimates a global surplus of 1.1 million b/d in September widening to 1.4 million b/d in October.
Onshore USA
- Devon posts $1.0 billion Q3 net earnings and $2.0 billion adjusted free cash flow in its first full quarter with Coterra, with 1.668 million boe/d (553,000 b/d oil), raises 2026 synergy run-rate to about $350 million and aims for >$1 billion of buybacks in Q4Devon Energy
- EOG earns $2.8 billion, or $5.33 a share, in Q3 with record oil, NGL and gas volumes, $2.2 billion of free cash flow, an 8% raise in the regular dividend to $1.10, and a new JKM-linked gas sales deal pushing premium LNG-linked exposure above 1 Bcf/d by 2030EOG Resources
- Hedge funds' short-only bets on U.S. natural gas hit a record 636,576 contracts for a third straight week, just as forecasts turn colder for the Mid-Atlantic and Northeast midweek, raising short-squeeze riskZeroHedge via Mixed Times
- ProFrac's Q3 revenue rises to $511 million but adjusted EBITDA slips to $65 million on September pumping gaps and weak West Texas sand; CEO Matt Wilks sees a tightening frac market and expects positive net income in 2027Transcript Daily
- Texas Railroad Commission issues 816 original drilling permits in October, including 742 for new oil or gas wells and 345 in the Midland district, and processes 869 oil and 359 gas completionsRailroad Commission of Texas
- Expand Energy beats Q3 with $1.46 adjusted EPS but trims 2026 output guidance, names Danny Brown permanent CEO, and says Western Haynesville drilling needs gas above $4/MMBtu to compete for capitalTradingView
- Granite Ridge turns 9.2 net wells in line in Q3, 8.2 of them in the Permian, with 14.6 net wells in process and its $300-330 million 2026 development budget unchangedThe Shale Experts
Pipes, LNG & Policy
- TC Energy raises 2026 comparable EBITDA outlook to C$11.8-12.0 billion and sanctions about $3 billion of new growth, including Crossroads and American Midwest expansions totaling 2.4 Bcf/d for Midwest power/data-center demand and Coastal GasLink Phase 2 after LNG Canada's FIDTC Energy
- FERC staff posts the environmental assessment for Freeport LNG's Hourly Production Increase (CP26-551), covering a rise in maximum hourly liquefaction from about 33.6 to 35 MMscf/h without lifting the 870 Bcf/y annual cap; 90-day federal authorization deadline Feb 4, 2027FERC
- QatarEnergy negotiates 3-6 million tons a year of new U.S. LNG with Venture Global and Commonwealth LNG and up to 2 million tons from Rio Grande LNG Train 6, as Hormuz disruption makes buyers prize delivery security over cheap Qatari supplyEnterpriseAM
- LS Power agrees to buy six NRG gas-fired plants totaling 4.9 GW in Texas, New York, Connecticut and Rhode Island, growing its gas fleet to 11.5 GW with a pending Constellation dealLS Power (PR Newswire)
- China cuts LNG imports at the start of peak demand season as cheap domestic gas pushes its national LNG average to about $21.97/MMBtu, nearly $10 below JKMOilPrice.com
- JKM and TTF fall sharply on Iran diplomacy hopes, with TTF down to $28/MMBtu from $34, while Henry Hub edges up to about $3.0 on strong LNG feedgas demandGlobal LNG Hub
- European gas storage sits at 72.65% full on Nov 8 versus a 90% five-year average as cold, low wind and weak Norwegian flows speed withdrawals, keeping prices more than double pre-war levelsTrading Economics
International
- Saudi Aramco cuts December Arab Light OSP for Asia by $2 a barrel to a discount of about $6.50–$7 to Oman/Dubai, the lowest since May 2020, while also cutting Europe/Med grades $1 and leaving U.S. prices unchangedZawya (Reuters)
- Iraq's oil minister says terms are agreed with Chevron on West Qurna-2 (about 480,000 b/d) and a contract signing is targeted before year-end, with talks continuing on Nasiriyah and four exploration blocksMEES
- Iran's IRGC says three 'non-compliant' tankers caught fire in Hormuz on Sunday, claims at least 12 ships hit since Nov 1, and the UAE rescues 22 from a burning cargo ship as traffic runs near 20% of pre-war levelsThe National
- QatarEnergy agrees to buy 25% of Chevron's PEL82 offshore exploration license in Namibia's Orange Basin, leaving Chevron with 55%The National
- Strathcona Resources agrees to buy oil sands producer Greenfire in a C$2.7-2.9 billion deal including debt, offering C$11 cash or 0.25 Strathcona shares per shareMining Weekly (Reuters)
- TotalEnergies takes 30% operated stakes in Malaysia's Lang Lebah and B14 gas fields, targeting more than 6.5 Tcf and a roughly 10 Bcm/year plateau to feed the Bintulu LNG complexJPT
- Boustead-led consortium agrees to buy Triangle Energy's Pase gas PSC in Aceh, Indonesia, for US$3.9 millionThe Edge Malaysia
Watch next
- Occidental Q3 due after the close Mon Nov 9
- Colder East forecasts vs record natgas shorts this week
- EIA storage report Thu Nov 12
- Abu Dhabi U.S.-Iran talks Nov 10-11 and Hormuz tanker attacks
- Freeport LNG federal authorization clock after EA (deadline Feb 4, 2027)
- Full OPEC+ ministerial on 2027 quotas Nov 29