Daily wrap and forward-looking view for WTI, Brent, natural gas, gold, silver, copper, corn, soybeans and wheat. All prices and news are for Friday, November 7, 2025 (U.S. date format).
Key prices at a glance (intraday/settlement)
- WTI crude (NYMEX front-month): ~$59.75/bbl (day range ~$59.32–$60.46). [1]
- Brent crude (ICE front-month): ~$63.67/bbl (day range ~$63.23–$64.39). [2]
- Henry Hub natural gas (front-month): ~$4.33/mmBtu (day range ~$4.27–$4.42). [3]
- Gold spot: ~$4,005/oz (silver ~$48.69/oz; platinum ~$1,550/oz; palladium ~$1,397/oz). [4]
- LME copper 3‑month: ~$10,700/ton (intraday band around $10,68k–$10,76k). [5]
- CBOT corn (Dec ’25): $4.27¼/bu (settle). [6]
- CBOT soybeans (Jan ’26): $11.17/bu (settle). [7]
- CBOT SRW wheat (Dec ’25): $5.27¾/bu (settle). [8]
Note: Exchange quote pages are delayed up to ~15 minutes; settlement figures shown where available.
Energy — Oil: holding a fragile floor
Oil is attempting a modest rebound after three straight down sessions, but both benchmarks are still on track for a second weekly loss amid oversupply worries, a U.S. crude stock build of ~5.2 million barrels, and a mixed dollar backdrop. WTI traded around $59.7 while Brent hovered near $63.6 into Friday’s U.S. session. [9]
On the supply side, OPEC+ approved a small December hike, then signaled a pause in early 2026, while Saudi Aramco cut December OSPs for Asia—both reinforcing a well‑supplied market narrative. Analysts at Capital Economics remain below consensus, penciling in $60/bbl by end‑2025 and $50 by end‑2026; Morgan Stanley this week lifted its 1H26 Brent view to $60 as well. [10]
Rig activity: U.S. drillers added two rigs this week (gas +3, oil flat), the third increase in four weeks, taking the total to 548—still ~6% below year‑ago levels. The trend supports steady supply growth even as prices soften. [11]
Oil takeaways for traders & investors
- Near‑term price action remains range‑bound with a bearish tilt unless inventories tighten. Watch weekly U.S. stock data and any fresh OPEC+ guidance. [12]
- Sector lens: sub‑$60 WTI typically pressures U.S. integrateds and E&Ps, while refiners can benefit from cheaper feedstock—stock selection matters. (Analytical view)
Energy — Natural gas: >$4 on strong LNG pull, record output
Front‑month Henry Hub traded around $4.33/mmBtu Friday after a choppy week; warmer near‑term weather trimmed demand, but record LNG feedgas and constrained Permian takeaway keep the tape volatile. Cash Waha Hub sank into negative territory for the 26th time this year amid pipeline bottlenecks. [13]
Structurally, the EIA sees record U.S. gas output and demand through 2025–26 as data centers and exports drive consumption; its latest STEO projects Henry Hub averaging ~$3.90 in 2026 after a winter pop. [14]
Gas takeaways
- Balance tightens seasonally with weather and LNG—expect higher volatility into winter; storage and weekly production prints are key. [15]
- Equities: gas‑levered E&Ps and midstream with Gulf Coast exposure stand to benefit most from sustained >$4 pricing. (Analytical view)
Precious metals — Gold stays north of $4,000 as rate‑cut odds build
Gold held above $4,000/oz Friday as a softer dollar earlier in the week and rising odds of a December Fed rate cut (per market-implied probabilities) kept safe‑haven demand firm amid an extended U.S. government shutdown that is muddying official data flow. Silver rose alongside, with platinum and palladium mixed but stable. [16]
Bloomberg also flagged intraday bids around $4,005/oz as traders weighed weak U.S. jobs signals and the data vacuum from Washington. [17]
Gold takeaways
- Spot remains technically supported above the $4,000 line; sustained dollar softness or confirmation of additional easing would reinforce the bid. [18]
Base metals — Copper consolidates after October’s record burst
After clocking a record $11,200/t on the LME last week, copper spent Friday consolidating around $10.7k as funds trimmed positions; the copper‑gold ratio recently hit a multi‑decade low, reflecting divergent macro signals rather than a broken indicator. [19]
Looking out, a Reuters poll now sees 2026 LME copper averaging $10,500/t, citing mine disruptions in Indonesia, Congo and Chile that underpin a persistent deficit narrative. [20]
Copper takeaways
- Watch for China import/credit impulses and any fresh mine headlines; tariff policy twists this year also reshaped U.S.–LME spreads. [21]
Agriculture — Grains diverge as harvest pressure meets China demand questions
- Corn (Dec ’25) slipped on end‑harvest supply pressure to $4.27¼/bu (settle). [22]
- Soybeans (Jan ’26)rebounded to $11.17/bu (settle) on bargain buying after Thursday’s drop, but traders still want clearer evidence of large China purchases. [23]
- Wheat (Dec ’25) eased to $5.27¾/bu (settle) after smaller‑than‑expected Chinese buys. [24]
With the federal shutdown complicating data, USDA now plans to release its November WASDE/Crop Production on Nov 14, a key waypoint for near‑term price direction. [25]
Forecast — What the next 1–3 months likely look like
Crude oil (WTI/Brent):
Base case is sideways to soft unless inventories flip tighter. Published house views cluster near $60 Brent into late‑2025/early‑2026 (Capital Economics/Morgan Stanley), implying high‑$~50s WTI barring supply disruptions. Watch OSP changes, Russian flows under new sanctions, and U.S. demand data. [26]
Natural gas (Henry Hub):
Bias remains range $3.80–$4.60 into early winter with LNG and weather the swing factors; EIA’s 2026 average ~$3.90 implies rallies fade without a pronounced cold spell or supply hiccups. [27]
Gold & silver:
If the Fed delivers another cut and the shutdown lingers, gold likely stays >$3,900–$4,050 with dips bought; a dollar bounce could cap upside near term. [28]
Copper:
Consolidation above $10k is plausible after the record run, with dips cushioned by deficit risk and grid/EV demand; consensus 2026 average $10.5k underscores elevated floor vs prior cycles. [29]
Grains:
Corn and wheat lean supply‑heavy into year‑end; soybeans hinge on verified China purchases and South American weather. The Nov 14 WASDE is the next catalyst. [30]
Why this matters for U.S. stocks today
- Energy equities: Sub‑$60 WTI keeps pressure on upstream margins; gas‑levered names fare better with >$4 Henry Hub and robust LNG pull. [31]
- Materials/miners:Gold north of $4k supports bullion miners; copper at $10k+ helps diversified majors but raises cost risk for electrification‑heavy industries. [32]
- Macro mood: With the S&P 500 pulling back this week, commodity defensives (gold) are working as ballast while growth sensitivity keeps oil demand under scrutiny. [33]
Methodology & timestamp
All prices/news in this brief reflect Friday, November 7, 2025 (intraday where noted; settlements where published). Sources include exchange quote pages and same‑day reporting from Reuters (plus Bloomberg for an additional gold cross‑check). [34]
Sources cited: Reuters oil wrap and quote pages; Reuters gold wrap; Reuters EIA/rig count; LME/SMM copper prints; TradingView‑hosted Reuters grain closes. [35]
Disclosure: This article is for news and informational purposes only and is not investment advice.
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.lme.com, 6. www.tradingview.com, 7. www.tradingview.com, 8. www.tradingview.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.eia.gov, 16. www.reuters.com, 17. www.bloomberg.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.tradingview.com, 23. www.tradingview.com, 24. www.tradingview.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.eia.gov, 28. www.reuters.com, 29. www.reuters.com, 30. www.reuters.com, 31. www.reuters.com, 32. www.reuters.com, 33. www.reuters.com, 34. www.reuters.com, 35. www.reuters.com
