As of the close on Friday, November 21, 2025, energy markets wrapped up a volatile week marked by falling oil prices, choppy natural gas trading, heavy deal-making from oil majors and national oil companies, and a sharp pullback in some high‑beta and clean‑energy names. This summary is written for publication on Saturday, November 22, 2025.
Market Snapshot: Oil Back Near $60, Natural Gas Jolted
Crude prices moved steadily lower over the week, dragging many energy stocks with them.
- WTI crude futures fell from around $59.86 per barrel on Monday to about $57.81 on Friday, a weekly decline of roughly 3.4%. [1]
- Brent crude ended Friday near $62.5 per barrel, down about 1.4% on the day and roughly 3% lower for the week, according to data from Trading Economics and exchange quotes. [2]
A key driver was geopolitics: Reuters reported that oil settled at its lowest level in about a month on Friday as the U.S. pushed a new peace framework for the Russia‑Ukraine war, reducing the perceived risk premium in crude prices even as sanctions on Russian producers deepen. [3]
At the same time, OPEC+ loomed in the background. Earlier this month, the group agreed to a modest 137,000 barrel‑per‑day production increase for December 2025, but also signalled it will pause output hikes for the first quarter of 2026 to avoid a potential glut. [4] That pause is set against forecasts from the International Energy Agency and the U.S. EIA that global oil supply growth could outpace demand into 2026, pointing to a more comfortable—or even oversupplied—market next year. [5]
Natural gas: violent swing, then drift
Natural gas was even more volatile:
- On Monday, November 17, the NYMEX front‑month gas contract suffered a single‑day plunge of about 4.5%, settling around $4.36/MMBtu, as warmer‑than‑usual weather forecasts and strong storage data undercut bullish sentiment. [6]
- By later in the week, U.S. gas futures were trading around the mid‑$4.40s, with Trading Economics noting a more than 4% drop on Friday after hitting the highest levels since late 2022. [7]
The combination of weak oil, choppy gas and worries about a 2026 supply surplus set a cautious tone for energy equities throughout the week.
How Energy Equities Traded: Mildly Lower in a Weak Broader Market
The broader U.S. market finished the week in the red: the S&P 500 fell about 1.9%, the Dow 1.9% and the Nasdaq 2.7% despite a strong rebound on Friday. [8]
Energy stocks underperformed at times but held up slightly better than tech and some other cyclical sectors:
- The Energy Select Sector SPDR ETF (XLE), a widely watched proxy for U.S. large‑cap energy stocks, slipped from about $90.34 on Monday to $89.42 by Friday, a weekly loss of just over 1%. [9]
- Sector‑level data show the S&P 500 Energy index finishing Friday near 676, modestly below mid‑month levels around 685–695, reflecting a choppy but not catastrophic week for the group. [10]
One mid‑week snapshot captured the tone: a Chronicle Journal/MarketMinute report noted that the S&P 500 Energy sector rose about 1.37% on Tuesday, November 18, rebounding from a sharper decline earlier in the week even as Brent and WTI eased after Russia’s Novorossiysk export hub resumed loadings. [11]
Elsewhere in the complex, both the NYSE Energy Sector Index and XLE were down more than 1% on one of the mid‑week sessions as oil slid over 2%, according to Finimize, underscoring just how tightly energy equities are tracking daily crude moves. [12]
Corporate Headlines: Exxon, Aramco, TotalEnergies and Constellation in Focus
Exxon Mobil: doubling down on hydrocarbons, pausing a flagship hydrogen bet
Exxon Mobil was at the center of two major stories:
- Hydrogen pause: Reuters reported that Exxon froze plans to build a massive blue‑hydrogen plant at its Baytown, Texas complex, citing weak customer demand and insufficient long‑term offtake commitments. The project, one of the world’s largest proposed hydrogen facilities, had already absorbed roughly $500 million in spending but now faces an indefinite delay as economics for low‑carbon hydrogen remain challenging. [13]
- Pipeline deal: Separately, Exxon agreed to acquire a 40% stake in Enterprise Products Partners’ Bahia NGL pipeline, which carries natural gas liquids from the Permian Basin to Mont Belvieu, Texas. Capacity is expected to expand from 600,000 barrels per day to 1 million bpd via new pumping stations and a 92‑mile extension—branded the Cowboy Connector—linking to Exxon’s Cowboy gas processing plant. Completion is targeted for Q4 2027, with Enterprise remaining the operator. [14]
Taken together, the headlines reinforce a familiar pattern: energy majors are still willing to invest heavily in long‑life hydrocarbon infrastructure, even as some lower‑return transition projects get pushed to the back burner.
Aramco: $30 billion in U.S.‑linked deals
Saudi Aramco also made waves:
- During a high‑profile visit by the Saudi crown prince to Washington, Aramco announced 17 preliminary agreements with U.S. companies worth more than $30 billion, spanning LNG, financial services and advanced materials. [15]
- Potential projects include investments in the Lake Charles LNG project and another liquefaction development in Louisiana, highlighting the kingdom’s ambition to become a significant player in U.S. LNG export capacity. [16]
For energy equities, these deals underline a long‑term theme: capital is still flowing into U.S. export infrastructure, even as spot prices soften.
TotalEnergies: building its Nigerian offshore portfolio
France’s TotalEnergies continued to reshuffle its African portfolio:
- The company agreed to boost its stake in Nigeria’s offshore block OPL 257 from 40% to 90% as part of an asset swap with Conoil, which will retain 10% and receive interests elsewhere. [17]
- The block sits near the Egina South discovery, with an appraisal well pencilled in for 2026, underscoring TotalEnergies’ long‑term commitment to deepwater Nigerian production. [18]
While not a near‑term earnings catalyst, the move fits a broader pattern of majors consolidating high‑quality offshore assets while trimming non‑core holdings.
Constellation and nuclear’s quiet comeback
On the low‑carbon side, nuclear power had its biggest U.S. headline in years:
- The U.S. Department of Energy approved a $1 billion federal loan to help Constellation Energy restart the 835‑MW reactor at Three Mile Island, now rebranded the Crane Clean Energy Center, with operations targeted around 2027. [19]
- The restart is tied to a 20‑year power contract with Microsoft to supply baseload electricity for AI data centers—an illustration of how surging compute demand is reviving interest in firm, low‑carbon power. [20]
Finimize noted that Constellation’s shares jumped roughly 6% on the news, even as many traditional utilities struggled. [21]
Clean Energy and ESG Funds: Long‑Term Rally, Short‑Term Pain
Despite this week’s risk‑off tone, clean energy remains one of 2025’s standout themes—but not without turbulence.
ETFs: ICLN under pressure
The iShares Global Clean Energy ETF (ICLN), a bellwether for renewable names, had a rough week:
- ICLN fell from about $16.80 last Friday to $16.07 this Friday, a decline of roughly 4.3% over the 5‑day stretch, continuing a multi‑week pullback. [22]
That drop stands in contrast to the fund’s bigger‑picture trajectory. Research from Investing.com and other outlets notes that clean‑energy funds are among 2025’s best performers, with strategies in the space returning an average of roughly 24% year‑to‑date, even as global sustainable equity funds saw nearly $100 billion in outflows. Total assets in those funds still climbed to about $2.2 trillion, thanks to market gains. [23]
Meanwhile, some thematic ETFs such as the ALPS Clean Energy ETF (ACES) are up around 32% year‑to‑date, showing that the broader trend remains constructive despite intermittent shake‑outs. [24]
Stock‑level action: grid, renewables and regulated utilities
Stock pickers in the clean‑energy and grid modernisation space had plenty to chew on:
- A MarketBeat screen highlighted Quanta Services (PWR), WEC Energy Group (WEC) and Clearway Energy (CWEN) as renewable or grid‑linked names seeing some of the highest trading volumes in the sector. Quanta benefits from large‑scale transmission and data‑center‑driven grid projects, Clearway from a large wind and solar fleet, and WEC from regulated electric and gas operations with growing renewable exposure. [25]
- On the flip side, Eversource Energy (ES) endured a punishing week after multiple analyst downgrades and concerns over regulatory setbacks. Wells Fargo and other brokers cut the stock from “overweight/outperform” to more neutral ratings and slashed price targets into the low $60s, leaving Eversource down nearly 12% week‑to‑date by Friday afternoon. [26]
This split—grid and nuclear winners, traditional regulated utilities under pressure—was a recurring theme.
Winners and Losers: Select Energy Names on the Move
Pockets of strength: pipelines, defensive utilities and nuclear
Several income‑oriented or infrastructure‑heavy names outperformed despite the macro headwinds:
- ONEOK (OKE) gained about 1.16% on Friday, marking its fourth straight daily advance and outperforming many gas‑distribution peers, though the stock still trades far below last year’s highs. [27]
- Alliant Energy (LNT) climbed 1.19% on Friday, its second consecutive gain, leaving the stock only about 2% below its 52‑week high after a strong run in October. [28]
- Constellation Energy (as noted above) benefited from the Three Mile Island loan catalyst, underscoring how nuclear‑linked utilities are increasingly treated as part of the clean‑energy trade. [29]
These moves highlight investors’ ongoing appetite for steady cash flows and exposure to the energy transition, even within a choppy sector tape.
Big decliners: smaller E&Ps and stressed utilities
At the other end of the spectrum, several higher‑risk names suffered outsized losses:
- Kosmos Energy (KOS) sank 10.7% on Friday alone, its third straight daily decline, with volume more than twice its 50‑day average. The stock now trades over 70% below its 52‑week high, according to MarketWatch data. [30]
- A Yahoo Finance piece flagged Hallador Energy (HNRG) as one of the week’s notable underperformers, with the stock down about 14% between November 11 and November 18 amid broader coal and power‑market concerns. [31]
- As mentioned, Eversource Energy suffered double‑digit percentage losses over the week following analyst downgrades and disappointment around a blocked water‑utility sale. [32]
A Finimize recap summed up one mid‑week session bluntly: energy stocks across oil, gas and utilities “lost ground” as crude slid more than 2%, even though U.S. crude inventories fell more than expected, underlining how fragile sentiment has become when prices hover near $60. [33]
The Shale Patch and Rig Activity: $60 Oil Is Starting to Hurt
Beyond the ticker tape, the U.S. shale industry sent mixed signals this week.
Reuters reported that while U.S. oil production is near record levels, drilling activity continues to decline: Lower‑48 rig counts have fallen from about 750 in late 2022 to 517 as of October 2025, even as output from the Permian Basin has climbed roughly 18% over that period. [34]
A follow‑up Reuters “Insight” piece painted a grimmer on‑the‑ground picture from Midland and Odessa, Texas:
- Retail businesses serving the oilfield have seen sales drop by around 25%.
- The local rig count has fallen by more than 50 rigs over the past year, the steepest drop since the COVID‑19 downturn.
- Service companies are idling equipment and cutting staff, with many operators now needing closer to $70 oil to maintain or grow production as the most productive acreage gets drilled out. [35]
In short, the week’s headlines reinforced a key message: $60 oil is tolerable for the majors but increasingly painful for smaller, higher‑cost producers and local economies tied to drilling activity.
Key Takeaways for Investors Watching Energy Stocks
While this article is informational only and not investment advice, several themes stood out from the November 16–21 trading week:
- Oil’s slide toward $60 is reshaping sentiment.
A roughly 3% weekly drop in crude weighed on energy equities and is already slowing U.S. drilling, even though production remains high. [36] - Big balance sheets are still writing big checks.
Deals from Exxon, Aramco and TotalEnergies underline how major players are extending their reach in pipelines, LNG and offshore oil, positioning for long‑term demand even as the near‑term price environment softens. [37] - Clean energy is in a “strong trend, weak tape” phase.
ETFs like ICLN sold off this week, but YTD performance for many clean‑energy funds and ETFs remains solidly positive. Policy uncertainty and higher rates can still trigger violent pullbacks within a broader secular growth story. [38] - Nuclear and grid plays are emerging winners of the AI power boom.
The Three Mile Island/Crane Clean Energy Center loan and the focus on grid infrastructure stocks such as Quanta and WEC show that investors are increasingly treating nuclear and transmission build‑out as critical “picks and shovels” for data‑center growth. [39] - Smaller, leveraged players remain vulnerable.
Sharp drops in Kosmos, Hallador and Eversource highlight the downside for companies exposed to regulatory risk, weaker balance sheets or higher‑cost resource bases when the commodity tide goes out. [40]
What to Watch in the Coming Week
Looking ahead from November 22, traders and long‑term investors alike will be watching:
- OPEC+ commentary and the November 30 meeting, where any hint of deeper cuts—or a faster unwind—could move prices and energy equities. [41]
- Further news on Russia‑Ukraine peace efforts, which have already chipped away at the war‑related risk premium in crude. [42]
- U.S. inventory and rig‑count data, for signs that lower prices are finally curbing production meaningfully in the Permian and other basins. [43]
- Policy and regulatory developments affecting clean energy, nuclear and utility rate structures, which could add to volatility in names like Eversource, Constellation, WEC and Clearway. [44]
For now, the takeaway is clear: energy stocks are caught between near‑term price pressure and massive long‑term investment cycles, from LNG export terminals to nuclear restarts and grid upgrades. That tension defined the week of November 16–21, 2025—and is likely to keep driving headlines into December.
References
1. www.investing.com, 2. tradingeconomics.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.reuters.com, 6. business.times-online.com, 7. tradingeconomics.com, 8. apnews.com, 9. www.investing.com, 10. finance.yahoo.com, 11. markets.chroniclejournal.com, 12. finimize.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. apnews.com, 20. apnews.com, 21. finimize.com, 22. www.investing.com, 23. www.investing.com, 24. www.ainvest.com, 25. www.marketbeat.com, 26. www.marketbeat.com, 27. www.marketwatch.com, 28. www.marketwatch.com, 29. apnews.com, 30. www.marketwatch.com, 31. uk.finance.yahoo.com, 32. www.marketscreener.com, 33. finimize.com, 34. www.reuters.com, 35. www.reuters.com, 36. www.investing.com, 37. www.reuters.com, 38. www.investing.com, 39. apnews.com, 40. www.marketwatch.com, 41. www.reuters.com, 42. www.reuters.com, 43. www.reuters.com, 44. finance.yahoo.com
