TL;DR: Crude oil suffered its sharpest weekly drop in months as Brent plunged from $117 toward the high $90s, even as U.S. crude production hit a record 14.003M bpd and active rigs rose to 604. Upstream M&A reached $12.6B in Q3, while colder weather forecasts helped natural gas reclaim $3/MMBtu alongside steady U.S. LNG export demand.
November 9, 2026 Edition
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Oil Experiences Sharpest Weekly Decline in Months- Saxo Bank noted that Brent and WTI each lost close to 13% in Friday’s session. HSBC reported Brent fell as much as 20% from $117 a week earlier before recovering to the high $90s, briefly approaching its 200-day moving average near $93.55 before moving back toward $100. HSBC also estimated global inventories fell about 510 million barrels between the end of February and the end of September.
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- U.S. Oil, Gas Drillers See Minor Uptick as Oil Prices Crash
- Summary: Baker Hughes reported the U.S. rig count rose to 604, up 56 from a year earlier, with oil rigs up one to 463 and gas rigs up one to 131. The Permian added one rig to reach 273, up 22 year over year, while the Eagle Ford held at 50. EIA data showed weekly crude output at a record 14.003 million barrels per day, and the frac spread count fell by three to 191.
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- Chevron says it will continue production of about 1 million b/d in Permian Basin
- Summary: Chevron said its Permian production is about 1 million barrels of oil equivalent per day and that it will continue at that level. The company set a third quarter refinery throughput record of 1.09 million barrels per day, at 98% of capacity. Exploration spending was about $1.2 billion last year, and Chevron has added more than 20 million acres to its portfolio since mid-2024.
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- U.S. upstream M&A hits $12.6 billion in Q3, Enverus reports
- Summary: Enverus Intelligence Research reported U.S. upstream M&A of $12.6 billion in the third quarter, up from $11.5 billion in the second quarter. Year to date, deal value totals $80.5 billion, including October transactions. Private-to-public deals made up about two-thirds of disclosed third quarter value, and the Permian accounted for roughly one-third, with deals such as EQT’s $13.8 billion all-stock purchase of Range Resources noted in the report.
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- Natural Gas Futures Reclaim $3 as Colder Forecast Revisions Fuel Rally
- Summary: Natural gas futures rebounded above $3.000 per MMBtu early Friday as colder forecast revisions supported prices. The next technical hurdle sits near $3.124 for the December contract. NGI noted Northeast cooling is expected to lift demand next week, while additional storage builds could erase bullish momentum.
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US LNG Feedgas Demand Holds October Pace Despite Freeport Train 2 Outage - Summary: U.S. LNG feedgas demand reached 19.7 Bcf/d on Wednesday and has averaged 19.2 Bcf/d so far in November, in line with October. Freeport Train 2 was offline about 16 hours for compressor maintenance, while Golden Pass intake averaged about 800 MMcf/d in November, up from 590 MMcf/d in October. Kpler data showed October exports of 10.85 million tonnes, up from 10.60 million in September, with Europe taking 6.65 million tonnes, about 61%.
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- MPLX to use proceeds from sale of refineries to support growth in Permian Basin
Summary: MPLX outlined $2.9 billion of organic growth capital, with more than 90% directed to natural gas and NGL infrastructure. The Secretariat I processing plant, with 200 million cubic feet per day of capacity, entered service in the Delaware Basin in April. Third quarter gathering throughput reached 7.216 billion cubic feet per day versus 6.906 billion a year earlier, while gas processed was 9.941 billion cubic feet per day compared with 10.075 billion. - Read more
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Key Takeaways
- Brent and WTI crude fell roughly 13% in a single session, with Brent dropping as much as 20% from $117 down toward the high $90s.
- Baker Hughes reported total active U.S. drilling rigs edged up to 604, while weekly domestic crude output reached a record 14.003 million bpd.
- Chevron reaffirmed plans to maintain its Permian Basin production plateau of approximately 1 million boepd.
- Enverus Intelligence reported Q3 U.S. upstream M&A climbed to $12.6 billion, pushing year-to-date deal volume to $80.5 billion.
- Natural gas futures climbed back above $3.00/MMBtu as colder weather forecasts boosted expected heating demand across the Northeast.
- U.S. LNG feedgas demand remained robust at 19.2 Bcf/d in November, with Europe absorbing roughly 61% of October exports.
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