Friday, November 14, 2025

Here’s what moved overnight, and what it means for your capital.

• WTI crude: $59.6–$60 (+1.5% intraday)
• Brent: $63.9–$64 (+1.4% intraday)
• Henry Hub gas: ≈ $4.62/MMBtu (-0.6% intraday; still elevated vs recent months)

The headlines are pushing a “glut” narrative. The IEA flags a larger 2026 surplus as supply growth outpaces demand. In the U.S., the latest EIA data shows a 6.4 million-barrel crude build (week ending Nov 7) even as refinery runs and utilization climbed. Gasoline and distillates drew modestly, subtle signs of product pull despite the crude build. Meanwhile, sanctions and shipping frictions are stranding portions of Russian flows, adding underpriced tail risk.

What the herd is missing:

• Demand is rotating, not disappearing. Refinery utilization and product draws matter more than doom headlines.
• Gas setup is quietly constructive. Winter/LNG pull with 2026 guideposts near $4 supports upstream cash flows.
• “Excess supply” at $60 WTI breeds mispricings in acreage and working interests. Sophisticated capital positions before the story flips.

The read: prices stabilized off the lows; the narrative screams oversupply, but the micro tells (product draws, utilization, LNG gravity) say optionality is mispriced at the wellhead.

The move: if you’re aiming for monthly cash flow and 2025 tax elimination, don’t wait for $70 oil and bullish op-eds. Buy contradictions while they’re uncomfortable. Visit JoinIronHorse.com.

That’s your brief for Friday, November 14th. Let’s keep building.

Keywords: oil and gas investing, tax deductions, WTI crude, Brent crude, natural gas, working interests, monthly cash flow, OPEC surplus, IEA demand forecast, LNG exports, Permian Basin, Iron Horse Energy Fund, geopolitical risk, energy investing

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