Crude Futures Pick Up After Heavy Selling

Oil prices recovered on November 11 and 12 following a sharp selloff the previous week. According to Finimize, front-month West Texas Intermediate (WTI) crude rose 1.4% to $87.25 a barrel and Brent gained 1.5% to $92.82 before the open on November 12, lifting the Energy Select Sector SPDR Fund (XLE) about 1% higher. Natural gas futures climbed 2% to $3.36 per million British thermal units, pushing the United States Natural Gas Fund (UNG) up 1.9%.

The Globe and Mail and The Chronicle-Journal, both citing CNBC, reported that Brent crude dropped 0.75% to $97.57 a barrel and West Texas Intermediate slipped 0.4% to $90.45 after President Trump said he was "highly unlikely to order fresh attacks on Iran if talks to end the conflict kept progressing." CNBC also cited UBS saying oil flows out of the Middle East remain elevated and are weighing on the physical market. Yahoo Finance Singapore noted investors were monitoring shipping disruptions in the Strait of Hormuz, where attacks on ships kept supply concerns in focus.

EnergyNow published commentary by Bousso arguing that "Trump's Iran War Pause is as Costly as New Strikes," suggesting the diplomatic pause carries its own market costs. Marketscreener reported Nymex petroleum futures were rebounding from the recent selloff, citing OPIS.

Not all energy names moved with the commodity tape. Finimize reported Petrobras slid over 3% after a weaker-than-expected third-quarter net income. The Globe and Mail highlighted Solaris Energy Infrastructure shares as extremely volatile, with 75 moves greater than 5% over the last year, up 26.1% year-to-date but still 23.5% below its June 2026 52-week high of $82.88. The Chronicle-Journal noted ProFrac shares had 78 moves greater than 5% over the past year, down 17.9% year-to-date and trading 58.9% below its June 2026 high of $8.06. Both outlets noted the previous week's steep slide followed Democratic midterm victories that sparked fears of tighter legislative curbs on AI data centers and capital spending.