TL;DR
Brent settled at $63.37 and WTI at $58.84, up about 1% on the day. Traders leaned into a December U.S. rate cut while skepticism over Ukraine peace lingered, according to available reports. Despite the November 24 2025 oil prices bounce, banks still see a weaker medium‑term path.
November 24 2025 oil prices: Drivers and close
November 24 2025 oil prices settled higher, with Brent at $63.37 and WTI at $58.84. Gains were tied to bets on a December U.S. rate cut and doubts about Ukraine peace prospects, according to Reuters. The brent crude price today reflected that shift, while the wti price nov 2025 closed near $59 after intraday swings.
Follow the money: looser policy can lift growth expectations and fuel demand. However, macro headwinds and supply growth still shadow the tape.
Timeline: Key energy market moves in late November 2025
- Prices: Brent and WTI each added roughly 1% on Nov. 24 as rate‑cut odds rose and peace optimism faded. Reuters detailed the close and drivers.
- Investment: ADNOC approved the adnoc 150 billion capex plan for 2026–2030 and reported higher reserves, including a new Ghasha operating company.
- Infrastructure: FERC granted a cameron lng extension, moving Cameron LNG’s completion and in‑service deadline to March 16, 2033.
- Sanctions policy: The United States issued a paks ii general license that permits certain transactions tied to Hungary’s Paks II project, including dealings with Gazprombank, VTB, and Russia’s central bank.
- Enforcement pressure: U.S. senators said about 14 discounted Arctic LNG 2 cargoes moved since August, arguing enforcement gaps undercut sanctions.
- Russian revenues: Russia’s November oil and gas intake is projected down about 35% year over year amid lower prices and a stronger rouble.
- Power mix: EIA reported California used less gas for power as in‑state solar output rose.
- Outlook: JPMorgan cut longer‑term price views, seeing Brent at $57 and WTI at $53 in 2027 as supply outpaces demand in 2025–2026.
ADNOC $150 billion CAPEX plan and reserves update
Evidence shows ADNOC’s board approved the adnoc 150 billion capex program for 2026–2030 and acknowledged larger reserves. Reported totals now stand at 120 billion stock tank barrels of oil and 297 trillion standard cubic feet of gas. A new Ghasha operating company was also approved as the project targets 1.8 bscfd of gas and 150,000 bpd of oil and condensate.
Follow the money: multi‑year upstream and gas investments signal confidence in long‑term Gulf supply. Yet, near‑term market balances remain in flux.
Cameron LNG extension granted by FERC
The regulator approved a cameron lng extension, adding five years to complete construction and place the Louisiana export facility into service. The new deadline is March 16, 2033. Activity has accelerated across U.S. LNG since the permitting pause lifted, but project timelines remain sensitive to financing and EPC execution.
U.S. license permits certain Paks II transactions
The Treasury issued a paks ii general license allowing specified transactions tied to Hungary’s Paks II nuclear project. Permitted dealings can involve Gazprombank, VTB, and Russia’s central bank under defined conditions. Consequently, some nuclear‑related flows may continue even as broader Russia sanctions endure.
Sanctions and revenues: Arctic LNG 2 sales vs Russia’s November intake
Lawmakers said roughly 14 Arctic LNG 2 cargoes shipped since August at discounts of about 30%–40%, largely to China. Follow the money: discounted sales support cash flow, but Russia’s November oil and gas revenue is still projected down about 35% year over year to 520 billion roubles. Lower global prices and a stronger rouble are the key drags, according to Reuters calculations.
California power shift: Less gas as solar rises
Evidence shows California’s power sector has reduced natural gas use as in‑state solar generation increased. This shift continues to pressure thermal load factors during midday hours. Consequently, regional gas demand looks structurally softer on sunny days.
November 2025 oil prices vs JPM outlook
The contradiction: spot optimism versus cautious medium‑term forecasts. JPMorgan projects Brent at $57 and WTI at $53 in 2027, citing non‑OPEC+ supply strength and modest demand growth in 2025–2026. Still, the brent crude price today and the wti price nov 2025 can diverge from those paths as macro signals and OPEC+ policy evolve.
What’s Next: Rate decision, LNG buildout, sanctions tracking
Markets will watch the December U.S. rate call, which could sway crude’s risk tone. Additionally, the cameron lng extension sets a longer construction runway, and the paks ii general license will shape near‑term nuclear‑related transactions. Finally, enforcement on Russian LNG flows bears watching alongside Russia’s November revenue print.
November 24 2025 oil prices remain a snapshot in a larger adjustment. Nevertheless, cross‑currents from rates, supply projects, and sanctions still define the setup. November 24 2025 oil prices may therefore react quickly as those threads evolve.
Visuals suggested: intraday Brent/WTI line; bar chart of Russia monthly oil and gas revenue; timeline of regulatory actions.
Sources
- Reuters: Oil prices settle up 1% on bets Fed will cut US rates and doubts about Ukraine peace
- Reuters: FERC grants five-year extension to Sempra’s Cameron LNG project
- Reuters: Abu Dhabi’s ADNOC plans $150 billion in capital investments between 2026-2030
- ADNOC press release: UAE President Chairs ADNOC Board Meeting
- Reuters: US issues license allowing some transactions with Hungarian nuclear power plant project
- Reuters: US senators say Trump has failed to prevent Russian LNG from helping fund war in Ukraine
- Reuters: Russia’s oil and gas revenue may fall in November by 35%
- EIA: Natural gas use for electricity in California falls as solar generation rises
- Reuters: JPMorgan projects Brent crude at $57, WTI at $53 in 2027
