13 November 2025
Markets were mixed today, with energy and bulk commodities moving cautiously as participants assessed shifting supply signals and broader macro sentiment.
Coal
API2 prices continued to drift lower today, mirroring another decline in European gas, where the front end slipped just over 1%. Oil found modest support after the sharp early-week losses, with front-month Brent crude up nearly 1%. Physical Newcastle activity was subdued, with no meaningful market emerging for the prompt month.
Brent Crude
Oil prices firmed slightly after sharp losses yesterday, as the market weighed global oversupply against new US sanctions on Russia’s Lukoil. The sanctions, effective 21 November, are intended to pressure Moscow over Ukraine. Oversupply concerns persisted, with US crude inventories rising by 1.3 million barrels in the week to 7 November, according to API data. The EIA will publish official figures later today. Preliminary data also show inventory builds across Europe, Singapore, Fujairah, and the US.
Spot Brent at 17h23 GMT – $63.16/bll, Up +0.75%
European LNG
European gas futures extended their decline, falling below €31/MWh—the lowest since May 2024—as strong LNG inflows and steady Norwegian pipeline supply met subdued seasonal demand. Mild, windy weather further curbed consumption, and warmer conditions in China released additional LNG to Europe. EU LNG imports reached 101.38m tonnes in the first ten months of the year, up 16.75m tonnes year-on-year. Storage is 82.61% full, improving relative to recent weeks. Meanwhile, renewed Russian strikes on Ukrainian energy infrastructure raise the likelihood of Ukraine drawing more gas from Europe this winter.
Spot Dutch TTF at 17h25 GMT – €30.51/MWh, Down -1.44%
Iron Ore
Iron ore futures remained rangebound, with the I2601 contract closing at 772.5 yuan, up 0.26%. Spot prices rose modestly by 0–2 yuan/mt. Demand for major steel products dipped slightly, though inventories continued to decline in line with seasonal norms, exerting minimal price pressure. Short-term fundamentals remain stable, with supported iron ore demand and prices largely tracking steel market movements.
Spot SGX 62% Fe at 16h11 GMT – $103.55/mt, Down -0.19%
Copper (LME)
Copper prices edged higher, supported by optimism surrounding the end of the US government shutdown and the expected return of economic data releases. Markets are watching upcoming Chinese loan figures for signs of demand strength. A weaker US dollar remains a potential tailwind for metals. However, expectations of soft Chinese bank lending and a drop in total social financing continued to dampen sentiment. China’s refined copper exports are on track for a record year, with October shipments set to exceed 100,000 tonnes for only the third time, as strong domestic output and favourable foreign prices encourage outflows amid historically low processing fees.
LME 3-month copper at 17h13 GMT – $10,902/mt, Down, -0.30%
Overall, price action remained contained, with traders awaiting clearer direction from upcoming data and physical market developments.
