The NYMEX crude-to-gas ratio for November 2025 — shown by the green bar in the chart below — stands at 13.5, down from 18.2 in October, continuing a steady decline since August, with crude averaging $59.7/bbl and gas at $4.43/MMBtu. By contrast, November’s ratio is notably lower than a year ago, at 23.7 in November 2024 — represented by the red bar — when crude was $69.46/bbl and gas was $2.96/MMBtu. That’s a 26% decline from October and about 43% lower year-on-year. The shift reflects a market recalibrating to weaker crude pricing and comparatively stronger gas fundamentals.
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- Analyst Insight
USGC Monthly Crude to Gas Ratio - Chart Toppers
The crude-to-gas ratio slipped to 18.6 in October, down from 21.3 in September and well below 28.1 a year ago. Softer crude prices and firm gas demand continue to reshape the balance heading into late 2025.
- Analyst Insight
WTI Crude-to-Gas Ratio Rebounds in February - Chart Toppers
The NYMEX WTI crude-to-gas ratio rebounded in February, up sharply month over month but still trailing year-ago levels.
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It’s The Same Old Song – Cost Cutting Sustains E&P Earnings Amid Continuing Commodity Price Volatility
U.S. E&Ps have battled mightily to mitigate the impact on earnings and cash flows caused by the steady erosion in commodity prices, but concerning trends could impact future earnings.
