The NYMEX crude-to-gas ratio for October 2025 stands at 18.6, with crude at $59.89/bbl and gas at $3.25/MMBtu, down from 21.3 in September. Despite the month-on-month dip, the ratio remains above levels seen earlier in 2025, when it bottomed out at 16.6 in March, with crude at $67.95/bbl and gas at $4.12/MMBtu. However, October’s figure is still notably lower than a year ago, at 28.1 in October 2024, when crude was $71.86/bbl and gas was $2.58/MMBtu. That’s a 13% decline from September and about 34% lower year-on-year, reflecting how softer crude prices and firmer gas fundamentals have narrowed the ratio heading into late 2025.
