RSS feed source: US Energy Information Administration

In-brief analysis

October 6, 2025

Data source: CME Group, Bloomberg L.P.
Note: 3Q25=third quarter of 2025

Crude oil prices were relatively stable in the third quarter of 2025 (3Q25), ending the quarter just 9 cents per barrel (b) less than they started, while refinery margins increased to their highest levels so far this year. In this quarterly update, we review petroleum markets price developments in 3Q25, covering crude oil prices and refinery margins.

Crude oil prices
The Brent crude oil price traded in a narrow range in 3Q25 as expected increased production from OPEC countries offset geopolitical tensions. The Brent price began the quarter averaging $70/b in July, following the Israel-Iran 12-day war at the end of 2Q25, before declining to an average of $67/b in August and $68/b in September.

OPEC+ announcements in July, August,

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RSS feed source: US Energy Information Administration

In-brief analysis

October 1, 2025

In 2023, Texas consumed more energy than any other state. Total energy consumption in Texas was twice as much as in California, the second-highest consuming state, and more than three times as much as in Florida, the third-highest consuming state, according to recently released data in our State Energy Data System (SEDS). U.S. total energy use peaked in 2007, and between 2007 and 2023, Texas’s energy consumption increased 21%, while U.S. energy use decreased 5%. According to our SEDS data, most of the energy consumption growth in Texas is attributable to increased industrial activity, population, and electricity demand.

In 2023, energy consumption in Texas was higher than in any other state for every sector. Texas also consumed more coal, natural gas, and petroleum than any other state, and it was second only

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In-brief analysis

October 3, 2025

The value of all energy trade between the United States and Mexico was estimated to be $57 billion in 2024, down from nearly $72 billion in 2023, according to data from the U.S. Census Bureau. A combination of lower petroleum output from Mexico and lower fuel prices, particularly for petroleum products that make up the bulk of the cross-border energy trade between the two countries, drove most of the decrease.

Energy trade value represents the total value of energy imports and exports between two countries and is driven by commodity volumes and prices. Most of the energy trade value between the United States and Mexico comes from U.S. exports of refined petroleum products to Mexico—$37 billion in 2024—which accounted for 64% of the total energy value traded between the two countries.

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In-brief analysis

September 29, 2025

Two electricity markets in the Midwest still generate more electricity from coal than from natural gas in at least some months of the year: Southwest Power Pool (SPP) and the Midcontinent Independent System Operator (MISO). We expect these two regions will generate more electricity from coal than from natural gas in some upcoming winter months, based on forecasts in our latest Short-Term Energy Outlook.

As recently as 2021 and 2022, both SPP and MISO were producing more electricity from coal than from natural gas in every month of the year. More recently, coal has exceeded natural gas only in the winter months, when demand for space heating and related demand for electricity increase. In MISO and SPP, we expect coal generation to exceed natural gas generation from December 2025 through February 2026.

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