Oil and European gas prices fell sharply in the week to 6 November, with Brent recording its steepest weekly decline since 2020. Euro area inflation reached 4.0% in October as retail sales weakened, while annual inflation eased in Russia and Kazakhstan.
Oil & Gas
Brent fell below US$98 per barrel on 6 November, down more than 13% on the week and the steepest weekly decline since March 2020 (Trading Economics). EIA data showed US commercial crude stocks down 0.9 million barrels to 409.8 million barrels in the week to 30 October, about 4% below the five-year average; distillates fell 3.6 million barrels to 13% below that average (OilPrice.com).
Dutch TTF gas fell about 5% to around €86/MWh on 6 November, a weekly loss of about 15%, with EU storage at 74% against a five-year seasonal average of 90% (Trading Economics). The IEA said EU gas stocks are at their lowest in more than a decade going into the heating season and projected a decline of about 3% in global LNG supply in 2026 (S&P Global).
Aramco reported third-quarter adjusted net income of US$31.2 billion, up from US$28.6 billion a year earlier, and free cash flow of US$28.2 billion (Aramco).
Metals
Three-month LME copper traded at US$13,663 per tonne on 6 November, on track for a weekly fall of 3.44%, its largest since March. Copper stocks on the Shanghai Futures Exchange fell more than 24% in the week to 33,848 tonnes, the lowest in almost three years (The Edge). Gold traded near US$4,050/oz and silver at US$51.80/oz on 6 November (BullionVault).
Lundin Mining reported third-quarter revenue of US$1.11 billion and copper output of 62,610 tonnes, and lowered its 2026 Caserones copper guidance to 105,000–115,000 tonnes from 120,000–130,000 tonnes (Lundin Mining).
Data centers: AI & mining
Third-quarter spending on cloud infrastructure services reached US$168 billion, up 55% year on year, according to Synergy Research Group (Data Center Knowledge). GlobalData projects data center electricity use rising from 590 TWh in 2025 to 1,520 TWh in 2030 (Data Center Knowledge).
Riot Platforms reported third-quarter revenue of US$181.4 million and production of 1,637 bitcoin, and signed a 15-year lease of its 910 MW Corsicana campus with an AI lab, worth about US$28 billion (Riot Platforms). On 2 November, Bitcoin network difficulty stood at 148.36T, seven-day average hashrate at 1,062 EH/s and hashprice at US$32.86 per PH/s per day (Hashrate Index).
Economy: EU
Euro area annual inflation rose to 4.0% in October from 3.8% in September, with energy at 20.8% and core inflation stable at 2.5% (GMK Center). Retail sales fell 0.7% month on month in September, against an expected 0.1% decline (investingLive). In September, unemployment held at 6.5% in the euro area and 6.2% in the EU (Staffing Industry Analysts).
Economy: CIS
Russian consumer prices fell 0.04% in the week to 2 November, and annual inflation eased to 6.95% from 7.11% (Interfax). Federal oil and gas budget revenue reached 971 billion roubles in October, up 9% year on year; January–October revenue was 6.442 trillion roubles, down 14% (Kommersant). Kazakhstan's annual inflation eased to 9.2% in October from 9.3% (Kursiv). Uzbekistan's central bank held its policy rate at 14% and raised its 2026 inflation estimate to about 7% from 6.5% (Gazeta.uz).
What to watch
- 10 November: US consumer price index (LiteFinance).
- 13 November: Rosstat's official annual inflation figure for October (Interfax).
- Around 13 November: Next Bitcoin difficulty adjustment (Hashrate Index).