Key Highlights

● Natural gas futures slipped to $2.883 on Friday, October 30, 2026.

● WTI rose $2.12 to $104.12.

● Brent settled at $113.43.

● No specific reason was cited for gas's decline.

Natural gas futures slipped to $2.883 on Friday, October 30, 2026, ending the day lower. At the same time, West Texas Intermediate crude for December delivery rose $2.12 to $104.12 a barrel, and Brent Crude for January delivery settled at $113.43, according to market data.

The reports reviewed for the session did not cite a specific reason for natural gas's decline. The move stood in contrast to the rally in oil, which was driven by tensions around Iran.

Two different markets

Although both are fossil fuels, Crude Oil and US Natural Gas trade on different fundamentals. Oil is a global Commodity shipped by tanker around the world, so events in the Middle East can quickly move its price. Natural gas in the United States is largely shaped by domestic factors such as production, storage levels and weather, which affects Demand for heating and cooling.

That difference helps explain how the two can move in opposite directions on the same day. Friday's oil rally was tied to Supply risks from the Strait of Hormuz and the conflict involving Iran, concerns that are more directly linked to crude.

What drove oil

Crude rose as tanker incidents in the Strait of Hormuz unsettled traders. Iran claimed vessels had been struck by mines, and one report described a tanker hit by limpet mines. Reports also said the United States could resume strikes on Iran, with a commander briefing President Donald Trump on options.

Trump said the Iran war is "going to end soon," according to market data, but prices kept climbing. Vice President JD Vance sent a letter to Tehran about reviving talks, but Iran said it won't soften, according to market data. A Ukrainian strike on a refinery in Samara, Russia, added to the pressure on oil.

Other commodities slide

Natural gas was not the only commodity to fall. Gold dropped $132.50 to $3,898.90 an ounce, a 52-week low, and silver slid toward $49. Copper fell to $6.51 a pound. Bets on a Federal Reserve rate hike were cited as a Factor in the precious-metals selloff.

The Fed left its benchmark rate range unchanged at its October 27-28 meeting, but markets are pricing in a December hike, according to CME FedWatch data cited by market data. On Friday, St. Louis Fed President Alberto Musalem said, "I judge that additional firming of Monetary Policy will be necessary, and soon."

The broader market had its worst session since June. The S&P 500 dropped 140.32 points to 7,580.07, the Dow Jones Industrial Average lost 572.25 points to 51,770.31 and the Nasdaq Composite fell 747.73 points to 25,437.00. Intel (NASDAQ:INTC)'s cash-burn warning set off a chip selloff, while energy was the best-performing sector, helped by oil.

Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) briefly hit record highs. Utilities, which are major users of natural gas for power generation, also rose as investors moved money into defensive sectors.

What to watch

For natural gas, the key factors are likely to remain domestic: weather forecasts as the US heads into the heating season, storage data and production levels. Any sign that the turmoil in oil markets is spilling over into global gas supplies could also matter.

For crude, the focus stays on the Strait of Hormuz and any US action against Iran. Brent's four-year high of $116.72, set on October 23, is a level traders are watching. The October jobs report on Friday, November 6, will offer a broader read on the economy's energy needs.