Key Highlights

● Natural gas futures jumped sharply on November 9.

● Brent fell $5.75 to $92.57 a barrel.

● Oil posted its lowest close since August.

● Kodiak Gas Services raised its EBITDA target to $840 million to $860 million.

Energy traders saw two very different charts on Monday, November 9, 2026. Crude Oil kept tumbling, with Brent falling $5.75 to $92.57 a barrel, according to news reports. Natural Gas futures, meanwhile, jumped sharply, reports said.

The exact price level for natural gas was not reported in the coverage, but the direction was unmistakable. While oil posted its lowest close since August, according to market coverage, gas surged.

Why the two can diverge

Oil and natural gas are both fossil fuels, but their markets are driven by different things. Crude is a global Commodity shipped by tanker around the world, which makes it highly sensitive to geopolitics in the Middle East and to the Strait of Hormuz.

US natural gas, by contrast, is priced largely on domestic Supply and demand. Weather is a major driver, especially heading into winter heating season. Power generation also matters: gas-fired plants produce a large share of US electricity, and Demand from data centers has become a growing part of that picture.

So when hopes for a US-Iran peace deal pushed crude lower, there was no automatic reason for gas to follow. President Donald Trump said that renewed strikes on Iran were "highly unlikely" if talks progress, reports said, and reports citing Israeli media said an unconfirmed Qatari-brokered deal to reopen Hormuz.

Gas-linked stocks find support

Companies tied to gas infrastructure had a good day. Kodiak Gas Services (NYSE:KGS), which provides compression services that help move natural gas through pipelines, jumped in morning trading after reporting a record third quarter and raising its full-year adjusted EBITDA target to $840 million to $860 million, according to market reports.

Power producers that run gas plants also rallied. NRG Energy (NYSE:NRG) gained after beating Earnings estimates and agreeing to sell six gas-fired plants to LS Power for $4 billion, according to market data. Constellation Energy (NASDAQ:CEG) jumped after its results beat expectations, reports said, and Vistra was also among the day's gainers.

The broader AI-power trade helped too. Bloom Energy (NYSE:BE), whose fuel cells can run on natural gas, rallied, and GE Vernova (NYSE:GEV), a maker of gas turbines, climbed.

Oil producers lagged

The contrast with oil companies was sharp. Exxon Mobil (NYSE:XOM) slipped, according to news reports, and energy was the S&P 500's weakest sector, reports said. Heating oil, a refined product tied to crude, fell to about $4.22 a gallon, according to market data.

The overall market celebrated. The S&P 500 jumped 173.08 points to 7,549.94, its best day since April 8, and the Dow Jones Industrial Average rallied 1,104.02 points to 52,389.75.

The Inflation angle

Natural gas feeds into Utility bills and industrial costs, so a sustained rise could partly offset the relief from cheaper oil. That matters for the Federal Reserve, where traders see a December rate hike as highly likely, according to Futures Market pricing.

Gas and Oil Go Separate Ways

Gas traders will watch weather forecasts as winter approaches, along with weekly storage reports from the Energy Information Administration. Data-center power demand and any new restrictions after the midterm elections could shape longer-term consumption.

For crude, the focus remains on Middle East diplomacy. Tuesday's October consumer price index, the last before the Fed's December 8-9 meeting, will show how energy costs have filtered into inflation. If gas keeps climbing while crude slides, the split could persist into the winter months.