In October 2025, the average West Texas Intermediate (WTI) crude oil price per barrel decreased 5% month on month (m/m). Compared to last year, WTI is down 15% year on year (y/y), coming in at $60.89/barrel versus $71.99/barrel in October 2024.

Similarly, Brent crude also declined 10% m/m to $64.54/barrel and fell 15% y/y from $75.63/barrel in October 2024. This indicates that both WTI and Brent crude oil benchmarks are following very similar patterns this month. Additionally, in September, the Brent–WTI spread narrowed to $3.65.

Natural gas prices showed a different trend. The Henry Hub spot price increased 7% m/m to $3.20/million Btu, representing a 45% increase y/y.

Figure 1 charts the monthly average spot prices of WTI and Brent crude oil, alongside the Henry Hub natural gas spot price, from 2000 to present.

As noted by the Energy Information Administration (EIA):

“Actual price outcomes will largely depend on the degree to which existing sanctions imposed on Russia, any potential future sanctions, and independent corporate actions affect Russia’s oil production or the sale of Russia’s oil in the global market.”

At Gerdau, we routinely monitor the price of oil issued by the Energy Information Administration since it has a direct impact on the cost of shipping and freight. These costs, in addition to the data we follow on oil and gas rotary rig counts, have been shown to impact long product sales.