Weekly Energy Market Recap: Nov 6 - Nov 13, 2026

Key Takeaways

• President Donald Trump extended the Jones Act waiver for another 90 days on Friday, Nov 13, 2026, keeping foreign-flagged tankers eligible to move fuel between U.S. ports, OilPrice.com reported.
• U.S. gasoline averaged $3.91 per gallon Thursday, against $2.98 before the Iran war began, OilPrice.com reported.
• The Senate advanced the Bipartisan Affordability and Jobs Act on Nov. 9 in a procedural vote, and OilPrice.com's summary of a Hyman and Tilles analysis says a final vote could come the week of Nov. 16.
• Electrek reported that Tesla now sells only the Cyberbeast version of the Cybertruck in the US, at $109,990 after a $7,500 price increase.
• Anglo American agreed in May to sell its Australian steelmaking coal portfolio for up to $3.9 billion, MINING.COM reported, with closing expected in the first quarter of 2027.

Oil & Gas Markets

The week's most consequential development was Washington's decision to keep its emergency shipping relief in place. Trump extended the Jones Act waiver for another 90 days on Friday, Nov 13, 2026, keeping foreign-flagged tankers eligible to move oil and other commodities between U.S. ports while the war with Iran continues to drive up fuel costs, OilPrice.com reported. Relaying a White House official's confirmation to Reuters, OilPrice.com said the extension continues what it calls "the longest waiver in the shipping law's history". The 1920 law requires cargo moving between American ports to travel on U.S.-built, U.S.-owned and U.S.-crewed vessels.

The waiver now works differently from the original. Foreign vessels still need approval for individual voyages, a restriction introduced in August after earlier blanket exemptions drew opposition from the domestic maritime industry, OilPrice.com reported. Government figures cited by Reuters show roughly 300 waivers were granted under the blanket exemptions in March and May, compared with just 48 since the switch to individual approvals in August. Phillips 66 was among the first to use the original waiver, shipping roughly 300,000 barrels of Bakken crude from Texas to Monroe Energy's Trainer refinery in Pennsylvania aboard the Malta-flagged HTM Warrior in April. More than 50 Republican lawmakers urged Trump in June to restore the restrictions, citing American maritime jobs and national security concerns.

The pump price is what the waiver is meant to ease, and the relief looks limited. U.S. gasoline averaged $3.91 per gallon Thursday, compared with $2.98 before the war began, OilPrice.com reported. Diesel stood at $6.10, up from $3.76, according to AAA. OilPrice.com added that shipping accounts for only a small portion of retail gasoline prices, and critics estimate that relaxing the Jones Act would save consumers mere pennies per gallon.

Natural gas futures floundered on Friday after a solid storage increase to begin November and forecasts for a mild start to winter, Natural Gas Intel reported on Nov. 13, 2026. EIA reported a 61 Bcf injection for the week ended Nov. 6, 2026, bringing Lower 48 inventories to 3,862 Bcf. Natural Gas Intel said inventories now exceed the five-year average by 2%.

In Washington, the Senate's 73-25 vote on Nov. 9 advanced the Bipartisan Affordability and Jobs Act, known as BAAJA. The vote was procedural, not final passage, according to OilPrice.com's summary of an analysis by Leonard Hyman and William Tilles. The authors argue the bill gives AI data centers a legal roadmap to build gas power, plus the lines and pipelines to serve it, while curbing challenges from state attorneys general and tribal authorities. They write that Anthropic this week announced a multi-billion-dollar purchase of mostly gas combustion turbines to power a new facility in Texas. They also cite the possible addition of 40-50 gigawatts of gas-fired generation at the proposed data-center facilities. Hyman and Tilles describe the bill as an early draft that will likely be heavily revised several times and may still die in a newly reconstituted House of Representatives.

Renewable Energy Developments

Tesla's Cybertruck pricing moved sharply this week, according to Electrek. The company now sells only one version in the US, the tri-motor Cyberbeast, which just got another $7,500 price increase to $109,990, Electrek reported on Nov. 13, 2026. The cheapest Cybertruck that can be ordered costs $109,990, up 57% from $69,990 in early August. Electrek reported that the Cyberbeast cost $102,490 a week earlier and $99,990 before that.

The lower trims have effectively left the market. Tesla's US configurator on Nov. 13 showed the Cybertruck Dual Motor AWD at $82,490 and the Premium AWD at $92,490, both not orderable, per Electrek. On November 6, the same day Elon Musk announced the end of Cybertruck production, Tesla raised prices by up to 10% and paused orders for the base Dual Motor, according to Electrek. Electrek reports Musk later extended production through the end of summer 2027 to "work through more of the Cybertruck order backlog."

Electrek estimates Tesla delivered 7,000 to 8,000 Cybertrucks in Q3, a pace of about 30,000 a year on a line with more than 125,000 units of installed capacity.

On the grid side, the Hyman and Tilles analysis in OilPrice.com says ERCOT's September queue lists 158 GW of solar, 166 GW of batteries and 49 GW of wind. The authors say that build-out could lower prices but squeeze utility profits.

Mining & Critical Minerals

Anglo American is removing its name from Brisbane's skyline as it prepares to hand its Australian steelmaking coal operations to Dhilmar Limited, ending a 27-year chapter for the business, MINING.COM reported. The company agreed in May to sell the portfolio for up to $3.9 billion, including $2.3 billion upfront. The deal is expected to close in the first quarter of 2027, subject to regulatory approvals. It forms part of Anglo American's broader restructuring, which includes its planned combination with Teck Resources to create Anglo Teck.

Leadership is changing with the ownership. Anglo American Australia announced on Nov. 4 that CEO Dan van der Westhuizen would depart, with chief financial officer Carleigh Andrews set to succeed him under Dhilmar ownership, MINING.COM reported. The change takes effect when the transaction closes or by Dec. 31, whichever comes first. Ben Mansour, vice-president of people and corporate relations at Anglo American Australia, said in a LinkedIn post: "It's a moment to celebrate a remarkable legacy and look forward with optimism." He said more than 100,000 employees and contractors have worked for the Australian business over the past 27 years, including 75,776 since 2009. MINING.COM noted that Anglo American has recently identified copper-focused exploration activities in Queensland and Western Australia, and has not clarified which Australian corporate entities or exploration interests, if any, will remain.

In Europe, a MINING.COM op-ed by Dr. Nicholas Vafeas of BluMelt Mineral Consulting Limited argues that Brussels is now moving to build strategic reserves of critical raw materials through RESourceEU. He writes that the Critical Raw Materials Act sets a 2030 benchmark for EU processing capacity equivalent to at least 40% of annual strategic raw material consumption. The December 2025 RESourceEU action plan brings stockpiling and joint purchasing together with investment support and supply diversification, he says. Vafeas argues that securing a mineral and securing the ability to use it are two entirely different achievements, citing tungsten concentrate, which he says is not ammonium paratungstate. He notes that Namibia has restricted exports of certain unprocessed minerals to encourage local processing. If procurement builds no capability, he writes, the EU should admit it is "buying insurance, not independence".

Rio Tinto is applying AI to its supply chain, International Mining reported. The company's Mine Automation System pulls together data at 98% of its sites. In March 2026, Rio Tinto signed a memorandum of understanding with AI Singapore for a two-year collaboration facilitated by Enterprise Singapore. Rio Tinto processes more than 10,000 freight invoices annually, a manual task that requires cross-checking across multiple data sources. Will Millsteed, Rio Tinto Commercial's Chief Financial Officer, said: "mining is often seen as a traditional industry, but the challenges we face today require modern, AI-enabled solutions."

In precious metals, Gold fell 2.47% and Silver slipped 2.23% in the latest session, per Polygon data.

Week Ahead Preview

A final Senate vote on BAAJA could come the week of Nov. 16, per OilPrice.com's summary of the Hyman and Tilles analysis, though the authors say the bill may be heavily revised and could still die in the House. The Anglo American leadership handover is set for the transaction's close or Dec. 31, whichever comes first. The sale itself is expected to close in the first quarter of 2027, subject to regulatory approvals. The Jones Act waiver runs for 90 days from its extension, leaving the question of fuel prices and the domestic maritime industry's objections unresolved.

This weekly recap draws on reporting by OilPrice.com, MINING.COM, Natural Gas Intel, Electrek, International Mining. For daily coverage, visit stakeandpaper.com.