Core Insights - The energy composite, which includes various energy commodities, experienced a decline of 7.06% in Q4 and is projected to be 10.99% lower in 2025 [1] - Crude oil prices fell significantly in Q4 and are expected to continue declining into 2025, while natural gas prices showed an upward trend [2][3] Crude Oil Market - Nearby NYMEX crude oil futures dropped by 7.94% in Q4 2025, influenced by seasonality and increased production [3] - NYMEX WTI crude oil prices decreased by 19.34% in 2025, closing at $57.42 per barrel, with early 2026 prices around $59 per barrel [4] - ICE Brent crude oil prices fell by 9.41% in Q4 and 18.49% in 2025, settling at $60.84 per barrel by the end of 2025, with early 2026 prices exceeding $63 per barrel [5] Oil Products and Crack Spreads - Gasoline prices fell more sharply than heating oil prices in Q4, with NYMEX gasoline futures down 13.07% in Q4 and 14.64% lower in 2025, while heating oil futures dropped 9.05% in Q4 and 8.41% in 2025 [6] - The gasoline crack spread decreased by 21.06% in Q4 but increased by 13.98% in 2025, while the distillate refining spread fell by 9.32% in Q4 and rose by 24.78% in 2025, indicating improved refinery earnings [7]