We demonstrate magnetometry by detection of the spin state of high-density nitrogen-vacancy ensembles in diamond using optical absorption at 1042 nm. With this technique, measurement contrast, and collection efficiency can approach unity, leading to an increase in magnetic sensitivity compared to the more common method of collecting red fluorescence. Working at 75 K with a sensor with effective volume $50 times 50 times 300$ microns^3, we project photon shot-noise limited sensitivity of 5 pT in one second of acquisition and bandwidth from dc to a few megahertz. Operation in a gradiometer configuration yields a noise floor of 7 nTrms at ~110 Hz in one second of acquisition.