For the week ending May 16, 2025, ICE Brent crude oil futures saw an 8% increase in net long positions, rising by 12 million barrels, with long positions up 9% and short positions also increasing by 9%. Brent futures prices rose by $3.47, or 6%, from $62.05 to $65.52 per barrel. Conversely, WTI crude oil futures experienced a 7% decline in net long positions, falling by 10 million barrels, as long positions decreased by 3% and short positions rose by 6%. Despite this, WTI prices increased by $3.53, or 6%, from $59.04 to $62.58 per barrel. Combined Brent-WTI net long positions increased slightly by 1%, but overall open interest fell by 3%, with net long positions remaining 61% lower than the 2017-2021 average and 41% lower than the 2022-2024 average. U.S. natural gas net long positions dropped sharply by 47%, or 18 billion cubic feet, for the same week, with net longs 54% below the 2022-2024 average and 230% below the 2017-2021 average. U.S. Strategic Petroleum Reserve (SPR) crude inventories rose by approximately 0.8 million barrels week-over-week to 401.3 million barrels, with sour crude increasing by 0.6 million barrels to 255.9 million barrels and sweet crude up by 0.2 million barrels to 145.4 million barrels. On May 27, 2025, NYMEX July WTI crude futures settled down 64 cents, or 1.04%, at $60.89 per barrel, while Brent crude futures settled down 65 cents, or 1%, at $64.09 per barrel. NYMEX June futures for diesel, natural gas, and gasoline settled at $2.0794 per gallon, $3.3980 per million British thermal units, and $2.0715 per gallon, respectively. Natural gas production in the Lower 48 states briefly spiked but has since tapered back to around 105.5 billion cubic feet per day, with continued declines in U.S. shale oil production expected to support natural gas markets.