The U.S. Energy Information Administration (EIA) reported a decline in crude oil inventories by 3.03 million barrels for the week ending August 1, 2025, bringing total crude stocks to approximately 423.66 million barrels, which is about 6% below the five-year average. Gasoline inventories also fell by 1.32 million barrels to 227.08 million barrels, while distillate stocks decreased by 565,000 barrels to 112.97 million barrels. Cushing crude oil inventories rose by 453,000 barrels. Despite these declines in inventories, refinery utilization increased by 1.5%. Following the EIA report, U.S. crude oil futures rose by 0.8%, Brent crude futures increased by 1.1%, gasoline futures gained 1.3%, and diesel futures rose by 2.0%. However, over the week ending August 8, WTI crude oil futures settled lower at $63.88 per barrel, down 0.73%, and Brent crude futures closed at $66.43 per barrel, down 0.69%. The U.S. Baker Hughes rig count showed a slight increase in oil rigs to 411 from 410, while gas rigs decreased to 123 from 124, resulting in a total rig count of 539, down one from the previous week. Additionally, U.S. natural gas futures fell by 3% to $2.99 per million British thermal units (MMBtu) over the same period. The term structure of crude futures narrowed, indicating potential price stabilization or slight upward pressure in the near term.
U.S. natural gas futures prices fell $0.09 (3%) from $3.09 to $2.99 week ending August 8 12-month spread suggests further downward price pressure on Monday #energy #NaturalGas #shale #fintwit #oilandgas #Commodities #ONGT #natgas https://t.co/PizVpLBw86
The US drilling rig and pressure pumping count continue to decline https://t.co/8bdFeLTDwC
Term structure as abstract art @cjenscook Brent 12-month spread narrowed $1.48 (45%) for the week ending August 8 Front-month price decreased $3.08 (4%) from $69.67 to $66.59 #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities #commoditiesmarket https://t.co/MWlmJeKM1T