U.S. crude oil inventories declined by 6.014 million barrels in the week ending August 15, 2025, marking the largest drawdown since June, driven by lower imports and exports reaching 4.4 million barrels per day. Gasoline stocks decreased by 2.720 million barrels, while distillate inventories increased by 2.343 million barrels. U.S. implied oil demand rose by 149,000 barrels per day to 21.506 million barrels per day, with distillate demand up by 266,000 barrels per day and gasoline demand down by 158,000 barrels per day. Refinery demand remained at the highest seasonal level since 2019. In production data, North Dakota's oil output in June rose 3.5% month-over-month to 1.151 million barrels per day but was down 3.0% year-over-year. Colombia's June production declined 0.7% month-over-month to 0.774 million barrels per day and was down 4.8% year-over-year. On the market front, money managers reduced their net length in Brent crude futures and options by 23,852 contracts to 182,695 and cut net length in WTI crude by 29,686 contracts to 49,264 in the week ending August 19. Long-only positions in Brent fell by 20,669 contracts, while short-only positions rose by 3,183. For WTI, long-only positions increased by 3,564 contracts, and short-only positions rose by 23,142. Additionally, equity fund speculators trimmed their S&P 500 CME net short positions by 30,327 contracts to 365,804. Brent crude prices remained stable between $65.80 and $67.90 per barrel amid thin holiday trading. Meanwhile, geopolitical developments included U.S. sanctions on 13 firms over Iran, a $4.4 billion fine imposed by Kazakhstan on oil majors, Ukraine targeting the Druzhba pipeline, and India resuming purchases of Russian crude oil.