U.S. natural gas comparative inventory fell by 32 bcf for the week ending September 27, resulting in a spot price increase of $0.66 (35%) from $1.90 to $2.56. The Henry Hub gas spot price reached $2.56. Additionally, U.S. natural gas futures saw a 12-month spread increase of $0.08 (17%) as the front-month price fell and the 12-month price rose. The November contract rose $0.01 from $3.30 to $3.31, while the front-month price decreased $0.05 from $2.90 to $2.85. ICE Brent net long positions rose 20 mmb, while WTI net long positions decreased 21 mmb for the week ending September 27. Brent and WTI net long positions collectively decreased by 1 mmb. U.S natural gas net long positions rose 1 bcf. WTI futures prices rose $6.20 (9%) from $68.18 to $74.38 for the week ending October 4, closing $1.70 (23%) above the upper Bollinger limit. Brent futures also increased by $6.07 (8%) from $71.98 to $78.05. WTI futures are backwardated, with a 12-month spread rising $2.48 (133%). Retail investors are piling into the oil market amid the biggest rally in two years, contributing to increased market volatility. Crude oil posted its largest weekly gain since March 2023, with bullish bets on crude oil surging and November 100 call options seeing the highest open interest on record.