In recent market developments, Brent crude futures prices saw an increase of $1.03 (1%) to $80.89 for the week ending January 17, while the front-month price rose $1.31 (2%) from $76.57 to $77.88. The 12-month spread for Brent increased by $1.53 (24%), and the 6-month spread rose by $1.22 (34%). Additionally, net long positions for Brent and WTI increased by 12 million barrels (mmb), with WTI net longs falling by 16 mmb and Brent net longs rising by 27 mmb. The overall net long positions across 26 major futures contracts reached approximately 1.56 million contracts, valued at around $150 billion, marking a near three-year high. In the natural gas market, net long positions increased by 34 billion cubic feet (bcf) for the week ending January 10, the highest level since mid-September 2021, with prices rising from $3.67 to $3.69, a $0.02 (1%) increase. These trends reflect aggressive buying activity among hedge funds and a tightening supply landscape.