In the week ending August 22, 2025, crude oil prices showed mixed movements with West Texas Intermediate (WTI) futures rising by $0.86 (1%) to $63.66 per barrel and Brent futures increasing by $1.88 (3%) to $67.73 per barrel. The WTI 12-month spread narrowed by $0.46 (25%), while the Brent 12-month spread widened by $0.46 (36%), indicating differing market expectations. Despite the front-month price gains, managed money positioning revealed a record net short in WTI crude contracts at 11,400, while Brent net long positions decreased by 12% to 182,700 contracts. For the week ending August 15, WTI net long positions fell to an eight-year low with short positions increasing 26%, and prices declined from $64.71 to $63.31. Brent futures also saw a price drop from $67.26 to $66.21, alongside a 12% fall in net long positions. In natural gas markets, U.S. natural gas futures prices fell sharply by $0.22 (7%) to $2.70 per million British thermal units (MMBtu), reaching the lowest level since November 2024. The 12-month spread widened by $0.19 amid downward price pressure. Despite a 14 billion cubic feet (28%) increase in U.S. natural gas net long positions for the week ending August 15, prices declined from $3.02 to $2.89. European gas prices climbed 8% due to fading hopes for a Trump-brokered Ukraine peace and continued low Russian supply flows, forcing Europe to compete with Asia for winter fuel. Volatility was noted in the energy sector with natural gas prices tumbling nearly 5%, while ethanol prices surged 2.54%. Energy infrastructure attacks have contributed to supply concerns, supporting bullish sentiment in LNG and oil markets.