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Today in oil and natural gas markets:
Global floating crude inventories gained 14.3 MMb W/W to 96.8 MMb last week, jumping to a 28 MMb Y/Y surplus and narrowing the deficit versus the trailing 5YR seasonally-adjusted average to 6.7 MMb from ~23 MMb last week.
Crude output from Guyana’s offshore Stabroek Block held steady at an average of 664 kb/d in July (flat M/M), marking what is likely be the Exxon-led consortium’s final month of sub-700 kb/d output in 2025.
A closer look at fund managers' energy market futures and options positioning
Texas’ daily gas fired generation recorded its highest level of 2025 this week at more than 971 GWh (5YR S.A. 98th percentile) as Texas power demand gained to its second-highest of the summer (1,671 GWh - 5YR S.A. 94th percentile).
Global floating crude stocks gained for the second consecutive week, picking up 1.97 MMb last week for a total two-week change of ~3.4 MMb.