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
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.
