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Brief: Texas Gas Demand Destruction
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Brief: Texas Gas Demand Destruction

ERCOT’s June 2025 grid data offers a clear look at the drivers of sequentially weak demand that have amplified downside risks from high end-of-season (EOS) storage levels for domestic producers.

Brief: Record Midwest Refinery Runs, Cushing, and WTI-Brent
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Brief: Record Midwest Refinery Runs, Cushing, and WTI-Brent

Midwest (PADD2) refineries posted back-to-back seasonally-adjusted record throughput of over 4.2 MMb/d in the second-half of June, bringing the region’s streak of 2014+ top-decile SA refinery runs to four.

Brief: Demand Signals from Global Manufacturing Activity
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Brief: Demand Signals from Global Manufacturing Activity

The J.P. Morgan Global Manufacturing PMI increased to 50.3 in June from 49.5 in May, crossing the 50.0 no-change threshold for the first time in three months to indicate a marginal expansion in global manufacturing activity and potential for upside surprises to global commodity consumption heading into 2H25.

CoT: Hedge Funds Look to Distillates, Crude Bulls Exit
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CoT: Hedge Funds Look to Distillates, Crude Bulls Exit

A closer look at fund managers' energy market futures and options positioning

Brief: Peak Chinese Demand?
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Brief: Peak Chinese Demand?

China’s average daily oil consumption in 2024 fell for the first time since 1990, according to data released by the Energy Institute this week.

Brief: Hedge Funds' TTF Bets Face New EU Storage Regulations
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Brief: Hedge Funds' TTF Bets Face New EU Storage Regulations

The European gas market is unlikely to get a reprieve from near-term volatility as a complex combination of new EU gas regulations, low seasonal storage levels, and a sharp increase in hedge funds’ speculative bets on TTF offset this week’s rapid reduction in conflict-related disruption risks to Qatari LNG exports.

Brief: Record Guyanese Crude Production
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Brief: Record Guyanese Crude Production

Guyanese crude production gained 56.3 kb/d M/M to a new high of 667.5 kb/d in May after the Exxon-led consortium completed upgrades to the Liza Unity and Prosperity FPSOs that dropped April’s average daily output to an 8-month low of 611 kb/d.

CoT: Post-Strike Changes to Speculative Positioning
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CoT: Post-Strike Changes to Speculative Positioning

A closer look at fund managers' energy market futures and options positioning

Brief: The EU's Current Gas Storage
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Brief: The EU's Current Gas Storage

Mid-East conflict pulls NYMEX higher as Qatari LNG exports come into focus

CoT: Pre-Strike Speculative Positioning
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CoT: Pre-Strike Speculative Positioning

A closer look at fund managers' energy market futures and options positioning

Brief: Inflation Surprises (Again)
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Brief: Inflation Surprises (Again)

May CPI and PPI inflation data came in below expectations for the third consecutive month despite persistent calls that tariff-related impacts will arrive "next month"

Brief: Texas Weather Favors Gas
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Brief: Texas Weather Favors Gas

Cloudy and calm weather pushed renewables to the bottom of their 30-day range, raising demand for natural gas to its best of the period despite lower overall system load.