Today in oil and natural gas markets:
Global floating crude stocks rose about 6.8 mmb (+9.0%) over the past month (Sep 7 to Oct 5, 2025), led by sharp builds in the Middle East and the North Sea, partially offset by draws in Europe and West Africa.
Rates for Very Large Crude Carriers (VLCCs) from the Mid-East Gulf to China jumped over 18% W/W and 56% M/M to hit their highest in over two years this week, while rates for US Gulf-Asia (TD22) surpassed those gains to hit their highest since Nov 2022.
Global floating crude stocks fell nearly 6 MMb last week to 67.96 MMb—approximately 17.5% below the 2016-2024 seasonally-adjusted average but 6.7 MMb above the same point last year.
Anecdotal indicators of August U.S. manufacturing activity offered moderately bullish signals for bal 2025 energy consumption.
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.
Today’s EIA data showed PADD 2 net inputs gained ~76 kb/d W/W to 4.21 MMb/d last week, marking the eighth week out of the past nine with top-decile throughput relative to the past ten years (seasonally-adjusted).
The ISM U.S. Manufacturing PMI registered 48.0 in July, down 1 point from June and the fifth consecutive month of contraction.
Global floating crude stocks gained sharply last week, picking up 15.95 MMb W/W to 82.27 MMb
