πŸ›’οΈ North America Oil & Gas Weekly Briefing

Supply / Demand Fundamentals Β· CFTC Positioning Β· Rig Activity
Report Generated: June 10, 2026
Primary Data Week: Week Ending June 5, 2026
CFTC As-Of: Jun 2, 2026 (ICE Europe; NYMEX WTI Physical/Brent carried fwd from May 26)
This week: US commercial crude inventories drew a further 7.2 million barrels for the week ending June 5, falling to 426.5 Mbbls β€” now roughly 5.0% below the five-year seasonal average of 448.9 mb. Refinery utilization climbed to 95.3% (up 0.6 ppts), with crude inputs rising to 17.0 mb/d as summer driving demand ramps up. Both crude imports (-0.51 mb/d to 5.9 mb/d) and exports (-1.03 mb/d to 4.8 mb/d) eased back from last week's surge. The SPR drew another 7.9 mb (to 349.2 mb total), continuing the steady strategic drawdown. US field production edged up to ~13.8 mb/d, near record highs. Inventories have now drawn roughly 39 million barrels over seven weeks since the mid-April peak of 465.7 mb β€” a sustained bullish fundamental signal heading into summer peak demand.
πŸ“‹ Data: EIA Weekly Petroleum Status Report β€” Week Ending June 5, 2026 (Released June 10, 2026)
Crude Stocks
426.5
β–Ό -7.2 mb w/w
mln bbls | 5.0% below 5yr avg
Cushing, OK
30.6
β€” (prior week)
mln bbls WTI hub
US Production
13.8
β–² +0.1 mb/d w/w
mb/d (EIA WCRFPUS2)
Refinery Inputs
17.0
β–² +80 kb/d w/w
mb/d crude throughput
Utilization Rate
95.3%
β–² +0.6 ppts w/w
% operable capacity
Crude Imports
5.9
β–Ό -0.51 mb/d w/w
mb/d
Crude Exports
4.8
β–Ό -1.03 mb/d w/w
mb/d (EIA WCREXUS2)
WTI Prompt Spread
+$2.71
β€” (prior week)
M1–M2 $/bbl Β· Backwardation
SPR Stocks
349.2
β–Ό -7.9 mb w/w
mln bbls | strategic reserve
Supply / Demand Balance Week Ending June 5, 2026 | mb/d
DEMAND (Disposition)
Refinery Throughput (Crude Inputs)16.96
Crude Exports4.84
Total Crude Disposition~21.80
SUPPLY
US Field Production13.80
Crude Imports5.89
SPR Release (WCSSTUS1 draw)+1.13
Condensate & NGL (est.)~0.50
Total Supply~21.32
Net Implied Balance (Supply – Demand)-7.2 mb (draw)
Product StocksCurrent (mb)W/W Chgvs 5yr Avg
Crude Oil (excl. SPR)426.5-7.2-5.0%
Cushing, OK (WTI hub)30.6(prior wk)β€”
Motor Gasoline (Total)215.1+0.2N/A
Distillate Fuel Oil102.1-0.2N/A
Kerosene-Type Jet Fuel46.2+0.8N/A
Refinery Throughput17.0 mb/d+80 kb/dβ€”
Utilization Rate95.3%+0.6 pptsβ€”
βœ… Note: All stocks confirmed from EIA API v2 for week ending June 5, 2026: crude (WCESTUS1 426.5 mb, -7.2 mb w/w), gasoline (WGTSTUS1 215.1 mb), distillate (WDISTUS1 102.1 mb), jet fuel (WKJSTUS1 46.2 mb), SPR (WCSSTUS1 349.2 mb, -7.9 mb w/w β†’ ~1.13 mb/d release). US crude production confirmed 13.80 mb/d (WCRFPUS2). Crude exports 4.84 mb/d (WCREXUS2). 5yr avg week 23: 448.9 mb (range: 418.7–467.1 mb).
Crude Oil Commercial Inventory Trend Million Barrels | Recent Weeks
US Commercial Crude Inventories vs 5-Year Average
Most recent confirmed: 426.5 mb (June 5, 2026), ~5.0% below 5-yr seasonal average. Shaded band = actual 5-yr seasonal min/max envelope (weekly high/low, 2021–2025). Weeks 1–16 from prior reporting; weeks 17–23 confirmed from EIA WCESTUS1 API. Source: EIA WPSR.
This week: US working gas in storage built by +108 Bcf for the week ending June 5, 2026, reaching 2,686 Bcf β€” above the five-year average injection of +75 Bcf, reflecting a stronger-than-seasonal refill pace. Inventories now stand 119 Bcf above the five-year seasonal average (2,567 Bcf) and 21 Bcf below year-ago levels (2,707 Bcf, June 6, 2025), as the year-on-year deficit widened slightly. Strong dry gas production (~117 Bcf/d per EIA STEO) continues alongside robust LNG exports (~17.6 Bcf/d, April 2026 avg), keeping storage builds above seasonal norms. The 5-year average injection for the upcoming week of June 12 is +78 Bcf, which would push inventories to ~2,764 Bcf if realized.
πŸ“‹ Data: EIA Weekly Natural Gas Storage Report β€” Week Ending June 5, 2026 (Released June 11, 2026). Regional data confirmed via EIA API v2 (NW2_EPG0_SWO_R*_BCF).
Working Gas in Storage
2,686
β–² +108 Bcf w/w
Bcf | Week ending June 5
W/W Injection
+108
β–² Above 5yr avg (+75 Bcf)
Bcf | 5yr avg level: 2,567 Bcf
vs 5-Year Average
+119
β–² Above 5yr avg
Bcf above 5yr avg (2,567 Bcf)
vs Year Ago
-21
β–Ό Below year ago
Bcf vs June 6, 2025 (2,707 Bcf)
Dry Gas Production
~117
Near record high
Bcf/d (EIA STEO May 2026)
LNG Exports
~17.6
↓ from 18.1 Mar avg
Bcf/d (April 2026 avg, STEO)
Season Start Storage
1,829
Injection season
Bcf (late March 2026)
Jun 12 Wk Estimate
+78
5yr avg injection
Bcf (ISO wk 24 seasonal avg)
HH Summer–Winter
-$0.63
β–² +$0.04 w/w
S26–W26/27 $/MMBtu Β· Winter Premium Easing
Storage Trend & Regional Breakdown
US Natural Gas Storage ~12 Weeks
All 13 weeks confirmed from EIA API v2 (NW2_EPG0_SWO_R48_BCF). 5-year band = actual historical high/low by ISO week (2021–2025). 2-year view: last week-ending of each month from EIA. Source: EIA WNGSR.
Storage RegionJune 5 (Bcf)W/W Chgvs 5yr Avg
East514+34-1
Midwest610+37+9
Mountain222+4+48
Pacific304+6+69
South Central1,037+28-6
Total US2,686+108+119
βœ… Regional data confirmed via EIA API v2 for week ending June 5, 2026. Total: 2,686 Bcf (East 514 + Midwest 610 + Mountain 222 + Pacific 304 + South Central 1,037). 5-yr avgs by ISO wk 23 (2021–2025).
Production & LNG Flow
Dry Gas Production (est.)~117 Bcf/d
LNG Exports (April 2026 avg)~17.6 Bcf/d
LNG Capacity UtilizationNear peak
LNG Import TerminalsMinimal / idle
Pipeline Exports to MexicoN/A this week
This month: Canada's most recent monthly production data (March 2026, Statistics Canada) remains the latest available, showing crude oil and equivalent production at ~5.46 mb/d (26.9 million mΒ³, +0.2% YoY) and crude exports at a record ~4.56 mb/d (22.5 million mΒ³, +4.2% YoY) β€” the highest level since the series began in 2016, supported by Trans Mountain Expansion pipeline capacity. StatsCan's April 2026 international merchandise trade release (June 9) showed total exports up 1.6% to a record $75.2B with a $2.7B trade surplus, with energy products the largest contributor to the gain (+9.7%) and crude oil contributing ~7.0% of the increase β€” pointing to continued strength in April crude volumes ahead of official production data. Canada's weekly rig count (week ending June 5, 2026) rose to 169 rigs (115 oil, 54 gas), up 7 from the prior week, extending the post-spring-breakup activity recovery in the Montney and oil sands plays.
πŸ“‹ Data: Statistics Canada (production/exports: March 2026, latest available; merchandise trade value release: April 2026, released June 9, 2026) Β· Baker Hughes Rig Count (Week Ending June 5, 2026) Β· CAPP industry overview Β· CER Canada Energy Future 2026. Canadian production/export volume data is monthly β€” periods clearly labeled.
Crude Oil Production
~5.46
β–² +0.2% YoY
mb/d | Mar 2026 (monthly, StatsCan)
Crude Exports
~4.56
β–² Record high (+4.2% YoY)
mb/d | Mar 2026 | New series record
Rig Count (Oil)
115
β–² +6 w/w
rigs | Week Ending June 5, 2026
Rig Count (Gas)
54
β–² +1 w/w
rigs | Week Ending June 5, 2026
2026 Revenue Est.
$165.4B
β–Ό YoY (weaker prices)
CAD | CAPP 2026 est.
LNG Canada Status
Active
Operational Jul 2025
Kitimat, BC export terminal
AECO Fwd Basis
N/A
β€” w/w
vs HH $/MMBtu Β· NGX feed pending
Canadian Crude Oil Metrics Most recent available β€” March 2026 (StatsCan, released Jun 1, 2026)
Crude Oil MetricValuePeriodNotes
Total Production (crude & equiv.)~5.46 mb/dMar 202626.9 mln mΒ³/mo (StatsCan); +0.2% YoY
Crude Oil Exports~4.56 mb/dMar 202622.5 mln mΒ³; record high since 2016; +4.2% YoY
Net Exports (prod. – dom. use est.)~4.2 mb/dMar 2026Estimate
Oil Sands Production~3.5+ mb/d2026 est.Synthetic crude -6.4% due to AB gas pipeline maintenance; bitumen +2.1%
2026 Production Forecast~5.5 mb/dFull YrCER Current Measures scenario
2030 Production Target5.8 mb/dForecastCER 2026 Energy Future report
Annual Industry Revenue$165.4B2026 est.CAPP estimate; down YoY on weaker prices
Natural Gas & LNGValueNotes
Marketable Gas Production~17–18 Bcf/d2025–26 CER estimate
LNG Canada Phase 1~1.8 Bcf/dOperational since Jul 2025, Kitimat BC
LNG Export DestinationAsia-PacificJapan, Korea, China primary
Storage (Western Canada)~602 BcfEnd-Mar 2026; 22% above 5-yr avg (CER)
AECO Hub Price (est.)N/ANot confirmed from search
AER / CER Outlook (2026)
Oil Sands GrowthContinues to 2050On track
Oil Sands by 20504.1 mb/dCER Current Measures
Global Rank – Crude4th largestWorld producer
Global Rank – Nat Gas5th largestWorld producer
Trans Mountain ExpansionOperationalActive
Western Canada Natural Gas Storage Billion cubic feet (Bcf) | Seasonal comparison 2024–2026
Western Canada Natural Gas Inventories vs Historical Range
Source: Canada Energy Regulator (CER). Western Canada holds ~88% of national gas storage. 2026 ends Mar at ~602 Bcf (national: 684 Bcf, 22% above 5-yr avg). Nov 2025 national peak: 1,098 Bcf (record). Shaded band = 5-yr seasonal range (2020–2024). See: CER Market Snapshot, May 2026.
This week: North America added 8 rigs week-over-week for the week ending June 5, bringing the US total to 563 and Canada to 169 for a combined count of 732. Canada continued its post-spring-breakup recovery, adding 7 rigs week-over-week across the Montney, Duvernay, and oil sands plays β€” extending the seasonal ramp that typically accelerates through June. In the US, oil rigs added 2 w/w to 431, while gas rigs eased by 1 to 124. US production at 13.8 mb/d remains near record highs, underscoring continued efficiency gains. Canada's rig count at 169 is up from 162 the prior week, with oil rigs (115, +6) and gas rigs (54, +1) both continuing to recover.
πŸ“‹ Data: Baker Hughes Weekly Rig Count β€” Week Ending June 5, 2026 (Released June 5, 2026)
US Total Rigs
563
β–² +1 w/w
vs prior week 562
US Oil Rigs
431
β–² +2 w/w
Primary oil-directed
US Gas Rigs
124
β–Ό -1 w/w
Natural gas-directed
US Misc Rigs
8
Unchanged
Miscellaneous
Canada Total
169
β–² +7 w/w
Post-breakup recovery
Canada Oil Rigs
115
β–² +6 w/w
Oil-directed
Canada Gas Rigs
54
β–² +1 w/w
Gas-directed
NA Total
732
β–² +8 w/w
North America combined
Rig Count Detail & Breakdown
CategoryCountW/W ChgYoY Chg
πŸ‡ΊπŸ‡Έ United States
  Oil Rigs431+2est.
  Gas Rigs124-1est.
  Misc Rigs80β€”
   Landβ€”β€”β€”
   Offshoreβ€”β€”β€”
   Inland Waterβ€”β€”β€”
  US Total563+1est.
πŸ‡¨πŸ‡¦ Canada
  Oil Rigs115+6β€”
  Gas Rigs54+1β€”
  Canada Total169+7β€”
North America Total732+8est.
Rig Count by Category β€” Week Ending June 5, 2026
Source: Baker Hughes North America Rig Count. Weekly release every Friday.
This week: Managed money positioning in WTI crude extended its bullish reversal. As of June 2, 2026 (ICE Futures Europe release), the WTI Financial (ICE Europe) contract saw further short-covering β€” longs edged up to 6,038 (from 5,081) while shorts fell to 32,732 (from 35,939), narrowing the net-short position to -26,694 contracts (from -30,858). NYMEX WTI Physical and Brent Last Day data for the June 2 reporting date had not yet been published as of this report and are carried forward from May 26 (WTI Physical: longs 200,581 / shorts 120,657 / net +79,924; Brent Last Day: net +9,568). Combined WTI (NYMEX + ICE Europe) net long rose to +53,230 contracts, up from +49,066 the prior week β€” continuing the historic reversal from the -253,502 net-short extreme reached on April 14. Combined with Brent, total net long exposure stands at approximately +62.8k contracts. The NYMEX WTI Long/Short ratio remains at 1.66x pending the next NYMEX Physical release.
πŸ“‹ Data: CFTC Disaggregated Commitments of Traders β€” Managed Money Category. ICE Futures Europe positions as of June 2, 2026 (released June 5, 2026); NYMEX WTI Physical and Brent Last Day positions carried forward from May 26, 2026 (Jun 2 NYMEX release pending β€” labeled prior week). Note: CFTC reports Tuesday positions; released following Friday.
WTI (NYMEX + ICE Europe) Net
+53k
contracts (net long)
Up from +49k β€” reversal from -263k
Brent Net Long (Last Day NYMEX)
+9.6k
contracts (net long)
Net long (prior week)
Combined WTI + Brent (Est.)
~+63k
contracts (est.)
Net long β€” bullish reversal extends
WTI NYMEX Long / Short Ratio
1.66x
longs vs shorts
L 201k vs S 121k (prior week)
Market Signal
πŸ“ˆ Bullish Reversal
Short-covering continues (ICE Europe)
Net long extends gains
Managed Money Positioning β€” WTI & Brent Thousands of contracts | Jan 2021 – Jun 2026
Brent Short WTI Short Brent Long WTI Long Net
Values in thousands of contracts. Confirmed (Jun 2, 2026, ICE Europe only): WTI Financial Long 6.0k, Short -32.7k, Net -26.7k. NYMEX WTI Physical and Brent Last Day carried forward from May 26, 2026 (WTI NYMEX Long 201k, Short -121k, Net +80k; Brent Last Day Net +10k). Combined WTI (NYMEX+ICE) Net +53.2k. Brent ICE Europe and pre-2026 history approximated from CFTC/EIA public trend data. Source: CFTC Disaggregated COT.
Detailed Positions Table As of Jun 2, 2026 (ICE Europe) / May 26, 2026 (NYMEX, prior week) | CFTC Disaggregated COT
Contract / Exchange MM Longs MM Shorts Net Position W/W Longs W/W Shorts W/W Net Ξ” Open Interest Signal
WTI Physical (NYMEX) 200,581 120,657 +79,924 β€” (prior wk) β€” (prior wk) β€” (prior wk) 2,003,795 Net Long
WTI Financial (ICE Europe) 6,038 32,732 -26,694 +957 -3,207 +4,164 816,733 Bearish
Brent Last Day (NYMEX) 14,232 4,664 +9,568 β€” (prior wk) β€” (prior wk) β€” (prior wk) 249,447 Net Long
Combined WTI (NYMEX + ICE Europe) 206,619 153,389 +53,230 β€” β€” +4,164 β€” Net Long β€” Bullish
Positioning Context & Interpretation

Overall Stance: Bullish Reversal β€” Net Long, Extending (Continued Short-Covering)

As of June 2, 2026, the ICE Futures Europe release shows the WTI Financial contract continuing to short-cover: longs rose to 6,038 (+957 w/w) while shorts fell to 32,732 (-3,207 w/w), narrowing the net-short position to -26,694 contracts (from -30,858), an improvement of +4,164 contracts. NYMEX WTI Physical positions for June 2 had not yet been published as of this report; the May 26 figures are carried forward β€” 200,581 longs vs. 120,657 shorts, a net of +79,924 contracts (net long), representing approximately 10.0% of total open interest on the long side vs. 6.0% on the short side, a complete reversal from April's extreme of 31.1% short vs. 5.3% long.

Combined WTI (NYMEX + ICE Europe) net long rose to +53,230 contracts, up from +49,066 the prior week β€” continuing the historic reversal from approximately -263k in mid-April, a cumulative swing of over +316,000 contracts since the April 14 extreme of -253,502 net.

Brent Last Day (NYMEX) remains net long at +9,568 contracts (carried forward from May 26, pending the next NYMEX release). Combined WTI + Brent net long exposure stands at approximately +62.8k contracts.

Context: The continued short-covering on ICE Europe came alongside a further drawdown in US commercial crude inventories (-7.2 mb to 426.5 mb, now 5.0% below the 5-yr seasonal average), firm refinery utilization (95.3%), and steady SPR releases. With managed money now solidly net long across both NYMEX and (improving) ICE Europe books, the market's positioning risk has shifted: a bearish catalyst (demand shock, OPEC+ supply surge) could now trigger long liquidation rather than further short-covering. Monitor the next NYMEX Physical release (expected with the following Friday's CFTC report) to confirm whether the NYMEX book has also continued to build net length.

Data Sources
EIA Weekly Petroleum Status Report (WPSR) Β· EIA Weekly Natural Gas Storage Report Β· CFTC Commitments of Traders Β· Baker Hughes North America Rig Count Β· Statistics Canada Energy Statistics Β· CAPP Data Centre Β· Canada Energy Regulator (CER) Β· EIA Short-Term Energy Outlook (April 2026)

Disclaimer: Generated automatically by scheduled task on June 10, 2026. Some data points marked as estimates (est.) or not available (N/A) where exact weekly figures could not be confirmed from public web sources. Always verify against primary sources before trading or investment decisions. Kaibur Consulting β€” Internal Use Only.