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

Supply / Demand Fundamentals Β· CFTC Positioning Β· Rig Activity
Report Generated: July 31, 2026
Primary Data Week: Week Ending July 24, 2026 (EIA WPSR/WNGSR)
CFTC As-Of: July 28, 2026 (WTI legs confirmed; ICE Brent carried forward β€” see Positioning tab)
This week: US commercial crude inventories drew 7.2 million barrels for the week ending July 24 to 404.5 Mbbls β€” roughly 7% below the five-year seasonal average, the largest weekly draw in several weeks after three straight builds. Refinery utilization jumped to 97.2% (+1.1 ppt) as crude inputs rose to 17.34 mb/d (+0.27 mb/d), while crude imports eased to 5.68 mb/d (-0.12 mb/d) and crude exports firmed to 3.47 mb/d (+0.11 mb/d) β€” all figures independently confirmed via the EIA API this run. US field production held essentially flat at 13.80 mb/d (-0.002 mb/d w/w), still near record levels. The SPR continued its drawdown, releasing another 3.8 mb (to 307.65 mb total) β€” now at its lowest level in over 43 years. Cushing, OK stocks fell 0.77 mb to 18.60 mb. Gasoline stocks were essentially flat (+0.0 mb, 6% below 5yr avg) while distillate built 1.1 mb (9% below 5yr avg), and propane/propylene rose 2.5 mb (34% above 5yr avg). The WTI prompt spread figure (+$0.71/bbl, Aug26-Sep26, as of Jul 17) could not be refreshed again this run and is now two weeks stale β€” treat with caution. The Strait of Hormuz disruption and US-Iran conflict remain the dominant driver of the physical balance and the sizable draw this week.
πŸ“‹ Data: EIA Weekly Petroleum Status Report β€” Week Ending July 24, 2026 (Released July 29, 2026). All KPIs below β€” including crude field production and crude exports β€” independently confirmed via the EIA API v2 this run.
Crude Stocks
404.5
β–Ό -7.2 mb w/w
mln bbls | 7% below 5yr avg
Cushing, OK
18.60
β–Ό -0.77 mb w/w
mln bbls WTI hub
US Production
13.80
β€” flat w/w
mb/d (EIA WCRFPUS2, confirmed)
Refinery Inputs
17.34
β–² +0.27 mb/d w/w
mb/d crude throughput
Utilization Rate
97.2%
β–² +1.1 ppt w/w
% operable capacity
Crude Imports
5.68
β–Ό -0.12 mb/d w/w
mb/d
Crude Exports
3.47
β–² +0.11 mb/d w/w
mb/d (confirmed via EIA API)
WTI Prompt Spread
+$0.71
β€” (carried forward, 2 wks stale)
M1–M2 $/bbl Β· last confirmed Jul 17
SPR Stocks
307.65
β–Ό -3.8 mb w/w
mln bbls | lowest in 43+ yrs
Supply / Demand Balance Week Ending July 24, 2026 | mb/d
DEMAND (Disposition)
Refinery Throughput (Crude Inputs)17.34
Crude Exports3.47
Total Crude Disposition~20.81
SUPPLY
US Field Production13.80
Crude Imports5.68
SPR Release (WCSSTUS1 draw)+3.80
Condensate & NGL (est.)~0.50
Total Supply~23.78
Net Implied Balance (Actual EIA Stock Chg.)-7.2 mb (draw)
Product StocksCurrent (mb)W/W Chgvs 5yr Avg
Crude Oil (excl. SPR)404.5-7.2-7%
Cushing, OK (WTI hub)18.60-0.77β€”
Motor Gasoline (Total)~211.3+0.06% below 5yr
Distillate Fuel Oil~110.6+1.19% below 5yr
Propane/Propyleneβ€”+2.534% above 5yr
Refinery Throughput17.34 mb/d+0.27 mb/dβ€”
Utilization Rate97.2%+1.1 pptβ€”
βœ… Note: Confirmed from EIA API v2 (WPSR release, July 29, 2026) for week ending July 24, 2026: crude stocks (WCESTUS1) 404.5 mb, -7.2 mb w/w, ~7% below the 5-yr seasonal average (avg computed from confirmed WCESTUS1 history, 2021-2025); Cushing (W_EPC0_SAX_YCUOK_MBBL) 18.60 mb, -0.77 mb w/w; SPR (WCSSTUS1) 307.65 mb, -3.8 mb w/w (lowest in 43+ years); refinery inputs (WCRRIUS2) 17.34 mb/d (+0.27 mb/d w/w); utilization (WPULEUS3) 97.2% (+1.1 ppt); crude imports (WCRIMUS2) 5.68 mb/d (-0.12 mb/d); crude exports (WCREXUS2) 3.47 mb/d (+0.11 mb/d); crude field production (WCRFPUS2) 13.80 mb/d, essentially flat (-0.002 mb/d w/w). All series independently confirmed via EIA API v2 this run β€” no estimates. Gasoline (WGTSTUS1) +0.0 mb w/w (~6% below 5yr avg, computed); distillate (WDISTUS1) +1.1 mb w/w (~9% below 5yr avg); propane/propylene (WPRSTUS1) +2.5 mb w/w (~34% above 5yr avg) β€” all three independently confirmed via EIA API v2 this run (Today in Energy's cached page kept surfacing the prior week's article at fetch time, so the API was used directly instead). WTI prompt spread (+$0.71/bbl, Aug26-Sep26) could not be refreshed again this run β€” now carried forward from Jul 17, two weeks stale.
Crude Oil Commercial Inventory Trend Million Barrels | Recent Weeks
US Commercial Crude Inventories vs 5-Year Average
Most recent confirmed: 404.5 mb (July 24, 2026), ~7% 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 17–30 confirmed from EIA WCESTUS1 API. Source: EIA WPSR.
This week: US working gas in storage built by +28 Bcf for the week ending July 24, 2026, reaching 3,084 Bcf β€” roughly in line with (slightly above) the five-year average injection of ~+25 Bcf computed for this week (5-yr avg storage level: ~2,898 Bcf). Inventories now stand ~186 Bcf above the five-year seasonal average (~2,898 Bcf, independently computed from confirmed EIA history) but the year-on-year picture widened: storage is now 39 Bcf below year-ago levels (up from an ~19 Bcf deficit the prior week), because last year's comparable week saw a much larger +48 Bcf injection. Dry gas production (~111 Bcf/d) and LNG exports (~17.2 Bcf/d, 2026 STEO avg) are carried forward from the prior week β€” no fresher confirmation was available this run β€” and continue to run near record levels, providing a firm demand floor even as the Iran-US conflict and Strait of Hormuz disruptions keep global LNG and fuel markets on edge. Regional detail below is estimated pro-rata from the new national total (3,084 Bcf), which was independently confirmed via the EIA API this run.
πŸ“‹ Data: EIA Weekly Natural Gas Storage Report β€” Week Ending July 24, 2026 (Released July 29, 2026). National total independently confirmed via EIA API v2. 5-yr average and year-ago comparison independently computed from confirmed EIA history (nearest-date match per year, 2021-2025). Regional breakdown estimated pro-rata from the confirmed national total β€” not independently reconfirmed by region this run.
Working Gas in Storage
3,084
β–² +28 Bcf w/w
Bcf | Week ending July 24
W/W Injection
+28
β‰ˆ In line w/ 5yr avg (+25 Bcf, computed)
Bcf | 5yr avg level: ~2,898 Bcf
vs 5-Year Average
+186
β–² Above 5yr avg
Bcf above 5yr avg (~2,898 Bcf, computed)
vs Year Ago
-39
Deficit widened this week
Bcf vs July 25, 2025 (confirmed)
Dry Gas Production
~111
Near record high (carried forward, 2 wks stale)
Bcf/d (EIA STEO Jun 2026 est., carried forward)
LNG Exports
~17.2
2026 annual avg (carried forward, 2 wks stale)
Bcf/d (2026 avg, EIA STEO Jun 2026)
Season Start Storage
1,829
Injection season
Bcf (late March 2026)
Jul 31 Wk Estimate
~+23
5yr avg injection (est., trend continuation)
Bcf (ISO wk 31 seasonal avg, est.)
HH Summer–Winter
-$0.66
(carried forward, 2 wks stale)
S26(Aug-Oct)–W26/27 $/MMBtu Β· carried forward
Storage Trend & Regional Breakdown
US Natural Gas Storage ~12 Weeks
Most recent confirmed national total: 3,084 Bcf (July 24, 2026), confirmed via EIA API v2 (NW2_EPG0_SWO_R48_BCF). 5-yr avg (~2,898 Bcf) and 5-yr high/low band independently computed this run from confirmed EIA history (nearest-date match per year, 2021-2025). 2-year view: last week-ending of each month from EIA. Source: EIA WNGSR.
Storage RegionJuly 24 (Bcf, est.)W/W Chg (est.)vs 5yr Avg
East~620~+6N/A
Midwest~754~+7N/A
Mountain~243~+2N/A
Pacific~329~+3N/A
South Central~1,138~+10N/A
Total US3,084+28+186
⚠️ National total (3,084 Bcf, +28 Bcf w/w) confirmed from EIA API; regional breakdown above is estimated pro-rata, scaled from the prior week's regional table (East 614 + Midwest 747 + Mountain 241 + Pacific 326 + South Central 1,128 = 3,056, week ending July 17) and should be treated as indicative only until independently reconfirmed by region.
Production & LNG Flow
Dry Gas Production (est.)~111 Bcf/d
LNG Exports (2026 avg, STEO Jun)~17.2 Bcf/d
Pipeline Exports to Mexico6.35 Bcf/d
Pipeline Exports to Canada3.88 Bcf/d
EIA N9132MX2 / N9132CN2 Β· Mar 2026 (carried forward)
Fcst Incremental LNG 20260.00 Bcf/d
Fcst Incremental LNG 2027+1.40 Bcf/d
STEO NGEXPUS_LNG Β· 2026 avg 17.2, 2027 avg 18.6 Bcf/d
This month: Statistics Canada's April 2026 energy statistics (released June 30) remain the latest confirmed monthly release β€” May 2026 data was independently re-checked this run and still had not been published as of August 1 β€” showing crude oil and equivalent production at ~5.45 mb/d (+4.2% YoY) and crude exports at ~4.53 mb/d (+11.4% YoY), boosted by Middle East supply disruption pulling more Canadian barrels into Asian and European markets. That disruption remains unresolved: the US-Iran conflict and Iranian retaliation against shipping in the Strait of Hormuz continue to tighten global crude and product markets, a dynamic likely to show up in Canadian export data once May/June figures are released. On drilling, Baker Hughes' week ending July 31, 2026 count showed Canada surging 15 rigs to 219 (150 oil, 63 gas, 6 misc) β€” another fresh multi-month high, with oil rigs alone up 12 w/w, building on the prior week's high of 204.
πŸ“‹ Data: Statistics Canada (production/exports: April 2026, released June 30, 2026 β€” May 2026 release still not available, independently re-checked August 1) Β· Baker Hughes Rig Count (Week Ending July 31, 2026, released July 31, 2026, pulled directly from rigcount.bakerhughes.com) Β· CAPP industry overview Β· CER Canada Energy Future 2026. Canadian production/export volume data is monthly β€” periods clearly labeled. LNG exports, gas exports to US, and AECO basis carried forward β€” no newer weekly gas market data confirmed this run (now two weeks stale).
Crude Oil Production
~5.45
β–² +4.2% YoY
mb/d | Apr 2026 (monthly, StatsCan)
Crude Exports
~4.53
β–² +11.4% YoY (largest since May-21)
mb/d | Apr 2026 | Hormuz-driven demand
Rig Count (Oil)
150
β–² +12 w/w
rigs | Week Ending July 31, 2026
Rig Count (Gas)
63
β–² +1 w/w
rigs | Week Ending July 31, 2026
LNG Overseas Exports
1.76 Bcf/d
(carried forward, 2 wks stale)
Mar 2026 Β· 57.6M GJ Β· StatsCan Jun 1, 2026
Gas Exports to US
8.63 Bcf/d
(carried forward, 2 wks stale)
Mar 2026 Β· 282.1M GJ Β· StatsCan Jun 1, 2026
AECO Fwd Basis
-$1.87
(carried forward, 2 wks stale)
Aug-26 fwd vs HH Β· 0.706 CAD/USD Β· gasalberta.com
Canadian Natural Gas & Large Load Tracker Natural gas: March 2026 (StatsCan/CER) | Large load: AESO Connection List, Jun 2026
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.)~1.52 CAD/GJJul-26 fwd (~$1.13 USD/MMBtu) Β· gasalberta.com
Alberta Large Load (Data Centre) Tracker
Requested (Data Load projects)20,835 MW42 projects
Phase 1 Allocated1,200 MWFully allocated
Remaining in Queue (est.)~19,635 MW~94% of requested
Stage 1 (Early Study)6,515 MW16 projects
Stage 2 (Advanced Study)14,320 MW26 projects
Large Load Connection Queue & Natural Gas Storage AESO Connection Project List Jun 2026 Β· CER Western Canada Gas Storage
Data Load Connection Queue β€” Requests to Study Stage
LARGE LOAD REQUESTS 20.8 GW 42 projects Β· AESO Connection List, Jun 2026 1.2 GW Phase 1 Β· fully allocated STILL IN QUEUE 19.6 GW ~94% of requested Β· 42 projects 6.5 GW Stage 1 Β· 16 projects 14.3 GW Stage 2 Β· 26 projects
Source: AESO Connection Project List, June 2026 (aeso.ca/grid/transmission-projects/connection-project-reporting). Filtered to MW Type = "Data Load" (42 projects, 20,835 MW total β€” sum of all disclosed energization-stage MW per project). Phase 1 Large Load Integration allocation (1,200 MW, fully allocated per AESO's Nov 2025 announcement β€” executed load contracts) is tracked via a separate AESO process and is not a column in this list; "Still in Queue" nets it against the June 2026 requested total as an approximation. Remaining queue is broken down by AESO study Stage (1 = Early Study, 2 = Advanced Study); no Data Load projects have reached Stage 3+ as of this release. Full project-level detail: AESO Connection Project Dashboard.
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 jumped +16 rigs to 807 for the week ending July 31, driven overwhelmingly by a sharp Canadian acceleration. The US added 1 rig to 588, with oil rigs up 1 to 451 and gas rigs flat at 127; Gulf of Mexico/offshore rigs rose 1 to 11. Canada surged 15 rigs to 219 β€” another fresh multi-month high β€” driven almost entirely by oil, which jumped 12 rigs to 150, while gas added 1 to 63 and misc added 2 to 6. Among major US basins, the Permian added 2 rigs to 260 and Eagle Ford added 2 to 49; Haynesville and Williston held flat. US activity is up 48 rigs (+9%) from a year ago, still consistent with firm producer economics amid the ongoing Iran-US conflict price premium.
πŸ“‹ Data: Baker Hughes Weekly Rig Count β€” Week Ending July 31, 2026 (released July 31, 2026), pulled directly from the official Baker Hughes workbook at rigcount.bakerhughes.com (the dashboard's local Rig Counts sync folder had not yet received this week's file at the time of this run).
US Total Rigs
588
β–² +1 w/w
Week Ending Jul 31 | vs prior week 587
US Oil Rigs
451
β–² +1 w/w
Up from 450
US Gas Rigs
127
β€” flat w/w
Natural gas-directed
Gulf of Mexico
11
β–² +1 w/w
Offshore/misc rigs
Canada Total
219
β–² +15 w/w
Fresh multi-month high
Canada Oil Rigs
150
β–² +12 w/w
Oil-directed
Canada Gas Rigs
63
β–² +1 w/w
Gas-directed
NA Total
807
β–² +16 w/w
North America combined
Rig Count Detail & Breakdown
CategoryCountW/W ChgYoY Chg
United States
  Oil Rigs451+1410
  Gas Rigs1270124
  Gulf of Mexico / Misc11+110
Major Basins (US)
  Permian260+2259
  Haynesville56040
  Eagle Ford49+239
  Williston27031
  US Total588+1540
Canada
  Oil Rigs150+12124
  Gas Rigs63+153
  Misc6+20
  Canada Total219+15177
North America Total807+16717
Rig Count by Category β€” Week Ending July 31, 2026
Source: Baker Hughes North America Rig Count. Weekly release every Friday.
This week: The CFTC's disaggregated Petroleum COT report for positions as of Tuesday, July 28, 2026 was published Friday afternoon and pulled directly from cftc.gov this run (confirmed via a `curl -I` Last-Modified check against the primary page β€” 3:27 PM ET, right at the normal release window β€” after an initial fetch returned a Cloudflare-cached copy of last week's page; a cache-busting retry pulled the live data). Both WTI legs firmed sharply. WTI Physical (NYMEX) net long jumped to +92,943 contracts (Long 193,959 / Short 101,016), up +28,964 from +63,979 the prior week β€” driven by fresh buying (+6,490 longs) alongside aggressive short-covering (-22,474 shorts). WTI Financial (ICE Europe) flipped its trajectory too, narrowing further to -9,959 contracts net short (Long 11,360 / Short 21,319) from -17,208, a +7,249 improvement. Combined WTI (NYMEX + ICE Europe) net long surged to +82,984 contracts, up +36,213 (+77%) w/w β€” one of the larger single-week builds in the recent series. ICE Brent Crude's own Commitments of Traders Report could not be independently reconfirmed this run β€” ICE's Report Center requires accepting a click-through agreement behind a reCAPTCHA that this run does not attempt to bypass β€” so Brent is carried forward unchanged at +192,031 contracts (as of Jul 21). Separately, EIA's weekly WTI spot price (RWTC) jumped again to $88.58/bbl (+$7.81 w/w) for the week ending July 24 β€” WTI positioning building aggressively into a sharply rising tape, consistent with the ongoing Iran-US conflict and Strait of Hormuz risk premium.
πŸ“‹ Data: NYMEX WTI Physical and WTI Financial (ICE Europe) β€” both genuine Managed Money, confirmed as of July 28, 2026, pulled directly from cftc.gov/dea/futures/petroleum_sf.htm (released July 31, 2026). ICE Brent Crude carried forward from July 21, 2026 β€” not reconfirmed this run (ICE Report Center portal is JS-rendered and gated behind a click-through agreement/reCAPTCHA that was not attempted). CFTC and ICE both report Tuesday positions, released the following Friday.
WTI (NYMEX + ICE Europe, Managed Money) Net
+83.0k
contracts (net long; both legs confirmed Jul 28)
β–² +36.2k w/w β€” sharp build in both legs
Brent Net Long (ICE Brent Crude)
+192.0k
contracts (carried forward, not reconfirmed)
β€” unchanged since Jul 21 (ICE portal gated)
Combined WTI + Brent
+275.0k
contracts (WTI confirmed Jul 28; Brent stale)
β–² +36.2k w/w β€” entirely from WTI build
WTI NYMEX Long / Short Ratio
1.92x
longs vs shorts (Managed Money)
L 194k vs S 101k (Jul 28, 2026)
Market Signal
πŸ“ˆ WTI Length Builds Sharply Into Rising Tape
NYMEX shorts covered aggressively (-22.5k) while longs added (+6.5k)
RWTC spot up $7.81/bbl w/w to $88.58 amid Iran-US escalation
Managed Money Positioning β€” WTI & Brent Thousands of contracts | Jan 2021 – Jul 2026
Weekly. EIA series RWTC (Cushing, OK WTI spot price FOB, US$/bbl). Each point is the week-ending Friday price preceding the corresponding CFTC report date. Shares the x-axis of the positioning chart above.
Brent Short WTI Short Brent Long WTI Long Net
Values in thousands of contracts. WTI from CFTC Disaggregated COT (WTI Physical, NYMEX; managed money) β€” confirmed genuine Managed Money through Jul 28, 2026 (Long 194.0k / Short 101.0k / Net +92.9k), up sharply from +64.0k the prior week. Brent from ICE Futures Europe's own Commitments of Traders Report (ICE Brent Crude Futures; managed money) β€” the genuine global Brent benchmark, which CFTC does not cover since it is UK/FCA-regulated β€” carried forward from Jul 21, 2026 (Long 353.6k / Short 161.6k / Net +192.0k), not independently reconfirmed this run. Sources: CFTC Disaggregated COT (publicreporting.cftc.gov, cftc.gov/dea/futures/petroleum_sf.htm) and ICE Futures Europe Commitments of Traders Report.
βœ… Methodology note: WTI and Brent aren't measured on a fully symmetric basis here. "WTI" is CFTC's single largest WTI contract (Physical, NYMEX) β€” the smaller ICE Europe WTI contract (OI 781.2k) is tracked separately in the table below and excluded from this chart and from the "Combined WTI + Brent" figures. "Brent" is ICE's one primary Brent Crude contract (OI 3,869,160 as of Jul 21, 2026, carried forward), which has no comparably-sized secondary contract to exclude. As of Jul 28, 2026 the WTI leg of this chart is freshly confirmed genuine Managed Money; the Brent leg is carried forward unchanged from Jul 21, 2026 because ICE's Report Center portal is gated behind a click-through agreement with a reCAPTCHA, which this run does not attempt to bypass per standing policy β€” Brent will be reconfirmed once accessible via an alternate route.
Detailed Positions Table WTI rows as of Jul 28, 2026 (confirmed); Brent as of Jul 21, 2026 (carried forward) | CFTC / ICE 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) Managed Money 193,959 101,016 +92,943 +6,490 -22,474 +28,964 1,859,795 Net Long β€” Building
WTI Financial (ICE Europe) Managed Money 11,360 21,319 -9,959 +2,234 -5,015 +7,249 781,193 Net Short β€” Covering
ICE Brent Crude (ICE Futures Europe) Managed Money 353,600 161,569 +192,031 n/a n/a n/a (carried forward) 3,869,160 Net Long β€” Not Reconfirmed
Combined WTI (NYMEX + ICE Europe, Managed Money) 205,319 122,335 +82,984 +8,724 -27,489 +36,213 β€” Net Long β€” Sharp Build
Combined WTI + Brent (All Benchmarks) β€” β€” +274,975 β€” β€” +36,213 (WTI only; Brent stale) β€” Net Long β€” WTI Drives the Gain
Positioning Context & Interpretation

Overall Stance: WTI Length Builds Sharply Into a Rising Tape; Brent Unconfirmed

This week's CFTC Disaggregated COT report (positions as of Tuesday, July 28, 2026, released Friday July 31 and pulled directly from cftc.gov/dea/futures/petroleum_sf.htm, with a cache-busting retry needed after an initial fetch returned a stale cached copy) shows a sharp week-over-week build across both WTI contracts. NYMEX WTI Physical managed money net long jumped to +92,943 contracts (Long 193,959 / Short 101,016), up +28,964 from +63,979 the prior week β€” driven by both fresh buying (longs +6,490) and aggressive short-covering (shorts -22,474), a combination that typically signals conviction rather than just position-squaring.

ICE Europe WTI Financial extended its recent de-risking trend: managed money shorts fell further from 26,334 to 21,319 (-5,015) while longs added 2,234 to reach 11,360, narrowing the net short position to -9,959 contracts from -17,208 the prior week β€” a +7,249 improvement, the second consecutive week of meaningful short-covering in this leg. Blending both confirmed NYMEX and ICE Europe Managed Money readings gives a combined WTI net long of +82,984 contracts, up +36,213 (+77%) w/w β€” one of the larger single-week combined WTI builds in the series to date. This lines up cleanly with the price action: EIA's WTI spot price (RWTC) jumped +$7.81/bbl to $88.58 for the week ending July 24, a second consecutive sharp weekly gain.

ICE Brent Crude's own Commitments of Traders Report (published separately by ICE Futures Europe, not CFTC) could not be independently reconfirmed this run: the ICE Report Center portal is JavaScript-rendered and, on top of that, gates access behind a click-through Terms and Conditions agreement protected by a reCAPTCHA β€” bypassing bot-detection challenges is outside this run's standing policy, so Brent is carried forward unchanged at +192,031 contracts (Long 353,600 / Short 161,569, as of July 21, 2026). Combined WTI+Brent net long is therefore +274,975 contracts, with the entire +36,213 w/w increase attributable to the confirmed WTI legs β€” the Brent figure should be treated as stale until reconfirmed.

Context: This week's clean story is WTI: speculative length is building aggressively on both the NYMEX and ICE Europe legs into a fast-rising spot price, consistent with the ongoing Iran-US conflict and Strait of Hormuz risk premium continuing to dominate the physical and futures balance. The WTI NYMEX long/short ratio has widened to 1.92x (from 1.52x the prior week), reflecting the shift toward a more one-sided, bullishly-positioned market. Across the full 2021-2026 history, combined WTI+Brent managed-money net long has ranged from roughly +14k (Oct 2025 trough) to +724k (Feb 2021 peak); at +274.975k (with Brent stale), current positioning sits toward the upper-middle of that historical range. Once Brent is reconfirmed, the combined figure should be revisited, since Brent's own trajectory has been volatile in recent weeks (a record +357k surge in mid-July followed by a sharp -165k unwind the following week).

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 July 31, 2026. US crude/product stocks, production, refinery, imports/exports, and natural gas storage are all independently confirmed via EIA API v2 this run (week ending July 24, 2026). Baker Hughes rig counts are confirmed for week ending July 31, 2026, pulled directly from the official Baker Hughes workbook at rigcount.bakerhughes.com (the dashboard's local sync folder had not yet received this week's file). CFTC Disaggregated COT data for NYMEX WTI Physical and ICE Europe WTI Financial (both genuine Managed Money) confirmed as of July 28, 2026, sourced directly from cftc.gov/dea/futures/petroleum_sf.htm. ICE Futures Europe's own Brent Crude Commitments of Traders Report could not be independently reconfirmed this run β€” ICE's Report Center portal is gated behind a click-through agreement protected by a reCAPTCHA β€” and is carried forward from July 21, 2026, clearly labeled throughout. Statistics Canada's May 2026 energy statistics had not been published as of this run; April 2026 remains the latest confirmed monthly release. Some data points remain estimates (est.) or carried forward where fresher figures were not available this run, including regional natural gas storage detail (EIA, estimated pro-rata), WTI prompt spread, Canadian weekly gas market data, and Brent positioning. Always verify against primary sources before trading or investment decisions. Kaibur Consulting β€” Internal Use Only.