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

Supply / Demand Fundamentals Β· CFTC Positioning Β· Rig Activity
Report Generated: June 17, 2026
Primary Data Week: Week Ending June 12, 2026
CFTC As-Of: June 9, 2026 (NYMEX WTI Physical + Brent Last Day confirmed; ICE Europe WTI Jun 9)
This week: US commercial crude inventories drew a further 8.3 million barrels for the week ending June 12, falling to 418.2 Mbbls β€” now roughly 4.8% below the five-year seasonal average of 439.5 mb. Refinery utilization surged to 96.7% (up 1.4 ppts), with crude inputs rising to 17.2 mb/d β€” the highest in months as summer peak demand arrives. Crude imports fell sharply by 0.75 mb/d to 5.1 mb/d and exports eased 0.51 mb/d to 4.3 mb/d. The SPR drew another 8.9 mb (to 340.3 mb total). Cushing, OK stocks fell 1.6 mb to just 20.0 mb β€” a multi-year low for the WTI pricing hub. US field production was essentially flat at ~13.8 mb/d. Inventories have now drawn roughly 47 million barrels over eight consecutive weeks since the mid-April peak of 465.7 mb β€” an intensifying bullish fundamental signal at peak summer demand.
πŸ“‹ Data: EIA Weekly Petroleum Status Report β€” Week Ending June 12, 2026 (Released June 17, 2026)
Crude Stocks
418.2
β–Ό -8.3 mb w/w
mln bbls | 4.8% below 5yr avg
Cushing, OK
20.0
β–Ό -1.6 mb w/w
mln bbls WTI hub | multi-yr low
US Production
13.8
β€” Unchanged w/w
mb/d (EIA WCRFPUS2)
Refinery Inputs
17.2
β–² +0.23 mb/d w/w
mb/d crude throughput
Utilization Rate
96.7%
β–² +1.4 ppts w/w
% operable capacity
Crude Imports
5.1
β–Ό -0.75 mb/d w/w
mb/d
Crude Exports
4.3
β–Ό -0.51 mb/d w/w
mb/d (EIA WCREXUS2)
WTI Prompt Spread
+$0.76
CLN26–CLQ26
M1–M2 $/bbl Β· Backwardation (Jun 17)
SPR Stocks
340.3
β–Ό -8.9 mb w/w
mln bbls | strategic reserve
Supply / Demand Balance Week Ending June 12, 2026 | mb/d
DEMAND (Disposition)
Refinery Throughput (Crude Inputs)17.19
Crude Exports4.33
Total Crude Disposition~21.52
SUPPLY
US Field Production13.81
Crude Imports5.13
SPR Release (WCSSTUS1 draw)+1.28
Condensate & NGL (est.)~0.50
Total Supply~20.72
Net Implied Balance (Supply – Demand)-8.3 mb (draw)
Product StocksCurrent (mb)W/W Chgvs 5yr Avg
Crude Oil (excl. SPR)418.2-8.3-4.8%
Cushing, OK (WTI hub)20.0-1.6Multi-yr low
Motor Gasoline (Total)214.2-0.9N/A
Distillate Fuel Oil103.1+1.0N/A
Kerosene-Type Jet Fuel45.0-1.1N/A
Refinery Throughput17.2 mb/d+0.23 mb/dβ€”
Utilization Rate96.7%+1.4 pptsβ€”
βœ… Note: All stocks confirmed from EIA API v2 for week ending June 12, 2026: crude (WCESTUS1 418.2 mb, -8.3 mb w/w), Cushing OK (20.0 mb, -1.6 mb w/w), gasoline (WGTSTUS1 214.2 mb), distillate (WDISTUS1 103.1 mb), jet fuel (WKJSTUS1 45.0 mb), SPR (WCSSTUS1 340.3 mb, -8.9 mb w/w β†’ ~1.28 mb/d release). US crude production confirmed 13.81 mb/d (WCRFPUS2). Crude exports 4.33 mb/d (WCREXUS2). 5yr avg week 25: 439.5 mb (range: 415.1–460.7 mb).
Crude Oil Commercial Inventory Trend Million Barrels | Recent Weeks
US Commercial Crude Inventories vs 5-Year Average
Most recent confirmed: 418.2 mb (June 12, 2026), ~4.8% 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 17–25 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
-$0.60
β–² +$0.03 w/w
S26(Jul–Oct)–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 12, 2026) rose to 180 rigs (121 oil, 58 gas, 1 misc), up 11 from the prior week, accelerating the post-spring-breakup 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 12, 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)
121
β–² +6 w/w
rigs | Week Ending June 12, 2026
Rig Count (Gas)
58
β–² +4 w/w
rigs | Week Ending June 12, 2026
LNG Overseas Exports
1.76 Bcf/d
β–² Record high since LNG Canada opened
Mar 2026 Β· 57.6M GJ Β· StatsCan Jun 1, 2026
Gas Exports to US
8.63 Bcf/d
β–Ό -10.8% YoY
Mar 2026 Β· 282.1M GJ Β· StatsCan Jun 1, 2026
AECO Fwd Basis
-$1.92
β€” First reading
Jul-26 fwd vs HH Β· 0.7147 CAD/USD Β· gasalberta.com
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 saw a net +10 rigs week-over-week for the week ending June 12, with Canada adding 11 rigs to 180 while the US eased by 1 to 562, for a combined count of 742. Canada's post-spring-breakup recovery is accelerating, adding 11 rigs across the Montney, Duvernay, and oil sands plays β€” now up from a seasonal low and closing in on typical June levels. In the US, oil rigs added 2 w/w to 433 and gas rigs eased by 3 to 121, with the Permian down 1 to 256. US production at 13.8 mb/d remains near record highs, underscoring continued efficiency gains despite a flat-to-lower rig count. The Permian Basin's 256 active rigs remains the dominant basin.
πŸ“‹ Data: Baker Hughes Weekly Rig Count β€” Week Ending June 12, 2026 (Released June 12, 2026)
US Total Rigs
562
β–Ό -1 w/w
vs prior week 563
US Oil Rigs
433
β–² +2 w/w
Primary oil-directed
US Gas Rigs
121
β–Ό -3 w/w
Natural gas-directed
Gulf of Mexico
6
β–Ό -2 w/w
Offshore rigs
Canada Total
180
β–² +11 w/w
Post-breakup recovery
Canada Oil Rigs
121
β–² +6 w/w
Oil-directed
Canada Gas Rigs
58
β–² +4 w/w
Gas-directed
NA Total
742
β–² +10 w/w
North America combined
Rig Count Detail & Breakdown
CategoryCountW/W ChgYoY Chg
United States
  Oil Rigs433+2439
  Gas Rigs121-3113
  Gulf of Mexico6-29
  Geothermal803
Major Basins (US)
  Permian256-1273
  Haynesville55035
  Eagle Ford44040
  Williston28031
  US Total562-1555
Canada
  Oil Rigs121+691
  Gas Rigs58+447
  Canada Total180+11138
North America Total742+10693
Rig Count by Category β€” Week Ending June 12, 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. All positions confirmed as of June 9, 2026 (released June 13, 2026). No carried-forward values this 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 17, 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.