Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended June 9, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.
The data showed that money managers reported 215,237 long positions, down 6,434 from June 2, while short positions were also down 5,382 to 92,030.
Producers, merchants, processors, and users held 734,068 long positions and 354,681 short positions.
US natural gas futures extended losses Thursday, falling to a two-week low in after-hours trade after government data showed a larger-than-expected increase in domestic gas inventories.The front-month Henry Hub contract and the continuous front-month benchmark each fell 3.14% to settle at $3.085 per million British thermal units.The US Energy Information Administration reported a 108-billion-cubic-foot storage injection for the week ended June 5.The build exceeded market expectations and the five-year average injection of 95 Bcf, widening the storage surplus relative to the five-year benchmark to 151 Bcf while leaving inventories roughly in line with year-earlier levels.Pinebrook Energy Advisors said the injection was the largest weekly build of the season so far and suggested natural gas consumption was weaker than preliminary estimates had indicated, potentially reflecting stronger-than-expected wind and solar power generation.They added that while Thursday and Friday are still projected to be the warmest days of the season so far on a population-weighted basis, forecasts indicate temperatures will return closer to seasonal norms after the near-term peak.Barchart, citing The Commodity Weather Group, also said later forecasts were trending cooler, with below-average temperatures expected across the Upper Midwest through June 15.Barchart, citing BNEF data, reported Lower 48 gas demand was estimated at 70.3 Bcf per day, down 2.3 Bcf from Wednesday but up 1.8% from the same period last year. Celsius Energy said power burn on late Thursday was 29 Bcf, up 1.9 Bcf from the day before and up 3.2 Bcf over year-ago levels.The Edison Electric Institute reported Wednesday that US Lower 48 electricity generation for the week ended June 6 rose 2.13% from a year earlier to 83,866 gigawatt-hours. Electricity output over the 52 weeks ended June 6 increased 2.25% over the year to 4,341,775 GWh.The Edison Electric Institute said Wednesday that US Lower 48 electricity generation rose 2.13% over the year to 83.9 terawatt-hours for the week ended June 6. Electricity output over the 52-week period increased 2.25% to 4,341.8 TWh.On the supply side, BNEF data showed Lower 48 dry gas production was 111.3 Bcf/d on Thursday, up 2.2 Bcf from the previous day and 3.2% higher than a year earlier.Estimated net flows to US LNG export terminals reached 18.7 Bcf/d on Thursday, up 0.1 Bcf from the prior day and 9.5% higher week over week.Meanwhile, Cheniere Energy's (LNG) Corpus Christi LNG facility was on track to receive 2.61 Bcf/d of natural gas on Thursday after a temporary shutdown affected part of the plant, Reuters reported, citing LSEG data.
The conflict with Iran is emerging as a new driver of demand for gas turbines, adding to an order boom already fueled by the rapid expansion of data centers and artificial intelligence infrastructure, Siemens Energy executives said on Thursday, according to multiple media reports.Alongside rivals GE Vernova and Mitsubishi Heavy Industries, Siemens Energy has seen a fresh wave of demand from Middle Eastern governments seeking to strengthen energy security following attacks on critical infrastructure, executives told reporters at a company event.The new orders come on top of a large backlog generated by technology companies investing heavily in power-hungry AI projects."If you look at some of these countries, especially in the Gulf, you see that they are launching new tenders so that if a big power plant is down, they are not out," Reuters reported Karim Amin, head of Siemens Energy's gas services division, as saying.Amin also said reserve power margins of about 15%, once considered sufficient, are no longer adequate as threats to energy infrastructure increase.Despite disruptions to regional shipping routes, Siemens Energy has maintained deliveries by shifting some transportation to trucks. While the alternative has increased costs and transit times, "it did not stop the business," Amin reportedly said.The company plans to continue expanding manufacturing capacity through 2030, but has limited ability to increase output further in the near term, Reuters reported Amin as saying. "We've already done everything we can," he said.The tightening supply of gas turbines is becoming increasingly important for countries seeking gas-fired generation to support power systems with growing shares of intermittent renewable energy, Bloomberg reported.It said data centers account for about 25% of Siemens Energy's turbine demand, while roughly 60% comes from traditional customers such as utilities. The company aims to maintain that balance while ensuring current orders generate long-term service revenues.Siemens did not respond to a request for comment from.
The US Treasury extended sanctions-related authorizations for Russia's Sakhalin-2 project through Dec. 18, 2026, under a new general license, the Office of Foreign Assets Control said Thursday.The OFAC said entities can continue providing certain services tied to maritime shipments of Sakhalin-2 crude oil, provided the cargoes are destined exclusively for Japan.The authorization also permits transactions involving Gazprombank and entities it owns 50% or more of that support the Sakhalin-2 project, including dealings with Sakhalin Energy LLC.OFAC renewed authorization for petroleum-related services connected to the Sakhalin-2 project through 12:01 a.m. Eastern Standard Time on Dec. 18, 2026.The license does not cover transactions restricted under certain Russia-related financial sanctions directives or other dealings involving blocked parties unless separately authorized.The agency said General License 55F took effect June 11, 2026, replacing and superseding General License 55E that OFAC issued on Dec. 17, 2025.