US commercial crude oil inventories decreased by 7.2 million barrels to 404.5 mmbbls in the week ended July 24, the Energy Information Administration said in its weekly report on Wednesday.
Crude inventories were about 7% below the five-year average for this time of year, the EIA said. The decrease was above Macquarie's estimate of a 2.5-mmbbl draw for the week ended July 24.
FirstEnergy (FE) reported Q2 earnings Tuesday, showing electric distribution deliveries of 34.7 million megawatt-hours, up from 34.5 million MWh a year earlier, as industrial demand offset weaker residential and commercial usage.Residential deliveries declined to 11.7 million MWh for the quarter ended June 30, down from 12 million MWh a year earlier.Commercial deliveries fell to 9.5 million MWh, down from 9.6 million MWh in the year-ago quarter.Industrial deliveries increased to 13.5 million MWh for the quarter, compared with 13 million MWh for Q2 2025.Weather-adjusted total electric distribution rose to 34.8 million MWh, up from 34.3 million MWh for the same quarter last year.Weather-adjusted residential deliveries totaled 11.8 million MWh, while weather-adjusted commercial deliveries edged down to 9.5 million MWh from 9.6 million MWh in the same quarter last year.Weather-adjusted industrial deliveries increased to 13.5 million MWh from 13 million MWh a year earlier.FirstEnergy continues to advance its Energize365 investment program, allocating $36 billion across 2026 through 2030 to strengthen grid reliability, modernize infrastructure, expand transmission capacity and support rising electricity demand.
(Corrects headline and 1st paragraph to show that crude stocks fell.)Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories decreased by 3.3 million barrels in the week ended July 24, following a 2.6-mmbbl increase the previous week, and compared with analysts' estimate of a 2.5-mmbbl decline, according to a Bloomberg-compiled survey.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.
US natural gas futures extended earlier losses in after-hours trading on Tuesday, falling by more than 10 cents as a multi-day selloff continued amid ample supplies and subdued demand.The front-month Henry Hub contract fell 4.59% to $2.640 per million British thermal units, while the continuous contract declined 3.91% to $2.679/MMBtu.The market retreated for a fourth consecutive session on Tuesday, with nearest-month futures falling to a three-month low, according to Barchart. The Energy Buyers' Guide said the August contract has lost $0.20 over the past week and $0.62 over the past month. Weakness also spread to the winter strip, which fell $0.06 to $3.51/MMBtu and is once again testing multi-year lows.Prices remained under pressure after weather forecasts shifted toward cooler conditions across the Midwest and East Coast through Aug. 5, reducing expected demand for air conditioning and natural gas-fired power generation, Barchart said.Aegis Hedging said data from Criterion showed total US power demand slipped on Tuesday as national temperatures fell below the 10-year average. Market participants expect cooling degree days to bottom out at around 13 on Wednesday before stabilizing near 15 through the first half of August, Aegis said.According to Gelber & Associates, the latest weather model run added 7.4 Bcf of cumulative demand over the next two weeks, with most of the additional demand concentrated in the 11- to 15-day period. Total demand is projected to reach 117-120 Bcf/d next week, the firm said.While early August power burn is expected to improve, Gelber said liquefied natural gas feedgas demand is also forecast to increase into the 19.7-20.3 Bcf/d range, potentially creating a much tighter demand balance than current pipeline flows suggest.However, production is forecast to move above 111 Bcf/d and approach 112 Bcf/d by early August, meaning the market will likely require confirmation from actual power-sector and LNG export demand before assigning significant value to the warmer weather outlook, Gelber said.