US Crude Oil Stocks Surge by 17.4M Barrels Amid Hormuz Risks

The latest US data has added bearish weight to the market view, with commercial crude oil stocks increasing by a significant 17.4 million barrels in the week ending August 7.

This marks the largest weekly increase since January 2023, and is likely to influence global energy markets.

Meanwhile, natural gas supplies in the US are considered ample, with estimates suggesting record-high average production of 122.5 Bcf/d in 2026 and a forecast average of 17.4 Bcf/d of LNG exports.

The energy climate is now highly fragmented, with bearish factors such as decreasing oil demand and growing oil inventories in the US competing against constrained LNG shipping and uncertain exports out of the Gulf.