Page 8 - Policy & Economic Report - July 2025

POLICY AND ECONOMIC
ROEILPO&RGTAS MARKET

and options. Speculators were increasingly betting on easing geopolitical risk premiums. At the same time,
they sharply raised short positions to their highest level since December 2025, fuelling volatility and
accelerating the decline in oil futures prices. Combined futures and options net long positions in ICE Brent
and NYMEX WTI dropped to their lowest level since January 2026.

Natural Gas spot prices at the US Henry Hub benchmark averaged $3.15 per million British thermal units
(MMBtu) in June 2026. Henry Hub natural gas prices increased by 7.1%, m-o-m, in June. Prices rose on the
back of stronger summer cooling demand and ongoing LNG-related support. Gains were limited by an
ongoing buildup in US inventories amid the injection season. According to data from the US Energy
Information Administration (EIA), average weekly underground storage rose by 17.2%, m-o-m, in June,
remaining well within the five-year historical average. Prices were up by 4.3%, y-o-y.

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