Overview
- EIA data showed U.S. crude stocks up 3.602 million barrels versus 1.131 million expected, with gasoline up 5.977 million and distillates up 3.349 million as refinery utilization fell 2.0%.
- WTI slipped back to roughly $59–$60 and Brent to about $64 as the risk premium faded after the president outlined a Greenland framework and dialed back hawkish language on Iran.
- The API’s private survey a day earlier pointed to a 3.04 million‑barrel crude build and a 6.21 million‑barrel gasoline increase, reinforcing supply concerns.
- Kazakhstan’s Tengiz and Korolev fields remain shut after power‑system fires, with industry sources indicating a 7–10 day interruption viewed as temporary by traders.
- The IEA still foresees a sizable 2026 surplus near 3.7 million barrels per day, which is curbing the durability of gains despite supportive Chinese demand signals.