From Investing.com: 2025-06-09 04:07:00

Energy – US Drilling Activity Slows
The ICE Aug-25 contract settled almost 5.9% higher thanks to Canadian wildfires and OPEC+ supply hikes. Speculators increased their net long in oil, with NYMEX WTI seeing the largest weekly increase since January. US drilling activity continues to slow, with the oil rig count falling for a sixth consecutive week. The Brent-WTI spread is narrowing due to various factors.

European gas storage broke above 50% full, but still lags behind year-ago levels. Reduced gas flows from Norway add to supply concerns, while LNG flows need close monitoring. In the agriculture sector, Coffee prices rose on failing stockpiles. Arabica prices increased due to declining stockpiles, while coffee exports from Vietnam were up year-on-year but down month-on-month. Soft wheat crop conditions in France remain good, with plantings nearly complete. Speculators increased their net short in CBOT corn, anticipating record supplies in the US for 2025/26.



Read more at Investing.com: Crude Oil Outlook Improves as WTI Discount Shrinks and Drilling Slows