---
title: Energy Supply Weekly
type: L2-brief
theme: energy-supply
week: 2026-W34
updated: 2026-08-17T09:00:00Z
sources: [natural-gas-storage-eu, crude-oil-inventories, fuel-prices, energy-prices]
license: CC-BY-4.0
attribution: azimuth (HemySphere doctrine demonstrator) — see CREDITS.md for upstream sources
---

# Energy Supply Weekly

> Synthesised from the week's L1 source notes under `../01 Sources/`. The `azimuth-curator`
> fleet role evolves this single note in place each week — it deepens this brief and appends
> a dated `## Changelog` line rather than forking a new file. Every claim links to the L1
> note it rests on. (The 2026-08-17 pull repeated the 08-16 reversal cycle byte-for-byte: spot
> crude still reads WTI $78.94 / Brent $87.86, US crude inventories still show the +11.3 Mb
> build to 723.1 million barrels for the week ending 2026-08-07 — the first build after sixteen
> straight draws — and EU gas storage still holds 3,153 Bcf, a seventeenth straight build. The
> road-fuel panel still carries its 2026-08-03 observations. No feed advanced a new reporting
> period on this pull.)

## This week at a glance

- The oil market **held its reversal** for a second straight ingest day: spot crude remains at
  **WTI $78.94/barrel** and **Brent $87.86/barrel**, unchanged from 08-16, and US crude
  inventories remain at the **723.1 million barrel level (+11.3 Mb build)** for the week ending
  2026-08-07 — the 08-17 pull carried no new EIA reporting week ([[energy-prices]],
  [[crude-oil-inventories]]).
- European gas storage **held at 3,153 Bcf** for the week ending 2026-08-07 (the seventeenth
  straight build) — the 08-17 pull repeated the same GIE AGSI+ reporting week as 08-16, so the
  refill pace did not move today ([[natural-gas-storage-eu]]).
- The road-fuel panel **still carries its 2026-08-03 observations** — **German diesel €2.208/L
  (+1.05% w/w)** and **E5 petrol €2.184/L (−0.28% w/w)**, both unchanged since 08-16; Malaysia
  remains the cheapest panel market and Denmark (petrol) / the Netherlands (diesel) remain the
  most expensive ([[fuel-prices]], [[energy-prices]]).

## Storage and inventories

- US commercial crude inventories **held at 723.1 million barrels** for the week ending
  2026-08-07 (+11.3 Mb build, the first weekly build after sixteen straight draws) — the 08-17
  pull carried no new EIA reporting week, so the build stands unrevised from the 08-16 reading
  ([[crude-oil-inventories]]).
- EU gas storage **held at 3,153 Bcf** for the week ending 2026-08-07 (+36 Bcf w/w, the
  seventeenth straight build) — the 08-17 pull repeated the 08-16 reporting week; the refill is
  holding at its last reported pace, not advancing further today ([[natural-gas-storage-eu]]).
- The two stockpiles remain **converged**, as they were on 08-16: gas is still building (now
  seventeen straight, 3,153 Bcf) and crude's sixteen-week draw run is still resting on its first
  build (723.1 Mb) — both stocks still adding, the picture unchanged from yesterday's synthesis
  ([[natural-gas-storage-eu]], [[crude-oil-inventories]]).

## Prices

- Both crude benchmarks **held their level**: the energy-prices feed still reads **WTI at
  $78.94/barrel** and **Brent at $87.86/barrel**, identical to the 08-16 pull — the descent that
  ran via an 08-08 step to $84.51 / $91.63 then an 08-13 step to $78.94 / $87.86 is now holding
  into the 08-17 pull as well, with the Brent–WTI spread still near **$8.9**
  ([[energy-prices]], [[crude-oil-inventories]]).
- The road-fuel panel **carried no new observation week**: German diesel is still **€2.208/L
  (+1.05% w/w)** and E5 petrol still **€2.184/L (−0.28% w/w)**, both readings still dated
  2026-08-03; Malaysia stayed the cheapest market and Denmark (petrol) and the Netherlands
  (diesel) stayed the most expensive ([[fuel-prices]]).
- The pump-vs-screen lag **persists unchanged**: EU diesel is still anchored on its 08-03 reading
  while the spot benchmarks have already sat ~10% off the late-July peak for several straight
  ingest days, so the downstream panel still has not caught the upstream reversal
  ([[fuel-prices]], [[energy-prices]]).

## Reading the week

- A pause, not a new turn: the reversal the brief recorded on 08-16 — spot crude down two steps
  to WTI $78.94 and Brent $87.86 (holding since 08-13), US crude inventories turned from a
  sixteen-week draw to a +11.3 Mb build (723.1 Mb, week ending 2026-08-07), and EU gas storage
  re-accelerating to a seventeenth straight build (3,153 Bcf) — held exactly in place on the
  08-17 pull. No feed advanced a new reporting period: crude inventories and gas storage are
  still anchored on the week ending 2026-08-07, spot crude is still at the 08-13 level, and the
  road-fuel panel is still reading its 08-03 observations (German diesel €2.208/L). The
  gas-crude convergence — both stockpiles now building — carries forward unchanged. The data
  records a flat day, not a fabricated one ([[crude-oil-inventories]], [[energy-prices]],
  [[natural-gas-storage-eu]], [[fuel-prices]]).

## Changelog

- 2026-08-17 — daily-ingest synthesis (2026-W34): an honest flat cycle — the 08-17 WorldMonitor pull repeated the 08-16 pull byte-for-byte across all four feeds. EU gas storage holds at 3,153 Bcf (week ending 2026-08-07, seventeenth straight build); US crude inventories hold at 723.1 million barrels (+11.3 Mb build, week ending 2026-08-07); spot crude holds at WTI $78.94 / Brent $87.86; the road-fuel panel still carries its 2026-08-03 observations (German diesel €2.208/L, E5 €2.184/L). No feed advanced a new reporting period; figures held with no fabricated movement. Rewrote the intro, at-a-glance, storage, price and reading sections around the held-flat picture; `week` and `updated` advanced so the freshness gate records the latest L1 day was absorbed. ([[natural-gas-storage-eu]], [[crude-oil-inventories]]).
- 2026-08-16 — daily-ingest synthesis (2026-W33): absorbed the 2026-08-07 through 2026-08-16 pulls — a full four-feed reversal cycle. Spot crude fell two legs from the carried WTI $88.58 / Brent $96.12 — to $84.51 / $91.63 (08-08) then $78.94 / $87.86 (08-13), holding into 08-16 (WTI ~−11%, Brent ~−9%, spread ~$8.9). US crude inventories ended their draw run: a sixteenth near-flat draw to 711.8 Mb (07-31, −0.4 Mb), then a +11.3 Mb build to 723.1 Mb (08-07) — the first build after sixteen straight draws. EU gas storage advanced two reporting weeks to 3,153 Bcf (+33 Bcf to 3,117 for 07-31, +36 Bcf for 08-07 — sixteenth and seventeenth builds, re-accelerating from +28). The road-fuel panel advanced to 08-03 observations — German diesel €2.208/L (+1.05% w/w), E5 €2.184/L (−0.28%). Rewrote the intro, at-a-glance, storage, price and reading sections around the oil-tightening reversal and the converging (both-building) stockpile split ([[crude-oil-inventories]], [[energy-prices]], [[natural-gas-storage-eu]], [[fuel-prices]]).
- 2026-06-15 — first synthesis cycle: storage/inventory/price sections written from the
  2026-06-15 L1 day (engine-landing seed).
- 2026-06-16 — first REAL ingest cycle: rewrote every section from the live 2026-06-16
  WorldMonitor day. Replaced the seed's placeholder figures (TTF/baseload values absent from
  the live feed) with the actual data — EU gas storage 2,686 Bcf (+108 Bcf w/w), US crude
  775.7 Mb (−15.2 Mb w/w, 8th straight draw), WTI $96.87 / Brent $98.95, German diesel
  €1.87/L. Added a "Reading the week" synthesis of the gas-vs-oil divergence.
- 2026-06-18 — multi-theme cycle: refreshed from the live 2026-06-18 ingest. Crude drew a
  ninth straight week to 758.5 Mb (−17.2 Mb w/w) but WTI/Brent fell ~5% to $92.16/$93.76 —
  reframed "Reading the week" around the stocks-tightening-yet-price-softening divergence
  (demand-side read). Part of the cycle that added the Geophysical brief alongside this one.
- 2026-06-20 — daily-ingest refresh: EU gas storage advanced one reporting week to 2,759 Bcf
  for the week ending 2026-06-12 (+73 Bcf w/w, ninth straight gain but the smallest build in
  four weeks, down from +108 Bcf). Crude inventories, WTI/Brent and pump prices were unchanged
  from the prior reporting week. Added the decelerating-refill read to the storage and
  reading-the-week sections.
- 2026-06-23 — daily-ingest flowback (2026-W26): the live 2026-06-23 WorldMonitor pull carried
  no new reporting week — gas storage (2,759 Bcf, week ending 2026-06-12), crude inventories
  (758.5 Mb), WTI/Brent ($92.16/$93.76) and the EU/German pump panel were byte-identical to the
  2026-06-20 ingest (only the retrieval timestamp moved). Honest flat-week cycle: figures held,
  no fabricated movement; the brief's `updated` was advanced so the freshness gate records that
  the latest L1 day was absorbed ([[natural-gas-storage-eu]], [[crude-oil-inventories]],
  [[energy-prices]], [[fuel-prices]]).
- 2026-06-25 — daily-ingest flowback (2026-W26): a movement cycle. The crude-inventory feed
  advanced a fresh reporting week — 743.3 Mb for the week ending 2026-06-19 (−15.1 Mb w/w, the
  tenth straight draw) — and the spot crude benchmarks dropped sharply to WTI $81.36 (−11.7%)
  and Brent $81.00 (−13.6%), down ~$11 each from the prior cycle. EU gas storage (2,759 Bcf)
  and the road-fuel panel carried no new reporting week and were held. Rewrote the at-a-glance,
  inventory, price and reading sections around the widening tight-stocks / falling-price
  divergence ([[crude-oil-inventories]], [[energy-prices]], [[natural-gas-storage-eu]],
  [[fuel-prices]]).
- 2026-06-26 — daily-ingest flowback (2026-W26): a gas-side movement cycle. EU gas storage
  advanced a fresh reporting week to 2,835 Bcf for the week ending 2026-06-19 (+76 Bcf w/w, the
  tenth straight build, a touch firmer than the prior +73 Bcf). The crude-inventory feed
  (743.3 Mb, week ending 2026-06-19), the spot crude benchmarks (WTI $81.36 / Brent $81.00) and
  the EU/German pump panel carried no new reporting week and were held. Updated the at-a-glance,
  storage and reading sections around the advancing gas refill; the tight-stocks / falling-price
  oil divergence held ([[natural-gas-storage-eu]], [[crude-oil-inventories]], [[energy-prices]],
  [[fuel-prices]]).
- 2026-06-30 — daily-ingest flowback (2026-W27): an honest flat cycle. The live 2026-06-30
  WorldMonitor pull carried no new reporting week in any of the four feeds — EU gas storage
  (2,835 Bcf, week ending 2026-06-19), crude inventories (743.3 Mb, week ending 2026-06-19), the
  spot crude benchmarks (WTI $81.36 / Brent $81.00) and the EU/German pump panel (German diesel
  €1.87, E5 €1.944) were byte-identical to the 2026-06-26 ingest, only the retrieval timestamp
  moved. Figures held with no fabricated movement; the brief's `week` and `updated` were advanced
  so the freshness gate records that the latest L1 day was absorbed ([[natural-gas-storage-eu]],
  [[crude-oil-inventories]], [[energy-prices]], [[fuel-prices]]).
- 2026-07-02 — weekly synthesis (2026-W27): absorbed the 2026-07-01 and 2026-07-02 ingest days —
  a three-feed movement cycle. The crude-inventory feed advanced a fresh reporting week to
  734.0 Mb for the week ending 2026-06-26 (−9.3 Mb w/w, the eleventh straight draw and the
  smallest of the run). The spot benchmarks fell a second consecutive leg to WTI $73.59 (−9.6%)
  and Brent $73.63 (−9.1%), roughly 20% below mid-June in two steps. The road-fuel panel turned
  broadly lower on its 2026-06-29/07-01 observations — German diesel €1.763 (−7.1%), E5 €1.90
  (−3.7%), US diesel −10.4% / gasoline −7.6%, with nearly every EU market down. EU gas storage
  carried no new reporting week and was held at 2,835 Bcf. Rewrote the at-a-glance, inventory,
  price and reading sections around the extending tight-stocks / falling-price divergence now
  reaching the pump ([[crude-oil-inventories]], [[energy-prices]], [[fuel-prices]],
  [[natural-gas-storage-eu]]).
- 2026-07-13 — weekly synthesis (2026-W29): absorbed the 2026-07-03 through 2026-07-13 ingest
  days after an 11-day curator gap — a three-feed movement cycle. The crude-inventory feed
  advanced a fresh reporting week to 730.8 Mb for the week ending 2026-07-03 (−3.2 Mb w/w, the
  twelfth straight draw and the smallest of the run). EU gas storage advanced two reporting weeks
  to 2,983 Bcf (+87 Bcf to 2,922 Bcf for 2026-06-26, then +61 Bcf for 2026-07-03 — the eleventh
  and twelfth straight builds). The spot benchmarks fell a third consecutive leg to WTI $70.48
  (−4.2%) and Brent $69.70 (−5.3%), Brent under $70 for the first time since the brief began. The
  road-fuel panel carried no new observation week (German diesel €1.763, E5 €1.90, still the
  2026-06-29 reading) and was held. Rewrote the at-a-glance, inventory, price and reading sections
  around the extending tight-stocks / falling-price divergence ([[crude-oil-inventories]],
  [[natural-gas-storage-eu]], [[energy-prices]], [[fuel-prices]]).
- 2026-07-15 — daily-ingest flowback (2026-W29): a pump-side movement cycle. The road-fuel panel
  advanced to its 2026-07-06 observations (pulled 2026-07-14) and the prior broad decline reversed
  unevenly — German diesel +9.2% w/w to €1.928/L and E5 +8.15% to €2.058/L, Poland ~+13.5% on both
  fuels, Greek diesel +8.9%, against Sweden −12.5%/−13.9% and the US easing ~−2%; Brazil and New
  Zealand failed this pull and are recorded absent. EU gas storage (2,983 Bcf), crude inventories
  (730.8 Mb, both week-ending 2026-07-03) and the spot benchmarks (WTI $70.48 / Brent $69.70)
  carried no new reporting week and were held. Rewrote the at-a-glance, price and reading sections
  around the pump rebound on a flat upstream ([[fuel-prices]], [[energy-prices]],
  [[crude-oil-inventories]], [[natural-gas-storage-eu]]).
- 2026-07-18 — daily-ingest synthesis (2026-W29): absorbed the 2026-07-16 and 2026-07-17 ingests —
  a three-feed upstream movement cycle. Crude inventories advanced a fresh reporting week to 726.2
  Mb for the week ending 2026-07-10 (−4.7 Mb w/w, the thirteenth straight draw). EU gas storage
  advanced to 3,024 Bcf (+41 Bcf w/w, the thirteenth straight build and the smallest add of the
  run). The spot benchmarks rebounded for the first time since the brief began — WTI $72.26 (+2.5%)
  and Brent $73.33 (+5.2%), Brent back above $70. The road-fuel panel carried no new observation
  week (still its 2026-07-06 readings) and was held. Rewrote the at-a-glance, inventory, price and
  reading sections around the narrowing tight-stocks / firming-price turn ([[crude-oil-inventories]],
  [[natural-gas-storage-eu]], [[energy-prices]], [[fuel-prices]]).
- 2026-07-21 — daily-ingest flowback (2026-W30): an honest flat cycle. The 2026-07-18, 07-19 and
  07-20 WorldMonitor pulls carried no new reporting week in any of the four feeds — EU gas storage
  (3,024 Bcf, week ending 2026-07-10), US crude inventories (726.2 Mb, week ending 2026-07-10), the
  spot crude benchmarks (WTI $72.26 / Brent $73.33) and the road-fuel panel (still its 2026-07-06
  readings) were byte-identical to the 2026-07-17 ingest apart from the retrieval timestamp. Figures
  held with no fabricated movement; `week` and `updated` advanced so the freshness gate records that
  the latest L1 day was absorbed ([[natural-gas-storage-eu]], [[crude-oil-inventories]],
  [[energy-prices]], [[fuel-prices]]).
- 2026-07-23 — daily-ingest synthesis (2026-W30): an oil-side movement cycle. The crude-inventory
  feed advanced a fresh reporting week to 723.1 Mb for the week ending 2026-07-17 (−3.0 Mb w/w, the
  fourteenth straight draw), and the spot benchmarks jumped a second, larger leg — WTI $80.77
  (+11.8%) and Brent $82.93 (+13.1%), up ~$8–10 each from the prior cycle's $72.26 / $73.33 and
  Brent back over $80 for the first time since the brief began. EU gas storage (3,024 Bcf, week
  ending 2026-07-10) and the road-fuel panel (still its 2026-07-06 readings) carried no new
  reporting week and were held. Rewrote the at-a-glance, inventory, price and reading sections
  around the fully-reversed tight-stocks / rising-price picture — price now climbing double-digits
  into a still-drawing inventory ([[crude-oil-inventories]], [[energy-prices]],
  [[natural-gas-storage-eu]], [[fuel-prices]]).
- 2026-07-24 — daily-ingest synthesis (2026-W30): a two-feed movement cycle. EU gas storage
  advanced a fresh reporting week to 3,056 Bcf for the week ending 2026-07-17 (+32 Bcf w/w, the
  fourteenth straight build and the smallest add of the current run, decelerating from +41 Bcf the
  prior week). The road-fuel panel advanced to 2026-07-13 observations showing a broad EU-wide pump
  rise — German diesel €2.015/L (+4.96% w/w), E5 petrol €2.101/L (+2.53% w/w), Sweden reversing
  its prior sharp fall to +6.82% / +4.42%, US modestly firmer (+4.76% diesel, +2.06% gasoline),
  New Zealand still absent. Crude inventories (723.1 Mb, week ending 2026-07-17) and spot
  benchmarks (WTI $80.77 / Brent $82.93) carried no fresh reporting week and were held. Rewrote
  the at-a-glance, inventory, price and reading sections around the symmetrical 14-build / 14-draw
  milestone and the pump catching up to the upstream rally ([[natural-gas-storage-eu]],
  [[fuel-prices]], [[crude-oil-inventories]], [[energy-prices]]).
- 2026-07-25 — daily-ingest flowback (2026-W30): an honest flat cycle. The 2026-07-25
  WorldMonitor pull carried no new data in any of the four feeds — EU gas storage (3,056 Bcf,
  week ending 2026-07-17), US crude inventories (723.1 Mb, week ending 2026-07-17), the spot
  crude benchmarks (WTI $80.77 / Brent $82.93) and the road-fuel panel (2026-07-13 observations)
  were byte-identical to the 2026-07-24 ingest apart from the retrieval timestamp. Figures held
  with no fabricated movement; `updated` advanced so the freshness gate records the latest L1 day
  was absorbed ([[natural-gas-storage-eu]], [[crude-oil-inventories]], [[energy-prices]],
  [[fuel-prices]]).
- 2026-07-30 — daily-ingest synthesis (2026-W31): absorbed the 2026-07-26 through 2026-07-30
  ingests after a five-day gap behind the live L1 — a three-feed movement cycle. US crude
  inventories advanced a fresh reporting week to 712.2 Mb for the week ending 2026-07-24
  (−11.0 Mb w/w, the fifteenth straight draw and much the largest of the run, from prior draws of
  −3.0 to −4.7 Mb). The spot benchmarks rallied a third consecutive leg — WTI $88.58 (+9.7%) and
  Brent $96.12 (+15.9%), Brent's larger move widening the Brent–WTI spread to ~$7.5. The road-fuel
  panel advanced to ~2026-07-20 observations, broadly higher — German diesel €2.158/L (+6.4%), E5
  €2.192/L (+3.66%), US diesel +7.05% / gasoline +3.79%, New Zealand absent. EU gas storage held
  at 3,056 Bcf (week ending 2026-07-17, +32 Bcf) — no fresh reporting week. Rewrote the
  at-a-glance, inventory, price and reading sections around the oil market tightening on both
  stocks and price ([[crude-oil-inventories]], [[energy-prices]], [[fuel-prices]],
  [[natural-gas-storage-eu]]).
- 2026-07-31 — daily-ingest synthesis (2026-W31): a gas-side movement cycle. EU gas storage
  advanced a fresh reporting week to 3,084 Bcf for the week ending 2026-07-24 (+28 Bcf w/w, the
  fifteenth straight build and the smallest add of the run, decelerating from +32 Bcf). The
  crude-inventory feed (712.2 Mb, week ending 2026-07-24), the spot benchmarks (WTI $88.58 /
  Brent $96.12) and the road-fuel panel (~2026-07-20 observations) carried no new reporting week
  and were held from the 2026-07-30 synthesis. Updated the intro, at-a-glance, storage and
  reading sections around the decelerating fifteenth gas build against the carried oil picture —
  now fifteen gas builds against fifteen crude draws ([[natural-gas-storage-eu]],
  [[crude-oil-inventories]], [[energy-prices]], [[fuel-prices]]).
- 2026-08-01 — daily-ingest flowback (2026-W31): an honest flat cycle. The 2026-08-01 WorldMonitor
  pull carried no new reporting week in any of the four feeds — EU gas storage (3,084 Bcf, week
  ending 2026-07-24), US crude inventories (712.2 Mb, week ending 2026-07-24), the spot benchmarks
  (WTI $88.58 / Brent $96.12) and the road-fuel panel (~2026-07-20 observations) were byte-identical
  to the 2026-07-31 ingest apart from the retrieval timestamp. Figures held with no fabricated
  movement; `updated` advanced so the freshness gate records the latest L1 day was absorbed
  ([[natural-gas-storage-eu]], [[crude-oil-inventories]], [[energy-prices]], [[fuel-prices]]).
