Welcome to Energy Markets Daily. Thursday, December 4, 2025 — EIA Inventory Report. The data just dropped. Let's break it down. **CRUDE OIL INVENTORIES** Commercial crude inventories rose 0.6 million barrels to 427.5 million barrels. That's 3% below the five-year average. The API had estimated a draw of 2.48 million barrels. The EIA came in bearish. Cushing, Oklahoma stockpiles unchanged at 21.8 million barrels. US crude production dipped 20,000 barrels per day to 13.814 million barrels per day. Imports fell 456,000 barrels per day to 6.0 million barrels per day. **PRODUCT BUILDS** Gasoline inventories surged 4.5 million barrels, now 2% below five-year average. Distillate stocks rose 2.1 million barrels, still 7% below average. Refineries running hot at 94.1% capacity. **NATURAL GAS STORAGE** Expected 16 Bcf withdrawal vs 30 Bcf last year and 43 Bcf five-year average. Inventories at 3,935 Bcf, 4% above five-year average. January NYMEX natural gas closed at $4.84. Markets watching mid-December temperatures. **PRICE ACTION** WTI rose to $59.23, up 0.08%. Brent at $62.97, up 0.49%. Ukraine struck the Druzhba pipeline in Russia's Tambov region. Stalled peace talks lowered expectations of restored Russian flows. US threats against Venezuela's oil sector added risk premium. But weak demand and oversupply capped gains. **WHAT IT MEANS** Crude builds continue. Product stocks rising. Bearish signal for prices. Natural gas holding firm on weather uncertainty and LNG demand. The decoupling thesis holds: Crude oversupplied, nat gas structurally tight. **FINAL WORD** Inventories rose. Prices flat. Oversupply wins. Trade the data. Not the headlines. For inquiries: [email protected]. Subject: Energy Capital. This is Energy Markets Daily. Friday: Weekly Recap.

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