Jeffrey Robertson

John White

Derek Woodfield

Nate Pendleton

- Market sentiment for crude oil has turned bearish, with **net long bets for WTI at their lowest since 2007** and short-only bets at a **20-month high**.  **[1288403_EFXf5GQaQA4_0]** 
- Kpler forecasts an oil oversupply of approximately **2.5 million barrels per day in the fourth quarter**, expecting prices to drop to the **mid-to-high $50s by year-end**.  **[1288403_EFXf5GQaQA4_1]** 
- Despite US oil production reaching a record **13.5 million barrels per day in June**, Kpler projects a decline of around **200,000 barrels per day in 2026**.  **[1288403_EFXf5GQaQA4_0]** 
- Kpler estimates **dated Brent will average $67 per barrel in 2025**, aligning with recent forecasts.  **[1288403_EFXf5GQaQA4_1]** 
- OPEC+ is expected to **pause** at its next meeting, observing market dynamics, and is not anticipated to unwind further cuts at this time.  **[1288403_EFXf5GQaQA4_1]**

W&T OFFSHORE (WTI)