USA - 🛢️ Weekly Energy and Economic Insights

Economic Indicators:
U.S. Industrial Production: Rose by 1.6% y/y in June, the strongest increase since November 2022. The ADS Business Conditions Index suggests improved economic growth for Q3 2024.
Consumer Sentiment: Declined for the third consecutive month, down over 14% since March 2024, indicating slower consumer spending.
Oil Market:
Crude Oil Inventories: Fell by 1.8 mb/d in June and 0.3 mb/d in July, with domestic stocks decreasing by 20.5 million barrels recently. Despite high production levels, prices saw a slight decline.
Natural Gas: Prices dropped by 7.5% w/w to $2.10 per million Btu, with inventories growing and futures prices for December higher compared to August.
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