RSS feed source: US Energy Information Administration

In-brief analysis

October 9, 2025

We estimate crude oil inventories in China increased by about 900,000 barrels per day (b/d) between January and August this year, essentially acting as a source of demand by removing barrels from the global markets. The stock builds in China limited the downward price pressure we would otherwise expect to see with growing inventories, keeping the Brent crude oil spot prices in a relatively tight range around $68 per barrel (b) in the second and third quarters of 2025.

We estimate global petroleum inventories rose by an average of 1.8 million b/d in the second and third quarters in our October Short-Term Energy Outlook (STEO). Global oil inventories have been growing in 2025 as crude oil production from OPEC+ members and non-OPEC+ producers in North and South America has outpaced global demand

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RSS feed source: US Energy Information Administration

In-brief analysis

October 7, 2025

The United States is well stocked with propane heading into the winter. For the week ending September 26, U.S. propane inventory was 103 million barrels, about 13 million barrels more than the previous five-year average for this time of year, based on data in our Weekly Petroleum Status Report.

Propane inventories reflect supply and demand balances. Propane demand is greatest in the winter months because propane is used as the main heating fuel in about 5% of U.S. homes, primarily in the northern parts of the Midwest and Northeast. For propane supply, propane gas plant production increased 5% in the first seven months of this year compared with the same period in 2024.

U.S. propane inventories typically increase from April through September, when there is less demand, and decrease from October

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RSS feed source: US Energy Information Administration

In-brief analysis

October 6, 2025

Data source: CME Group, Bloomberg L.P.
Note: 3Q25=third quarter of 2025

Crude oil prices were relatively stable in the third quarter of 2025 (3Q25), ending the quarter just 9 cents per barrel (b) less than they started, while refinery margins increased to their highest levels so far this year. In this quarterly update, we review petroleum markets price developments in 3Q25, covering crude oil prices and refinery margins.

Crude oil prices
The Brent crude oil price traded in a narrow range in 3Q25 as expected increased production from OPEC countries offset geopolitical tensions. The Brent price began the quarter averaging $70/b in July, following the Israel-Iran 12-day war at the end of 2Q25, before declining to an average of $67/b in August and $68/b in September.

OPEC+ announcements in July, August,

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RSS feed source: US Energy Information Administration

In-brief analysis

October 1, 2025

In 2023, Texas consumed more energy than any other state. Total energy consumption in Texas was twice as much as in California, the second-highest consuming state, and more than three times as much as in Florida, the third-highest consuming state, according to recently released data in our State Energy Data System (SEDS). U.S. total energy use peaked in 2007, and between 2007 and 2023, Texas’s energy consumption increased 21%, while U.S. energy use decreased 5%. According to our SEDS data, most of the energy consumption growth in Texas is attributable to increased industrial activity, population, and electricity demand.

In 2023, energy consumption in Texas was higher than in any other state for every sector. Texas also consumed more coal, natural gas, and petroleum than any other state, and it was second only

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