WTI Crude Oil futures extended monthly gains to roughly 30% as ongoing Middle East conflict and shipping disruptions in the Red Sea raised global supply concerns. Calendar spreads surged deeper into backwardation, reflecting immediate market tightness. The EIA inventory report showed a crude oil build of 2 million barrels to 411 million barrels, remaining below the five-year average. Gasoline inventories also increased, though demand climbed to 8.9 million barrels per day. Meanwhile, August Natural Gas futures rose over 1.7% back above $2.90 per MMBtu, driven by higher LNG export flows and warmer weather forecasts, despite risks posed by Tropical Storm Beryl.