On May 23, NYMEX July crude oil futures closed up by $0.33, or 0.5%, at $61.53 per barrel. The Memorial Day holiday on Monday marks the start of the summer driving season in the United States, which is the peak demand period for gasoline and other motor fuels.

Similarly, the nearby Brent crude oil on ICE Futures Europe also rose by $0.34, or 0.5%, to $64.78 per barrel. Last week, NYMEX crude fell 1.5%, and Brent crude dropped 1%.

The Commodity Futures Trading Commission reported on May 23 that as of May 20, the net long position of speculators in NYMEX crude oil futures held by fund managers and other large traders increased by 0.6% to 186,420 contracts, reaching a three-month high.

The U.S. Department of Energy reported that as of the week ending May 16, natural gas inventories in the U.S. rose by 1,200 billion cubic feet to 2.375 trillion cubic feet.

Additionally, the spot price of natural gas at Henry Hub fell by 11 cents last week, while the NYMEX natural gas contract price also declined. According to S&P Global Platts, the average daily supply of natural gas in the U.S. increased by 1.2% compared to the previous week.

The report indicates that LNG exports are driving the growth in U.S. natural gas demand, with natural gas prices projected to gradually rise over the next two years.

Meanwhile, Egypt faces a new round of natural gas shortages as the summer heat and electricity demand surge, exacerbating the energy crisis.