Column: Shrunken U.S. oil inventories point to chronic under-supply: Kemp | Reuters
U.S. petroleum inventories have continued to slide over the last month and are well below their normal seasonal levels, which has helped push oil prices to their highest since 2014.
The market remains chronically under-supplied with OPEC+ and U.S. shale firms unable or unwilling to meet rapidly recovering demand at prevailing price levels.
Total commercial crude and products inventories have fallen in 56 out of the last 81 weeks according to data from the U.S. Energy Information Administration ("Weekly petroleum status report", EIA, Jan. 20).
Commercial inventories have declined by a total of 273 million barrels since peaking in July 2020, more than reversing the 204 million increase during the first wave of the pandemic and lockdowns.
No comments:
Post a Comment