The massive drains to the strategic petroleum reserve were one of the few things (albeit unsustainable) that were keeping down inflation, but now we’re right back on the roller coaster:
Strategic oil Reserve being depleted in an alarming rate as oil prices rise
Oil Prices Have SURGED To Fresh 2023 Highs With The Oil Market Likely To Face The Largest Supply Shortfall Since 2007 🚨
Saudi Arabia and Russia’s voluntary oil cuts are likely to create a significant shortfall of 3.3 million barrels per day through Q4 of this year.
Global observed oil inventories have also plummeted by 76.3 mb to a 13-month low in August – this has been led by a large decline in oil on water (International Energy Agency (IEA).
Brent Crude has hit fresh highs of $92.76/bbl and WTI is also now close to breaking through $90 as seen in the chart below.
From a supply perspective, things are looking very tight!
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