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, opined John Kemp in a Reuter’s column.
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).
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, opined John Kemp in a Reuter’s column.
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).