Having a look at the weekly API and EIA reports over the past five months we can observe a clear trend bringing oil inventories rapidly down. On a year-over-year basis, US oil inventories have actually decreased a few million barrels. The supply tightness that led to this situation (OPEC cuts etc) still persists, which had evident effects on prices up to last week. The present week, by contrast, has seen the steepest crash in oil prices which was somehow unexpected. What are the major drivers of this sudden reversal?
Submitted October 05, 2023 at 04:50AM by Warm-Hunt8586 https://ift.tt/kNmeb7I
