Oil Inventories Hit Low as Hormuz Turmoil Drains Market Cushion
TL;DR
Global oil inventories are collapsing as strategic and commercial stockpiles are drained to offset lost Middle East supply, and even if the Strait of Hormuz reopens it could take months to rebuild the cushion. Demand is already softening in Asia, jet-fuel and plastics feedstocks are tightening in Europe, and prices are rising, signaling a potential deeper, longer-lasting energy crisis if hostilities persist.
- Oil Market Runs Down Safety Cushion as Supply Shock Worsens Crude Oil Prices Today | OilPrice.com
- Chevron CEO says shortages in oil supply will begin appearing Reuters
- Iran war is draining world’s oil buffer at an unprecedented pace Fortune
- These numbers show the global impact of Iran’s grip on the Strait of Hormuz AP News
- Shell CEO sends blunt message on oil and the economy thestreet.com
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