Daily Energy Report

Global commercial oil inventories, US inventories, Aramco Reduced oil prices to Asia, Vietnam coal consumption at record high, , US EV credits, Japan grid backup, and more.

Global Commercial Crude Inventories Remain High  

Summary

Figure (1) above shows global commercial crude inventories. It shows that commercial inventories in the first five months of 2024 are high by historical standards. 

To avoid giving the wrong visual effect in Figure (1), we changed the start of the axis from two to zero as shown in Figure (2). The idea here is that despite these changes, they remain relatively small when compared to total inventories. 

EOA’s Main Takeaway