Daily Energy Report
Global oil inventories & demand, Exaggerated sanctions impact, Oil forecast “sideways,” US bills would hit EVs, China coal, Pemex desperation, Shell/Nigeria saga, “Landman” series good/bad, and more.
Chart of the Day
EOA: Global Oil Inventories Are Near the Bottom of the 5-Year Range
Summary
Global COMMERCIAL oil inventories have declined significantly in recent weeks, nearing the bottom of the 5-year range as shown in Figure (1). The chart shows trends from 2019 to 2023 (5-year range), and for 2023 and 2024. It also shows trends in recent weeks in 2025. While some analysts and traders see this as bullish, we maintain a "sideways" view for 2025 as we explain below.