Daily Energy Report

US crude & products draw, Iran calls for embargo, Headwinds for oil, Aramco pushes investment, China/French Yuan LNG deal, Suezmax rates spike, Carbon capture, and more.

Chart of the Day: EIA reports large crude and products draws.

Summary

Figure (1) shows trends in US crude oil inventories. Although 2023 was following historical trends, the spike and decline in the last two weeks have also followed historical trends. We do expect a tighter market for the rest of the year. However, please note that even if inventories follow historical trends, they will decline again toward the end of the year.

EOA’s Main Takeaway