Daily Energy Report
US crude inventories, Saudi minerals worth $2.5T, Russian ESPO triples, Russia hits Ukraine gas storage, Trump oil sanctions, Electricity demand forecasts, Oil market narratives, and more.
Chart of the Day: How Low are US Crude Inventories?
Summary
Crude oil inventories decreased by 1.962 mb to 412.7 mb last week, according to the EIA. Inventories are below the 5-year range and at the lowest level for this time of year since 2014. How bullish is this? Figure (1) shows weekly inventory days of cover since 1984.