Eric Nuttall's numbers on the physical oil market underneath tonight's energy strength: Middle East production down 7.4 million barrels/day versus February, Strait exports down at least 4 million barrels/day, and global inventories at record lows even after absorbing 400M+ barrels of SPR and floating-storage releases.
Global oil inventories are at all-time lows despite absorbing >400MM Bbls from SPRs + floating storage. With no end in sight to the war, Middle Eastern production ⬇️ 7.4MM Bbl/d vs. February, Strait exports ⬇️ at least 4MM Bbl/d, pressure will continue with 61 days to midterms.
Eric Nuttall's numbers on the physical oil market underneath tonight's energy strength: Middle East production down 7.4 million barrels/day versus February, Strait exports down at least 4 million barrels/day, and global inventories at record lows even after absorbing 400M+ barrels of SPR and floating-storage releases.
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