Wonder of anybody noticed but SPR inventory is the lowest since 1985 May.
This winter could be a disaster. Russia will be playing with EU(oil dropped a lot but nat gas price going back to ATH). China might reopen 100%. Biden tries refill SPR. I honestly don’t understand why he is still tapping the reserve. As far as I know US export that 1M barrel to EU and china. SPR level is dropping so fast.. At this pace, we might see the record low level by the mid term.
US/china tension has elevated. It feels like the perfect storm is brewing.
I work for one of the biggest oil companies and have increased my company stock purchase.
If oil goes up high again, we will see May, June all over again. Remember food, shelter, service inflation never slowed down. They went up as much as any other months in 2022. Oil price drop saved July cpi big time.