Oil 13 (Oct 23 - Dec 27)

[behappyalways]

Goldman Sachs Warns Oil Inventory Rebuild Won’t Prevent 2027 Supply Glut
https://www.zerohedge.com/markets/goldm ... upply-glut

[winston]

US Strategic Petroleum Reserve

According to data from the US Department of Energy, inventories of crude oil held in the US Strategic Petroleum Reserve dipped by another 6.2 million barrels in the week ending July 3 to reach 319.5 million barrels, the lowest level since April 1983.

[behappyalways]

United States Retains Spot As World's Top Oil Producer
https://www.zerohedge.com/energy/united ... l-producer

[winston]

How long can energy markets withstand the Iran war?
Strategic oil reserves and spare capacity are running thin

The whiplash in oil prices is the story of this war’s energy economics so far: extraordinary shocks, absorbed and unwound with speed.

by Leon Hadar

In March, the US and roughly 30 other International Energy Agency members agreed to release around 400 million barrels from strategic stockpiles, with Washington alone committing 172 million barrels over a rolling 120-day drawdown.

China also reduced its oil imports sharply, with the volume in June dropping to the lowest in nearly 10 years.

The utilisation of refinery capacity in the US is running near 97 per cent in July and crude inputs are elevated.

US stockpile has fallen to about 316 million barrels, the lowest level since 1983.

Saudi Arabia in 2023 estimated that it needs oil at US$75 a barrel to balance its budget;

Source: Business Times

https://www.businesstimes.com.sg/opinio ... d-iran-war

[winston]

Kazakhstan's daily oil output halves after export terminal closure, source says

Kazakhstan, among the world's 10 biggest oil producers, has more than halved its daily oil output after the closure of its main exporting terminal in Russia's Black Sea over drone attacks,

Halved from the average June levels to 133,200 metric tons, or around 1 million barrels per day, from 2.16 million bpd.

Source: Reuters

https://www.thestandard.com.hk/finance/article/338362/

[behappyalways]

Crude Inventories Have Fallen To "Precariously Low" Levels
https://www.zerohedge.com/markets/crude ... low-levels

[behappyalways]

Saudi Arabia's $5 Oil Detour Is Expensive... But Worth It
https://www.zerohedge.com/energy/saudi- ... e-worth-it

[behappyalways]

US SPR Falls Below 300 Million Operational Limit As Oil Drain Unexpectedly Surges To 6.1MM Barrels, Most In 2 Months
https://www.zerohedge.com/energy/us-spr ... mm-barrels

[behappyalways]

Asian Oil Buying Spree Sends Dubai Crude Toward $100
https://www.zerohedge.com/energy/asian- ... toward-100

[behappyalways]

Diesel Crunch Set To Worsen As Refining Capacity Falls Short, Industry Warns
https://www.zerohedge.com/energy/diesel ... stry-warns