According to the EIA’s latest estimates right up to last week, oil inventories in the US have absolutely exploded, rising an incredible 58.4 million barrels in just seven weeks (the same period of comparison as stated earlier for 2001). This is, obviously, nearly double the glut from twenty-two winters ago.
While not a new record, this fact provides very little comfort. The only seven-week period when crude stocks rose more was that time when COVID fears had shut down large swaths of economic, civil, and just daily life in the country – from the week of March 13 to and including the week of May 1, 2020, domestic inventories added 78.5 million barrels.
Your stuff is always excellent. Are you running a fund?
Btw hope you don't mind if I get your thoughts on this post?
https://www.realclearmarkets.com/articles/2023/02/24/the_very_serious_possibility_recession_has_already_happened_883667.html
According to the EIA’s latest estimates right up to last week, oil inventories in the US have absolutely exploded, rising an incredible 58.4 million barrels in just seven weeks (the same period of comparison as stated earlier for 2001). This is, obviously, nearly double the glut from twenty-two winters ago.
While not a new record, this fact provides very little comfort. The only seven-week period when crude stocks rose more was that time when COVID fears had shut down large swaths of economic, civil, and just daily life in the country – from the week of March 13 to and including the week of May 1, 2020, domestic inventories added 78.5 million barrels.