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George Pearkes
@peark.es

Easiest way to see this is US commercial inventories. Low, especially compared to the last 10y, but very much not apocalyptic.

Nikolas Gvosdev@fpriorbis.bsky.social

This also speaks to commodities traders having Ali Baba caves of supplies … follow the use of tankers as floating storage … www.bloomberg.com/opinion/arti...

bloomberg.comThe Global Oil Cushion Isn’t Really Hitting ‘Tank Bottoms’The energy industry’s latest panic is that it’s about to hit “tank bottoms” — the minimum amount of crude in storage required to keep the conveyor belt that goes from oilfields to refineries humming. ...
Andy Waddington
@thewaddingtons.com

So a few months ago the US had about 800 million barrels of reserves about evenly split between commercial and spr. And now we're at 700 million with commercial reserves about unchanged and the spr down 100 million.