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“Meanwhile, the Strategic Petroleum Reserve is down to ~340 million barrels, the lowest since 1983, after 172 million barrels were released to contain war-driven”
@KobeissiLetter · The Kobeissi Letter
Critically depleted US oil inventories and exhausted SPR mean tighter supply and higher prices, boosting upstream producer revenues and margins.
XOMLONG@ $135.77
$154.95+14.13%
since call Jun 18
peak +15.0%
in postLONG
“Crude inventories at Cushing, Oklahoma, the largest commercial storage hub in the US and the pricing point for WTI Crude, dropped -1.6 million barrels last week”
@KobeissiLetter · The Kobeissi Letter
Cushing crude at 12-year lows and approaching operational minimum creates a structural supply squeeze pushing WTI prices higher.
WTILONG@ $73.84
$88.05+19.23%
since call Jun 18
peak +23.6%
TIMESTAMPS
in post
in post