Global oil inventories are drawing at a record pace of 8.7mb/d in May as supply disruptions in the Persian Gulf and Strait of Hormuz outpace demand changes. However, futures prices remain stable due to record OECD strategic reserve releases and weakening Chinese refinery runs.
Key Takeaways
- 1.Global oil stock draws reached a record 8.7 million barrels per day (mb/d) in May, driven largely by oil on water and declines in global exports.
- 2.Supply flows through the Strait of Hormuz have collapsed by approximately 95% due to the ongoing conflict.
- 3.China's crude imports have declined significantly, falling 4.3mb/d since late February, driven by Persian Gulf disruptions and lower Russian imports.
Table of Contents
- Global Visible Stock Draws
- China Landed Inventories and Imports
- OECD Europe Jet Fuel Import Reductions
- OECD SPR Releases and Price Impacts
- Strait of Hormuz Supply Disruptions
- Iran Loadings and Storage
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Authors
Tyler Durden
Securities
Brent CrudeWTI Crude
Themes
Geopolitical Supply ShockInventory DestockingPolicy Counter-Measures (SPR)
Regions
EuropeMiddle EastAsia PacificChinaIranRussia