Another large weekly US SPR oil release (technically, an exchange), amounting to ~7.9 million barrels (equal to ~1.1m b/d). As of June 5, the SPR held 349.2 million barrels, approaching the low point set during the Biden administration of 346 million barrels (40-year low).

100 days of US-Iran war But oil is below $100

make no mistake, global oil inventories continue to tighten, but the doom and gloom (and opposite positions) suggesting supply outages might be imminent or that oil will plummet or spike are guesses and should be labeled as such. agree with the Saudi energy minister: stay calm.

OPEC crude production fell to a fresh 40-year low last month as the continued blockade of the Strait of Hormuz forced another round of production shut-ins across the Gulf region. The group, now reduced to 11 members following the UAE's departure, saw output decline by 1.2 million pic.x.com/KCvFF1qDjQ