Falling inventories are the PRIMARY driver of oil price
Posted: Fri Feb 26, 2021 9:40 am
U.S. PETROLEUM INVENTORIES excluding the strategic petroleum reserve fell last week by -14 million barrels. Commercial inventories have declined in 27 out of 34 weeks since the start of July by a total of -167 million barrels, reversing most of the +194 million-barrel build during the epidemic’s first wave between March and June 2020.
U.S. oil production is back on decline since peaking in November, 2020.
U.S. oil production is back on decline since peaking in November, 2020.