Commercial stocks of crude and refined products in the advanced economies belonging to the Organization for Economic Cooperation and Development (OECD) amounted to 2,761 million barrels at the end of June.
Stocks were 120 million barrels (-4% or -0.71 standard deviations) below the ten-year seasonal average and the deficit had widened from 74 million (-3% or -0.47 standard deviations) at the end of March. < Keep in mind that the OECD countries consume a lot more oil-based products than they did ten years ago. Based on "Days of Consumption", OECD petroleum inventories are tight.
The deficit was the widest for almost two years since September 2022, according to data from the Short-Term Energy Outlook prepared by the U.S. Energy Information Administration (EIA).
Based on the current OECD Petroleum Inventories, the price of Brent oil should be over $100/bbl.
MY TAKE: The recent market "correction" had more to do with the Japanese Jen issue and the fact that the AI / Tech stocks were grossly overvalued.
OECD Petroleum Inventories
OECD Petroleum Inventories
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group