Oil markets could be a month away from the moment of truth. Brace for a 'non-linear' price spike and panic buying [View all]
(Fortune) Dire warnings about oil supplies are coming from everywhere lately as the Strait of Hormuz remains largely closed while President Donald Trump’s trip to China failed to produce a breakthrough to reopen the critical waterway.
While investors have been trading on hopes that the Iran ceasefire will remain intact, there is little sign that the oil trade will return to normal soon, forcing them to reckon with the reality of worsening shortages and an imminent tipping point ahead.
JPMorgan predicted that commercial oil inventories in the developed world could “approach operational stress levels” by early June. Saudi Aramco said global inventories of gasoline and jet fuel could reach “critically low levels” ahead of the summer.
The International Energy Agency warned the world is drawing down oil inventories at a record pace, with 164 million barrels released by governments and industry as of May 8.
https://finance.yahoo.com/sectors/energy/articles/oil-markets-could-month-away-190842717.html
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