LOOMING RISK: Oil inventories lowest since ’85 bad omen for winter, expert warns
Now you might think that when Biden announced a record-breaking 180-million-barrel release from our reserve in March, we might expect our usable oil products to see some increase in supply. Sadly that has not been the case. Data released this week from the EIA showed that U.S. crude oil inventories are frighteningly below the 5-year average for this time of year potentially making a cold winter season a problem.
Part of the problem is the fact that most of those SPR barrels were exported. U.S. crude exports hit a record 5 million barrels a day last week. Not only is it a concern about the total amount of oil that is being exported, but it is also the type of oil. In general, in the SPR, there are two major category types of oil. One is a sweet variety and the other sour. Because U.S. refiners prefer sour, it is sorry to see that most of that type of oil has been exported.
This was a point brought up by the new OPEC Secretary General Haitham Al Ghais. Not only is he warning of a potential supply squeeze for oil in the coming months, but he is also suggesting that fuel switching in Europe could cause major diesel price spikes this winter.
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