US Crude Stockpile Hits Highest Since June 2024, Exports Surge

[Hol]

Summary:​

• US crude stockpiles surged for the fourth consecutive week. The build takes inventories to the highest level since June 2024. The increase is likely to reinforce perceptions of ample supply in US markets, and though prices are significantly higher, WTI continues to lag global benchmark, Brent.
• US oil imports rose to the highest level since November 2024 driven by Gulf Coast imports which rose to the highest level since 2020. Flows to the US are not significantly disrupted despite the conflict in Iran. Flows from Venezuela nearly doubled on a weekly basis and are sitting at the highest level since 2024, the data shows.
• Crude exports jumped by 1.5 million barrels a day to the highest level since September. That’s likely due to global markets drawing on US barrels as the conflict in Iran curtails Middle Eastern flows.

Oil prices are ripping higher this morning (rebounding aggressively of overnight lows) after US and Israel attacked upstream Iranian energy assets for the first time since the war (While the US struck oil export hub Kharg Island late last week, it limited that attack to military targets began).

Iran’s IRGC responded by publishing a list of Gulf energy sites in Saudi Arabia, the United Arab Emirates and Qatar that “have become direct and legitimate targets” following the attack on South Pars, the semi-official Tasnim news agency reported.

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[Spartan Sprinter]

In our media today they were saying that the fuel shortages could lead to a lockdown type scenario in terms of rationing fuel and maybe even having car free days

 

[1LoverofGod]

In our media today they were saying that the fuel shortages could lead to a lockdown type scenario in terms of rationing fuel and maybe even having car free days

Here in California its said we might see another scenario like we had in the 1970's, long lines for gas, going by Green Flag for open and Red Flag for closed, and getting gas will be determined by the licence plate numbers with odd numbers and even numbers to get gas.
It was a nightmare back then.
I dont think the odd and even numbers on the plates would work now because of too many personalized plates using only letters.
I think California Democrats under Newsom are gleeful about the oil crisis.
Their Climate nonsense has caused our Oil Companies to flee to other States and shut down our oil pumping that Trump is trying to restore, but even though there's an agreement now to start pumping oil again, in one way or another the legislators in Sacramento will not make it easy for them by imposing regulations and insane taxes on them, or the consumer, and California will still have extremely high gas prices.