US emergency oil stockpile tumbles to lowest since the Reagan administration
“We’re raising alarm bells right now,” Sommers told CNN’s Phil Mattingly on The Lead. “We’re getting to levels where we are starting to be concerned.” Lipow said he thinks SPR releases may have to slow once the Trump administration is done releasing the 172 million barrels it pledged in March to release.
Meanwhile, the price of Oil is currently at $75/bbl. This of course because now that Chump & the I-a-toldya have electronically signed an MoU that nobody has seen and millions of barrels are now streaming out of Hormuz on their way to Happy Motorists aaround the world, right? I seriously doubt this.
What is much more likely is that Demand Destruction is beginning to set in, growth has slowed to a snail's pace and a recession is now being priced in to the futures trade. Oil is selling at $74 because they're not finding enough buyers even for the restricted amounts now currently available at prices of $80 and up, so they have to lower the price. This also why they are slow to invest in drilling new wells and ramping up production. The price won't crank back up until real physical shortages start appearing in markets that can afford to pay the high prices, like the FSoA. Supply & Demand. This is still a ways off. How long? Maybe our resident expert can make a world class analysis. Ideally, skyrocketing prices and physical shortages will show up in October, a month before the elections. That would seal Chump's fate, if the elections aren't rigged or cancelled.
RE