US Oil Inventories Near 2003 Low
The U.S. Energy Information Administration reported that oil inventories in the United States are heading towards their lowest levels since 2003, as oil-consuming countries are drawing down record amounts to compensate for the loss of over 11 million barrels per day of Middle Eastern supplies resulting from the aggression against Iran. The administration forecasts that OECD stockpiles will fall below 2.3 billion barrels by December, amid ongoing tensions in the Strait of Hormuz and their impact on markets. Additionally, projections indicate that the average Brent crude price could reach around $105 per barrel in June and July, higher than the forward market price, which was recorded at $91.60.
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