US Oil Inventories Sag as Hormuz Turmoil Rages On
Crude oil inventories in the United States saw a decrease of 7.2 million barrels during the week ending July 24, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 404.5 million barrels, according to governm
Source: OilPrice.com
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DW NOTE
WTI is up 7% today to $84.86 because tankers can't get through Hormuz, yet US commercial inventories are falling — meaning refiners are drawing down domestic stocks rather than waiting for imports that may not arrive. That's not a supply glut being priced in; it's the early stage of a physical shortage.