SEEKING ALPHA writes:
The Department of Energy provides weekly updates on the world’s largest observable inventory of oil and oil products; those stocks are falling at a near record pace in 2022.
Each oil market strategist has their own preferred metric, and the weekly reports are volatile, but when combining all the metrics (commercial oil, strategic reserves, oil products, etc.) and observing trends over several reports, it’s clear inventories are falling fast.
In the first five weeks of the year, the US normally builds several million barrels of inventory ahead of the summer driving season; this year, inventories have fallen by almost a million barrels a day (NYSEARCA:USO) (NYSEARCA:XLE)…
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