Source: EIA Weekly Petroleum Status Report Highlights
U.S. commercial petroleum inventories saw an overall decrease of 5.1 million barrels. Specific breakdowns include:
Crude Oil: Decreased by 4.3 million barrels to a total of 452.9 million barrels (0.3% below the five-year average).
Motor Gasoline: Decreased by 4.1 million barrels (5% below the five-year average).
Distillate Fuel: Increased slightly by 0.2 million barrels (9% below the five-year average).
Propane/Propylene: Increased by 3.6 million barrels (55% above the five-year average).
While we're generally fine for now, this rate of inventory drawing is completely unsustainable and one of two things will have to occur. Either the Strait of Hormuz resumes traffic or prices will have to increase, for real demand destruction to take effect, something Morgan Stanley analysts don't expect until Brent at $140/bbl.
P.S Fuck you mods, I broke no rules, just sharing easily verifiable information, highly relevant for markets.
Disclaimer: Very long on oil producers and oil related stocks.