MNI BRIEF: BOE Dhingra Sees US Tariff Price Impact Cushioned

MNI BRIEF: Canadian 2025 Capital Spending Seen +5.5%

CANADA 2025 CAPITAL EXPENDITURE PLANS +5.5%

MNI China Daily Summary: Wednesday, February 26

MNI BRIEF: China Appoints Hua Chunying To CEEC

MNI CHINA MONEY MARKET INDEX: Easing Seen After Two Sessions

US EIA: CRUDE OIL STOCKS EX SPR -2.33M TO 430.2M FEB 21 WK

MNI: US JAN NEW HOME SALES -10.5% TO 0.657M SAAR

MNI: US MBA: MARKET COMPOSITE -1.2% SA THRU FEB 21 WK

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

AMERICAS OIL: OECD oil inventories fall to lowest for more than two years: Kemp

AMERICAS OIL
USEnergy BulletsNorth AmericaBulletCommodities

OECD oil inventories fall to lowest for more than two years: Kemp

  • Analyst John Kemp writes “petroleum inventories in the advanced economies have depleted to the lowest level since 2022, after Saudi Arabia and its OPEC⁺ partners postponed planned production increases and U.S. shale growth decelerated.”
  • “Diminishing inventories have put a floor under spot crude prices and pushed the futures market into a steep backwardation, attracting increased interest from hedge funds and other investors in the last five months.”
  • But since the end of January, the escalating tariff conflict between the US and its major trading partners has sowed uncertainty about the economic outlook, capping further price rises.
  • Total inventories of crude oil and refined products in commercial storage across the OECD were estimated at 2,737 million barrels at the end of January 2025. OECD inventories were the lowest for the time of year since 2022 and before that 2015, according to data from the U.S. Energy Information Administration (EIA).
156 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

OECD oil inventories fall to lowest for more than two years: Kemp

  • Analyst John Kemp writes “petroleum inventories in the advanced economies have depleted to the lowest level since 2022, after Saudi Arabia and its OPEC⁺ partners postponed planned production increases and U.S. shale growth decelerated.”
  • “Diminishing inventories have put a floor under spot crude prices and pushed the futures market into a steep backwardation, attracting increased interest from hedge funds and other investors in the last five months.”
  • But since the end of January, the escalating tariff conflict between the US and its major trading partners has sowed uncertainty about the economic outlook, capping further price rises.
  • Total inventories of crude oil and refined products in commercial storage across the OECD were estimated at 2,737 million barrels at the end of January 2025. OECD inventories were the lowest for the time of year since 2022 and before that 2015, according to data from the U.S. Energy Information Administration (EIA).