Inventories: OECD Stocks Fall Ahead of Opec-Plus Cuts

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Global commercial inventories were up 18 million barrels in April, all thanks to the non-OECD, where China and India helped stocks grow by 40 million bbl. More transparent OECD inventories dropped by 22 million bbl, preliminary inventory data show, after hefty downward revisions in March. For the first time since August 2022, OECD forward demand cover dropped just below 60 days, a sign of tightening stocks just ahead of peak summer demand in the Northern Hemisphere. And more tightening lies ahead — crude oil and refined products in transit on tankers fell by an estimated 43 million bbl in April from the prior month, with much of the drop occurring at the end of the month. Production outages, refinery maintenance and lower Chinese product exports contributed to the drop, with Opec output cuts causing further declines in May.

Oil Inventories, Oil Tankers, Oil Products, Crude Oil
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