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Global Oil Inventories Down To Dangerously Low Point
Only China appears to have a reasonable inventory cushion against the unexpected, according to a new BofA Global Research report.
Crude oil inventories are down to a dangerously low point across Europe, North America, and OECD Asia just as OPEC+ spare production capacity has dwindled to the lowest levels since April 2020.
That’s according to a new BofA Global Research report, which was sent to Rigzone on Monday. The report also highlighted that petroleum product inventories have fallen to “precarious levels” for middle distillates and gasoline “as the market heads into the peak of the U.S. driving season”.
“As a result, refined petroleum cracks have recently spiked to record levels, contributing to boost volatility across the oil complex,” the BofA Global Research report stated.
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