Tightening fundamentals – bullish inventories from DOE

The latest weekly report from the US DOE showed a substantial drawdown across key petroleum categories, adding more upside potential to the fundamental picture.

Commercial crude inventories (excl. SPR) fell by 5.

8 million barrels, bringing total inventories down to 415.

1 million barrels.

Now sitting 11% below the five-year seasonal norm and placed in the lowest 2015-2022 range (see.