Today's crude oil report, US supply as of 6 November 2026:
In thousands of barrels:
Commercial: 414,417 (+4657 from last week)
SPR: 279,535 (-2649 from last week)
This week we see our first rise in commercial stocks in some time, with more than half of that rise bolstered by the largest drawdown from the SPR in quite a while, for a net _gain_ in combined stocks of 2,008 Mbl.
The five-week moving SPR drawdown average is now at .689 Mbl, the first jump in this number in many weeks.
[continues]
#oil #OilPrice #StraitOfHormuz #IranWar #economy #war #inflation
The most notable story of the past week in my mind is word that reserves are now depleted in some south- and southeast Asian countries which have historically been importing Iranian oil in defiance of US sanctions. They _will_ buy oil on the greater market, albeit less than they would buy from Iran due to the price difference. We will see what effect that has on prices over the next month or so.
Also of note is the continued decline in crack spread from a high of $75/barrel to a still high but far more reasonable $45. This is paralleled by continuing slow decline in shipping costs.
[continues]
#oil #OilPrice #StraitOfHormuz #IranWar #economy #war #inflation