Oil is Dangerously Low
The Energy Information Agency is reporting oil inventories are dangerously low. That’s according to a new Bank of America Global Research report, which was sent to Rigzone on Monday May 23, 2022.
https://www.rigzone.com/news/oil_inventories_down_to_dangerously_low_point-24-may-2022-169095-article/
Based on Bank of America’s research, Brent crude could rise above $120 a barrel. This would put the price of American crude not far behind. BofA also reported that:
* Gasoline is about 8 million barrels below the 5-year average.
* Distillate fuel inventories are about 22 percent below.
* Propane is about 10 percent below.
* Crude oil is about 13 percent below the 5-year average.
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