Global Crude Inventory

[Frackerwacky + 1]

Brent crude futures have been increasing on the news of declining US inventory but US export of crude and products is growing and more than accounts for the drop in US inventories.

Does anyone have any insights on the global inventory levels ? I have read the Saudis are reporting that the global oil glut is almost gone but can only find hearsay reports on this.

Intuition says if brent is higher than WTI then global inventories are shrinking faster than the US inventories.  Does anyone have information to substantiate ?

[SLL + 24]

This may not help out in any way, but I’d like to point out that what the US is exporting is mostly light and condensate, I THINK.

Refineries along the US Gulf Coast tend to like a heavier flavor of crude.

[Tom Kirkman + 8,860]

On 5/25/2018 at 12:12 AM, Frackerwacky said:

Intuition says if brent is higher than WTI then global inventories are shrinking faster than the US inventories.  Does anyone have information to substantiate ?

 

From Nick Cunningham on the main Oil Price news site:

Explaining The Double Digit WTI Discount

WTI, for its part, is trading at a multi-year low relative to Brent. As of May 31, WTI was down below $67 per barrel during midday trading, dropping to an $11-per-barrel discount relative to Brent. Again the blowout in the spread is the result of surging shale production at a time when supply is restricted elsewhere in the world.