Reported 1 day ago
In May, headlines indicate a bearish outlook for the oil and natural gas markets, despite a tightening inventory situation. U.S. crude oil inventories rose by 1.3 million barrels recently, but the overall figures remain lower than the previous year's levels. Inventory at key delivery points, particularly in Cushing, Oklahoma, has dropped to multi-year lows, underscoring supply and demand firming. Additionally, deliveries of petroleum products surged before last week's dip, suggesting that while current headlines may reflect bearish sentiment, underlying market conditions suggest a growing economy that demands more fuel.
Source: YAHOO