The U.S. Department of Energy released its May Short-Term Energy Outlook (STEO). The inventory figures they report reveal that the U.S. and global physical oil markets are well-supplied and are expected to remain that way, notwithstanding sanctions on Iran and Venezuela.
U.S. Inventories
Having risen 30 million barrels in the year-to-date, STEO estimates crude oil inventories for ending April at 472 million barrels. They are about 37 million barrels higher than a year ago. Saudi Aramco ([[ARMCO]]) failed to drain U.S. stocks, as planned, despite their reduction in exports to the U.S. market.
The projection