Oil Inventories Down to Dangerously Low Point;
Crude oil inventories are down to a dangerously low point across Europe, North America, and OECD Asia just as OPEC+ spare production capacity has dwindled to the lowest levels since April 2020.
That’s according to a new BofA Global Research report, which was sent to Rigzone on Monday. The report also highlighted that petroleum product inventories have fallen to “precarious levels” for middle distillates and gasoline “as the market heads into the peak of the U.S. driving season”.
“As a result, refined petroleum cracks have recently spiked to record levels, contributing to boost volatility across the oil complex,” the BofA Global Research report stated.
“Most worryingly, strategic oil barrels held by OECD governments are already low and set to decline steeply going forward, leaving consumers exposed to any future negative supply shock,” the report added.
Only China appears to have a reasonable inventory cushion against the unexpected, according to the report, which noted that this rising inventory buffer could be explained because “Chinese fuel demand is exceptionally weak (an unplanned buildout) or because China has been hoarding oil to protect itself against the next energy crisis (a conscious effort)”.
“China has been hoarding oil to protect itself against the next energy crisis” i.e. prudently filling their strategic stockpile while Western governments lecture their citizenry to ween themselves off fossil fuels and “go green” by buying over-priced, coal-powered EVs and de-commissioning nuclear power. Looking at you Peter Paul Montgomery Buttigieg and Olaf Scholz.
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Too freaking bad Canada doesn’t have ANY oil.
Calm down everybody, calm down, Biden and The Boy Blunder are airlifting Pixie Dust by the ton – all is saved!
Kamela is being appointed Energy Tsar, and is rushing to Miami Dade Community College to talk about student debt loans and how it is the key to Her Renewable Energy 2035 Plan. Beginning of a plan. Talking tour. Planning the beginning planning of the plan, to plan. New Federal Department. Staffing to begin in 2024. Inclusive. Diverse. ……..
What? Do you think he has a magic wand, or something? He can’t just wave a wand and make this all better …
But President Trump did …
Trumps wand was a lets drill wand and a lets do business wand, FOR AMERICANS.
Our politicians were bought by China as they took over the industrialization complex from the United States with enticing cheaper prices for the same quality of goods…
Unfortunately, they were generating a ‘bait and switch’ trap and quality tanked.
Not too hard to examine the goods that your expecting only to have parts rusting or strength failure of infrastructure materials.
Globalization doesn’t make sense when it takes vastly more fossil fuels to ship these goods huge distances away.
Now with the high costs of fossil fuels…
The Chinese industry is closed.
Should have been self-sufficient but our politicians never change course, so, we’re about to see costs increases as the supply dries up.
I’ve actually been counting on ocean shipping to diminish significantly as cast materials are no longer made.
Hence Trudeau buying out our steel industries with taxpayers funds.
Dwindled since April 2020???
That’s not an alarming time line although they try to make it sound alarming.
If they said lowest since 1973, now that would be something to write home about.
part of the issue is that in april 2020 there was no where to put the oil that was building up, so marginal plays that couldn’t afford to produce at the prices available, and shut down… none of those plays have started back up because there is no one to do it, and the equipment isn’t available
Driving around West ottawa yesterday, half the gas stations didn’t have electricity so the other half were out of gas. As I tell my 10 year old stepson, this is how the Davos crowd and Watermelons want you to live. A low energy future.
Fueled up at the Cross Iron Mills Costco just north of Calgary yesterday, around 4PM. Line-up to the pumps was at least 1/4 mile long. Took over 45 minutes. For a lousy tank of gas. WTF?
I was there too DB…!!
Put 50 into the wife’s Corolla and it didn’t even make it to the “Full” mark…took 20 min to get to the pumps…~ 8:30AM
20 minutes. I wish. There was an old school motor home in front of us. It took 20 minutes for his painfully slow buddy with the Costco card to fill the damn tank. I don’t know what the $$$ limit is at Costco gas these days (used to be $150, I complained to every attendant I could back in the day), but he hit that & had to get his buddy to drag the card out and painfully & slowly restart to finish, then he had to fill up his genset hanging off the back bumper (which meant he had to pull ahead a few feet), along with his genset jerry can. It was painful to watch. Then, after all was said & done, and he had the paper receipt in hand, he had to take a photo of the pump display with his phone. WTF? I was purple. My lovely bride had to restrain me.
The privilege of watching this little exercise in dumbfu**ery cost me $170 & change, and two years off my life.
The idiot behind me was another one of those slow starters. I had >10 bucks of fuel in the truck before he got the nozzle in his tank.
Bass Pro/ Cabelas my favourite shop stop on planet earth!
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Bullshit.
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Wonder why they seem to worry about “winning” elections anymore?
Liberals and Quebec are to blame for this. Canada could be self-sufficient and still produce enough oil to supply the rest of North America and Europe. Instead we are governed by a silver spooned Quebec jerk and a horde of sycophant’s who rule the whole country to please a few thousand urban eco freaks and deviants. Everyone else is labelled a right wing racist extremist meat-eating red neck.
Canada is huge in oil reserves. No 3.
https://www.nsenergybusiness.com/features/newstop-ten-countries-with-worlds-largest-oil-reserves-5793487/
No 1-2( tied with US ) in Karen’s and Man bun fkwit eco lefties on gov dole or trust funds.
Yes, but that would interfere with the plans of the Blofield set.
Oil production is a complex system, but two years ago governments decided that they could monkey around with complex systems with impunity by imposing lockdowns and creating Covid whiplash. Several years of zero percent interest has now denuded the economy of the capital necessary to keep these complex systems functioning properly. All these chickens are now coming home to roost.
I’ve recently read Mao’s Great Famine by Frank Dikotter. It gives an idea of how things happen in Communist China; the Cultural Revolution was similarly ruinous. I expect the current fuel supplies are unplanned. As they say, don’t attribute to malice that which can be explained by incompetence.
https://www.amazon.ca/Maos-Great-Famine-Devastating-Catastrophe-ebook/dp/B004BDOM24/ref=sr_1_1?crid=ZYATBGPZ715U&keywords=mao%27s+great+leap+forward&qid=1653484807&sprefix=mao%27s+great+leap+forwar%2Caps%2C73&sr=8-1
That book should be required reading in schools.
Just go green!
Canada should be self sufficient in oil and gas, the envy of the world. Sadly, big problem lies with a dumb, ill informed electorate who elect people with the same afflictions.
If only someone had warned them that their green energy policies would lead to something like this.
This saying below is being parroted by many…
D’ont attribute to malice that which can be explained by incompetence.
They are not evil just incompetent
Please…
Let’s give evil a get out of jail card…
Shutting down the economies of the world, injecting billions with a CRISPER gene editing sickness and eventually death one shot at a time.
Planned and orchestrated food and energy crisis.
incompetence?
Give your head a shake
Why are you so afraid to come Face to Face with the Pure Evil that is currently in the process of killing billions of us?
I get it…
Cause once you actually wake up to their actual Pure Evil Agendas
You can never unaware it…
But I can’t live a lie…
I would rather die..
What we don’t know is killing us: The urgency of propaganda study under COVID
https://www.propagandainfocus.com/what-we-dont-know-is-killing-us-the-urgency-of-propaganda-study-under-covid/
Taking 10 Million/day barrels off the market, because FEELINGS (Russia) has consequences. We haven’t even seen real price increases yet. $3/litre anybody? $4? $5?
This is what happens when pipelines are killed, the Oil Sands are restricted, drilling permits are cancelled and environmental regulations are designed to kill industries. The companies stop long term development of product.
This is by design. The Greentards, Fiberals, CommieDips, and Demarxists are VERY happy with unaffordable vehicle fuel. It’s their master plan.
They don’t care about other people’s pain.
“Chinese fuel demand is exceptionally weak (an unplanned buildout) or because China has been hoarding oil to protect itself against the next energy crisis (a conscious effort)”.
You know … I keep hearing over and over about “misinformation” originating in Russia. Russian actors posing as Americans on Social media to promote misinformation. Why do we not hear the same about ChiCom misinformation? You don’t suppose the ChiComs are urging-on our “green”-suicide in the West do you? You don’t suppose they are misinforming the West that we can all have a clean, green, prosperous future do you?
I do.
Yup & yup ^^
“The government should DO something!”
When you elect to office Fools and Bandits,do you reasonably expect anything but foolishness and theft?
Our Urban Comrades are electing people just like themselves.
Ignorant and arrogant,suffering delusions of adequacy while proudly parading their ignorance,of where life’s basics come from.
We cannot “invest in welfare” and expect productive results..
Actual production takes time,money and incentive..all things our Parasitic Overload is dedicated to stealing from us.
Gang Green has the helm.
Jump ship now.
Meanwhile in Eastern Canada I’m getting a sense residents there are whistling past the graveyard with respect to Line 5. I’m not sure people understand what it’ll mean for them if Whitmer gets her way and she isn”t backing down an inch and has made no secret of her desire for even higher gas prices. Kenney made his pitch for Enbridge when he testified in Washington but if it ever goes before the federal courts I wouldn’t bet on a favourable outcome.
I’d like to see it happen just so Mr.”Retired Teacher” can educate the rest of us with his nuggets of wisdom.
I think a serious oil shortage causing unaffordable prices and/or empty gas stations in central Canada is the only thing that will get voters in Quebec and Ontario to pull their head out of their ass and stop voting Liberal. This time western Canada shouldn’t help.
Remember when Alberta and Saskatchewan made sure propane got to Quebec during the protests that shut down rail. Quebecers don’t. They still treat the rest of Canada like crap. They’re “take all you can and give nothing back” pirates. Western Canada leaders need to stop enabling Quebec’s selfishness and Ontario’s naivete.
Bingo.
Have I mentioned that it is necessary to eliminate those who want to eliminate you, and do it first? Stupid people die before they need to.
There is plenty of it in Alberta, though that would make easy.
What they need is a crisis.
Hate to tell you this, the Germans live on crisis, they love it.