Crude reality: Oil glut Covid-19 built all but gone on resurgent fuel demand

Crude inventories at lowest since January 2020, though China may reverse trend and start stockpiling

14 September 2021 - 19:53 By

Global crude inventories that ballooned during the pandemic have shrunk to the lowest level in 20 months, as an economic rebound in top consumers China and the US drive a robust recovery in fuel demand.

About 2.97-billion barrels of crude oil were stored onshore globally as of September 5, the least since January 2020, before Covid-19 eviscerated demand, according to data analytics firm Kayrros. US stockpiles are at a two-year low, those in China are the smallest since September 2020, while inventories at the African hub of Saldanha Bay are at the lowest since April last year...

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