Day: May 24, 2022

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Oil Inventories Down to Dangerously Low Point

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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.

100% Surge in Costs and Scarcity Deny Farmers Their ‘Lifeblood’ – Bloomberg

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Diesel Price: 100% Surge in Costs and Scarcity Deny Farmers Their ‘Lifeblood’ – Bloomberg

Farmers from Iowa to Ukraine are grappling with surging diesel prices and an unsteady supply, forcing them to spend unprecedented sums on fuel in a chaotic market and raising concerns about the autumn harvest.

In the US, where corn and soybean producers are rushing to sow after rains and cold temperatures forced delays, filling a tractor tank daily now costs some farmers $1,000, twice what it was a year ago. And the most intensive part of the farming season is still ahead.