While You Were Grilling, Inventories Were Filling
We hope everyone had a restful Memorial Day and we’d like to take this minute to express appreciation to the brave men and women who have made the ultimate sacrifice for our freedom. In between the barbecues and beach trips, the holiday represents a sacred pause and a national moment of remembrance. Amongst the waving flags and parades, there is a thank you to all who served and gave their lives. Their legacy lives on in the liberties we cherish.
Last week Reuters published an article reporting that U.S. crude oil inventories rose unexpectedly in the past two weeks and now stand at about 443.2 million barrels, the highest since July 2024. The Tank Tiger is featured in the article and it demonstrates how our data can provide companies with information on when storage demand trends are changing, which can be a leading indicator of changes in inventory which, of course, would influence commodity pricing. Remember the little annoying kid in the playground at recess chanting “I know something you don’t know…. I know something you don’t know…I know something you don’t know!”. You did have a few options. You could tell a teacher and rat the kid out. You could put a frog and a worm in his lunchbox. Or….you could find out what it was that he knew that you didn’t know….in fact, you always chose this option because it drove you crazy that he knew something that you didn’t know. Well, we’re more than happy to share our data with you. While we’re at it, we’ll also show you storage that might be suitable for you if you know something they don’t know. Here’s a link to the Reuters article:
US crude oil storage demand surges as traders brace for OPEC+ price war
A U.S. House committee released a budget proposal that includes more than $1.5 billion to commence refilling the Strategic Petroleum Reserve. Did you know that the Permian Basin now represents almost half of all US Production? I guess All My Ex’s Live in Texas. Brent crude futures settled Friday at $64.78 a barrel, U.S. West Texas Intermediate crude futures finished the week at $61.53.
Economic news this week will focus on United States GDP report coming out Thursday and the Core PCE Price Index (Apr) released on Friday, widely seen as the Federal Reserve’s preferred inflation gauge. What’s more likely is that there will be more news on the tariff front, which will make markets react with much hub bub while ignoring all of the fundamental data. It is, indeed, as unpredictable as Johnny Rodz.
