JDs Couch
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https://www.cnbc.com/2026/05/28/oil-inventory-exxon-strait-hormuz-iran-war.html
Oil inventories will hit “really, really low levels” in the coming weeks due to the Middle East conflict, said Exxon Mobil executive Neil Chapman.
This will force the price of oil to shoot higher, Chapman said.
The price of physical Brent oil cargoes will spike to $150 to $160 per barrel when inventories hit all-time lows in coming weeks, the executive said. “When the price gets to a certain level, demand destruction brings it back into balance,” he said.
Oil industry executives have warned for two months that the crude futures market is not reflecting the scale of the disruption triggered by the war in the Middle East.
“I don’t know, whether it’s two to three weeks or three to four weeks,” Chapman said. “What I’m really saying is, once you get to the minimum inventory levels and all-time low inventory levels, there’s only one way to go. That’s the situation.”
Oil inventories will hit “really, really low levels” in the coming weeks due to the Middle East conflict, said Exxon Mobil executive Neil Chapman.
This will force the price of oil to shoot higher, Chapman said.
The price of physical Brent oil cargoes will spike to $150 to $160 per barrel when inventories hit all-time lows in coming weeks, the executive said. “When the price gets to a certain level, demand destruction brings it back into balance,” he said.
Oil industry executives have warned for two months that the crude futures market is not reflecting the scale of the disruption triggered by the war in the Middle East.
“I don’t know, whether it’s two to three weeks or three to four weeks,” Chapman said. “What I’m really saying is, once you get to the minimum inventory levels and all-time low inventory levels, there’s only one way to go. That’s the situation.”
