Oil Price: US crude oil stockpiles go down again - and it's substantial

oil price monday

The world, apart from a few nations in Asia without Africa, is bracing for a new wave of the Covid-19 pandemic. Whether it is the so-called Second Wave or a mere extension of the First Wave does not really matter.

The panic level is not as bad as that of the First Wave, as people are slowly getting used to live with it.

Since mortality rate remains relatively low in the latest spike, normal activities continues unabated in most sectors, if not all, unless being subjected to the government’s strict guidelines.

There are still plenty of vehicles on the roads and factories function. Goods are transported to and fro and public transport hasn’t come to a screeching standstill.

This must be the universal picture, not just in Europe and America. On the other hand the African continent has so far been left relatively unscathed, defying the gloom and doom predicted by some experts due scarcity of healthcare facilities in general.

If human activities continue, even at a slower pace, crude oil is essential and Green alternatives do not stand anywhere near a substitute.

In this context, the steady decline in US oil inventories is neither surprising nor just a flash in the pan.

As I have observed in this humble column many times, this has been a main factor in determining the price of oil and it will stay the same in the foreseeable future too, as the US dominance in the sphere of economics is not under threat in any circumstances; because, there is no match yet against American creativity.

Oil charts that really matter are here:

Updated Charts




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