- The ongoing blockade of the Strait of Hormuz continues to destabilize the energy market and drive up oil prices.
- Thus, the price of Brent crude oil rose to $115 per barrel, reaching its highest level since June 2022.
Oil stockpiles at the United Arab Emirates’ key storage facility in Fujairah fell 6,3% in a week to 6,982 million barrels. Since the conflict began, stockpiles decreased by 66% (data from S&P Global).
It’s the fourth consecutive record low since the Iran war began, highlighting growing supply tensions in the region.
Data from S&P Global Energy
By comparison, at the beginning of March, inventories of both heavy and light distillates still exceeded 8 million barrels.
Heavy distillate stockpiles, used in marine fuel and power generation, fell 14% this week to 3,058 million barrels, marking a third consecutive record low.
Light distillate inventories, such as gasoline and naphtha, fell 2,7% to 2,680 million barrels, reaching a second consecutive all-time low.
Middle distillate prices, which include jet fuel and diesel, moved in the opposite direction, rising 9,1% to a three-week high of 1,244 million barrels.
Meanwhile, the price of Brent crude oil rose to $115 per barrel, reaching its highest level since June 2022, fueled by the escalation of the US-Iran conflict, which continues to destabilize the energy market.
Perplexity Data
Risk Warning:
The information on this website is for informational and educational purposes only and does not constitute investment advice or financial recommendations. Cryptocurrencies and digital assets carry a high level of risk, including possible loss of capital. The editors are not responsible for decisions made based on the published materials. It is recommended that you conduct your own research (DYOR) before making investment decisions. Read the editorial policy. https://happycoin.club/about/