📰 Source: upgoat.net | Upgoat

✍️ Original author: beece

⬆️ score: 15

v/War · by u/beece

📝 Original content:

Coming from Revolver, one of the more solid media sources. https://revolver.news/2026/05/exxon-svp-oil-price-spike-150-weeks-inventory-crisis/

“Commercial inventories of crude oil, of liquids, think petroleum, gasoline, diesel, jet fuel, they’ve all run down. And running down those inventories has mitigated or offset, supplemented by the release of strategic petroleum reserves, which most of the Western countries have done. All of that has mitigated the impact. You can model this. We’ve modeled it. I think a lot of people in the industry have modeled it."

““We’re approaching unheard-of inventory levels. I mean, really, really low levels,” Chapman told the Bernstein conference. “You can debate whether that’s going to hit those really low levels in two weeks or three weeks. Once you get to that point, you’ll see price shoot up. Most people with a model would say dated Brent will shoot up… to $150, $160.””

“… the world is drawing down its last reserves at a record pace — and according to the man who runs global strategy at ExxonMobil, the bill comes due in a matter of weeks.”

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