Overall, crude oil inventories have moved back to their pre-COVID levels but gasoline inventories are still at the higher end of the 2015-2019 range. This has happened despite US refinery intake of crude oil still being below the pre-COVID 5-years range and after a severe production disruption in February 2021 as a result of an exceptional cold wave. Bottom line: the current level of oil prices is far from guaranteed. The reality check could be sobering, especially if the delta variant proves to be disruptive for the global recovery and if OPEC/OPEC+ does not manage to keep to its 2020 playbook
Over the last few months, commodity prices have surged across the board. The S&P GSCI index and related subindexes have been soaring whether you look at Energy commodities, Grains and other Agricultural commodities, Industrial Metals or Precious Metals. While oil prices and the broader energy commodities basket have rebounded from their Covid-19 slump, the price surge has been particularly impressive for agricultural commodities and precious metals.
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US Crude oil inventories stood around 80 million barrels above their average level for the same week over the 2015-2019 period.