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U.S. crude exports rise due to inventory drawdowns, Bob Elliott notes
Bob Elliott, Co-founder / CIO at Unlimited, points out that the recent increase in U.S. crude exports is fueled by drawing from existing inventories rather than by higher production levels.
He views this as a temporary advantage resulting from tight global oil supplies, which are now also beginning to tighten supply within the U.S.
Elliott has previously noted that higher U.S. gas prices are starting to weigh on household spending power, pointing to continued pressure on consumers (link). He has also highlighted the impact of the Hormuz closure, which reduced global oil supply by 13 million barrels per day and pushed many physical prices and products to all-time highs (link). These developments form the backdrop for his current observations on tightening supplies.
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