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Rory Johnston, industry influencer, observes that global buyers remain willing to pay higher prices for American oil barrels compared to buyers in the U.S., aside from the recent Strategic Petroleum Reserve release.
According to Johnston, this demand imbalance is likely to result in further significant declines in oil inventories as long as international buyers outbid domestic consumers.
Johnston previously recorded crude oil trading above a nominal all-time high of $144.22 per barrel. He also highlighted when the Brent prompt timespread backwardation surpassed $10 per barrel, marking a new record. These recent observations build on his continued monitoring of pricing trends and market fundamentals.