US commercial fuel inventories are beginning to recover. As the spring decline pushed fuel prices up, the recent accumulation has caused them to fall.A lot of people, like the MPC, are hoping that declining fuel prices will do their job for them and keep inflation under control. Notice, however, that inventories in August are still lower than last year. This might put a floor on the extent of oil price declines.
3 comments:
The oil price is higher today.
How do you express an inventory as millions of barrels per day?
Is that not a rate?
Two words: strategic reserve. I guess it is topped up now: I wonder why? Maybe war?
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