US Oil Inventories: Constrained Reserves Meet a Tightening Commercial Deficit

Commercial US crude and distillate stocks are already below their 30-day floors, and a 25% SPR access restriction leaves far less real cushion than headline inventory numbers suggest. David Roche's latest note lays out the case for either a near-term price squeeze or a fresh round of SPR releases by September, tracked through US Gulf VLCC loading data.

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