The European gas crunch began when it emerged that the continent's gas inventories were running unseasonably low in the autumn. The whole world saw what this started. Now, it's global inventories of crude oil that are running low. Earlier this month, Morgan Stanley said it had calculated that observable crude oil inventories globally shed some 690 million barrels in 2021 and were now at the lowest in more than five years.
"However, with a constructive demand forecast and relatively cautious expectations for Opec+ supply, we expect inventories…Low Oil Inventories Suggest Imminent Supply Deficit
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