Crude’s Inventory Conundrum

Limited reduction in crude inventories globally suggest that the oil supply cuts have been absorbed by an extraordinary reduction in demand. Much more likely its China’s obfuscated inventory cuts.

Since early March the flow of barrels through Hormuz has been constrained to a trickle. Some of course got rerouted by the Saudis to the Red Sea, the UAE through their pipeline, and were hidden thro…