Global commercial oil inventories were close to their long-term seasonal average at the end of the first quarter of 2023 following massive releases from the U.S. Strategic Petroleum Reserve (SPR) over the previous 12 months.
In the countries of the Organisation for Economic Cooperation and Development , commercial stocks of crude and refined products stood at 2,804 million barrels at the end of March .
The progressive normalisation of inventories took the upward pressure off oil prices and calendar spreads over the past year. The spread is correlated with current stock levels as well as traders’ expectations about the future balance between production, consumption and inventory changes.
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