Oil Prices Could Hit $160 Within Weeks

[SamuelTheThird]

yikes

Exxon SVP Neil Chapman warned at the Bernstein conference that global oil inventories are approaching 'unheard of' lows and models show Brent crude could spike to $150-$160 once the operational floor is reached.
Chevron CEO Mike Wirth said the market's shock absorbers have been 'steadily drawn down' and expects direct upward pressure on physical prices in June and July, with Hormuz still blocking 12-13 million barrels per day.
Goldman Sachs data shows global inventories plunged a record 8.7 million barrels per day in May alone, while JPMorgan previously calculated only 0.8 billion of 8.4 billion total global barrels were realistically available before operational stress.

https://oilprice.com/Energy/Oil-Prices/Supermajor-Warns-Oil-Prices-Could-Hit-160-Within-Weeks.html