When It Comes To Oil, The Most Important Metric -- And It Just Got Interesting -- June 3, 2022

Weekly US days of supply of crude oil excluding SPR (and, oh by the way, President Biden is depleting the SPR). Link here.

Finally, after months of watching this metric, the US days of supply of crude oil dropped below 26 days. 

For the week ending May 27, 2022, the Friday before Memorial Day weekend, the US days of supply of crude oil dropped below 26 days. In case you missed it the first time.

I could be mistaken but I believe the last time this number was below 26 days was January 17, 2020, just a couple of months before the global lock down which began in March, 2020.