Floating oil stocks are depleting rapidly as Persian Gulf supply remains
constrained for a third week. Storage has fallen 1.8 million barrels daily since
the war began, now at ~78 million barrels, a third from Iran. US consideration
of lifting sanctions on Iranian seaborne barrels could accelerate declines. Once
over 140 million barrels in November, floating reserves are shrinking fast,
tightening the buffer and risking sharper price gains if the Strait of Hormuz
remains closed.
