TEAM TUCKER
Morning Note
Vol. 390
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The Latest
Exxon: Oil inventories will soon hit dangerously low levels, forcing prices to skyrocket
Exxon Mobil warned Thursday that oil inventories will fall to record low levels in the coming weeks, forcing prices to spike and curbing demand.
“We’re approaching unheard of inventory levels,” said Exxon Senior Vice President Neil Chapman at a conference hosted by Bernstein in New York.
“I mean really, really low levels,” Chapman warned. “You can debate whether that’s going to hit those really low levels, in two weeks or three weeks. Once you get to that point, then you’ll see prices shoot up.”
The price of physical oil cargoes will spike to $150 to $160 per barrel when inventories hit all-time lows in the coming weeks, the executive said.