Crude Oil Prices Slip on Dollar Strength
View original at nasdaq.comCrude Oil Prices Slip on Dollar Strength June WTI crude oil (CLM26) today is down -0.19 (-0.19%), and June RBOB gasoline (RBM26) is down -0.0534 (-1.48%)…
What we drew from this source
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OPEC+ aims to continue a series of oil quota increases over the next few months, completing the return of halted oil production by the end of September, reviving the final portion in three more monthly stages
60% confidenceThe global oil market will remain severely undersupplied until October 2026, even if the US-Iran conflict ends next month
60% confidenceIran must agree to a peace deal or face military decimation by the United States
60% confidenceCrude output in the Persian Gulf has been curtailed by approximately 14.5 million barrels per day due to the US-Iran war
60% confidenceIran's response to the US peace proposal was worthless
60% confidenceMore than 80 energy facilities have been damaged during the US-Iran conflict, and recovery could take as long as 2 years
60% confidenceThe US may restart the operation as soon as this week to guide commercial ships through the Strait of Hormuz with naval and air support
60% confidenceCrude oil stored on tankers stationary for at least 7 days fell 33% week-over-week to 103.90 million barrels in the week ended May 8, 2026
60% confidenceThe territorial dispute with Ukraine remains unresolved and there is no hope of achieving a long-term settlement until Russia's territorial demands in Ukraine are accepted
60% confidenceRussian average refinery runs fell to 4.69 million bpd, the lowest in 16 years, following Ukrainian strikes on Russian oil infrastructure
60% confidenceRussia is deliberately dragging out the Russia-Ukraine war rather than negotiating toward a genuine settlement
60% confidenceThe current conflict disruption has drawn down nearly 500 million barrels from global crude stockpiles, a figure that could reach 1 billion barrels by June 2026
60% confidenceThe US-Iran ceasefire is in a critically fragile state
60% confidenceGlobal observed oil inventories declined at about 4 million barrels per day in March and April
60% confidence
Data points we hold from this source
| United States Government · gasoline inventory | -4.3 percent_vs_5yr_seasonal_avg |
| United States Government · crude oil production | 13.710 million_bpd |
| United States Government · distillate inventory | -9.4 percent_vs_5yr_seasonal_avg |
| United States Government · active oil rigs | 410 rigs |
| United States Government · crude oil inventory | -0.3 percent_vs_5yr_seasonal_avg |