Oil is in the midst of a tug-of-war, with accelerating COVID-19 transmissions and a recovery in demand pulling prices in all directions. (U.S. commercial oil inventories reached an all-time high of 541 million barrels for the week ending on June 19, breaking a record last set in March 2017. These numbers exclude the SPR. – As of June 19, inventories were at 62 percent of their total available storage capacity, according to the EIA. – Inventories have increased by 64 million barrels since March 13. Market Movers – Chesapeake Energy (NYSE: CHK) filed for bankruptcy protection (more below) and sought a bankruptcy court to toss out $311 million in pipeline contracts , setting up a court battle with Energy Transfer (NYSE: ET) . – More fallout from Chesapeake’s bankruptcy: Hi-Crush (NYSE: […]