The global crude market could follow natural gas markets as inventories continue to dwindle The International Energy Agency, this month, reported on a gap between its global inventory calculations and the actual inventory situation Outside OPEC+ and U.S. shale, there is no single producer, even a large one like Brazil, that can single-handedly tackle the potential inventory problem The European gas crunch began when it emerged that the continent’s gas inventories were running unseasonably low in the autumn. The whole world saw what this started. Now, it’s global inventories of crude oil that are running low. Earlier this month, Morgan Stanley said it had calculated that observable crude oil inventories globally shed some 690 million barrels in 2021 and were now at the lowest in more than five years. “However, with a constructive demand forecast and relatively cautious expectations for Opec+ supply, we expect inventories to end 2022 lower […]