Mapping oil inventory draws

Tuesday 26 May 2026

These numbers are the latest but are a week old. The US continues to lead the global inventory drawdown, delivering the highest prices to itself.

Europe is in a lot more trouble with a much smaller stock. Japan is OK for now, but not for long. Singapore is doing OK.

It is similar in refined products.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.