Chevron CEO Mike Wirth warned oil prices are likely to rise over the next two months as already near record low crude inventories continue to decline due to the Iran war.
“The buffers and the shock absorbers are being steadily drawn down, and the ability for the market to absorb this imbalance is drastically diminished today versus where we started,” he said at a Bernstein conference on Thursday.
“Over the next few weeks, we’re likely to see those pressures flow through more directly to physical prices and there’s more upwards pressure that I would expect as we get into June and certainly into July.”
“It will take at least four months to get back to 80% of pre-conflict flows, and full flows will not return before the first or even second quarter of 2027,” Adnoc chief executive Sultan al-Jaber said during an Atlantic Council event on May 26.
Assuming the super spike demand destruction stabilizes at 5.5 mbd this is what global inventories look like. Keep in mind that China is now the sole country with a significant petro reserve. Net China this chart is even worse.
Little SoH movement since ceasefire.
Strait of Hormuz tanker crossings have not recovered since the ceasefire pic.twitter.com/YUAwVVadzb
— Hedgeye (@Hedgeye) May 28, 2026
200 million is operational minimum as we enter the historic drawdown period. This is why you are hearing about 2 to 4 weeks to rationing and gas lines.
ROI of the hyper scaler Ponzi scheme. The Nvidia bubble is already bursting.
The price to rent an Nvidia H200 just collapsed from $7/hr to $4/hr in three weeks.
A -40% drop in the cost of the single most strategic asset in tech.
When the underlying commodity that powers your entire thesis loses 40% of its value in a month, that usually means one of two… https://t.co/2IwKnByYo3 pic.twitter.com/D7p0rgMyAL
— Thierry from arvy 🇨🇭 (@ThierryBorgeat) May 28, 2026
US corporate revenues have never been this concentrated:
The top 1% of US firms by sales now account for a record ~82% of all corporate revenues.
This percentage has risen +22 points since the 1950s.
The top 20 firms alone account for a record 50% of all US corporate sales.… pic.twitter.com/lKxqOqYPZQ
— The Kobeissi Letter (@KobeissiLetter) May 29, 2026
ON THE WARMONGER END Of The AMERICAN EMPIRE FRONT
It will take 5+ years to replace 39 days of munitions used in the Iran war
What an absolute disaster pic.twitter.com/QRhK1f2hi8
— Saagar Enjeti (@esaagar) May 28, 2026
America’s “greatest ally” is oblivious of the order of battle.
BREAKING: Israeli officials are now privately urging the Trump administration to completely abandon Iran negotiations, assassinate Iran’s lead negotiator Ghalibaf, and immediately restart strikes targeting Iran’s oil and energy infrastructure to trigger “regime change” in Tehran,…
— The Hormuz Letter (@HormuzLetter) May 28, 2026
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