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EN590 Commodities GroupCrude Oil 2026-06-14T20:07:00.000Z
"You're hitting tank bottom." That is the phrase one oil industry executive used to describe the state of global petroleum inventories, in a conversation the executive said had already been shared with senior officials in Washington. The same person gave it an unusually specific deadline: mid-to-late June, according toE&E News. The White House's response was immediate and direct. "Politico's anonymous sources are wrong," a White House official said, while an Energy Department official added there have been no such discussions about inventory levels, according to E&E News. Four oil executives told Politico the opposite is true, and at least two of them have now made similar warnings on the record. The dispute traces back to the Strait of Hormuz, which Iran effectively closed following US an
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