Exxon warns oil inventories will hit dangerously low levels in weeks, forcing prices to shoot higher

Exxon Mobil executive Neil Chapman warned that oil inventories will fall to "really, really low levels" in the coming weeks because of the Middle East conflict, implying a tighter supply backdrop. He said this could force oil prices materially higher. The comment points to near-term upside risk for crude and broader energy volatility.

Analysis

Exxon Mobil executive Neil Chapman warned that oil inventories will fall to "really, really low levels" in the coming weeks because of the Middle East conflict, implying a tighter supply backdrop. He said this could force oil prices materially higher. The comment points to near-term upside risk for crude and broader energy volatility.