Oil stocks on land are near a decade low, complicating Bitcoin’s inflation relief hopes

Global onshore oil inventories fell by an estimated 113 million barrels in September, according to the International Energy Agency’s October 14 report . A buildup at sea offset most of that draw, leaving the prospects for energy-led inflation relief uncertain for Bitcoin investors. Global observed inventories fell just 10 million barrels because oil on water increased by 103 million barrels. The small net decline therefore concealed a much larger loss from onshore buffers. The IEA linked the waterborne buildup to recovering Gulf exports. Gulf crude shipments reached 13.9 million barrels a day in September, more than 75% of pre-war levels.

Source: CryptoSlate