Oil Markets Face Depletion of Pre-War Stockpiles

Global oil markets are approaching depletion of pre-war stockpiles, creating a strange dichotomy in pricing dynamics. Current supply cushions from strategic reserves are diminishing without clear replenishment timelines. Oil-sensitive currencies including CAD, NOK, and RUB could face volatility as supply concerns intensify. USD pairs may experience heightened movement as energy costs directly impact inflation expectations and Fed policy outlook.