Onshore Oil Stocks Hit Their Lowest Level Since at Least 2016

Global onshore oil inventories fell 113 million barrels in September to their lowest level since at least 2016, while the smaller net decline leaves any inflation relief for Bitcoin (BTC) uncertain. The onshore draw was largely offset by a 103 million-barrel increase in oil on water. Combining both categories, observed global inventories declined by 10 million barrels during September. At the end of the month, stocks stood 509 million barrels below pre-war levels. The monthly net change and the month-end gap are different measures. The 10 million-barrel figure reflects the change across observed inventories in September; the 509 million-barrel figure compares the month-end level with the pre-war baseline. The 113 million-barrel decline applies to onshore stocks alone, not the global total.

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