Summary

• Global petroleum inventories are being depleted at a record pace, with critical shortages likely within weeks, even if the Strait of Hormuz reopens imminently.
• OECD crude oil inventories are projected to reach the critical 24-day cover threshold by June, with localized shortages and scarcity pricing emerging as early as mid-May.
• Refined product inventories, are already at low levels globally, foreshadowing imminent supply disruptions and dramatic price increases.
• Investors should proactively reduce equity and bond risk, and consider exposure to select stocks poised to benefit from the impending energy crisis.
• Successful Portfolio Strategy members get exclusive access to our real-world portfolio. See all our investments here »

In my most recent article, entitled, "Why Isn't Oil Above $200 Yet?," I explained that, given the magnitude of the disruption in petroleum supplies caused by the near total blockage of the Strait of Hormuz, the price of

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