Oil stocks on land are near a decade low, complicating Bitcoin’s inflation relief hopes
Global onshore oil inventories fell an estimated 113 million barrels in September, while a 103-million-barrel increase in oil at sea limited the net decline in observed stocks to 10 million. The IEA attributed the floating buildup partly to recovering Gulf exports, but onshore stocks remained near their lowest level since at least 2016. High tanker rates raised delivery costs and squeezed refinery margins, while US business contacts reported diesel costs and fuel surcharges affecting supply chains. US diesel prices edged down in the week to October 12 but remained well above year-earlier levels. Persistent energy-driven inflation could delay easier financing and reduce appetite for risky assets such as Bitcoin. The next indicator is whether export recovery rebuilds land-based stocks and eases freight and fuel costs.
