Global crude oil inventories hit bottom! Three energy giants warn: the market has yet to feel the real impact.

Global crude oil supply buffers are rapidly depleting. With the continued blockade of the Strait of Hormuz, international oil giants have issued stern warnings: commercial inventories, strategic reserves, and shipborne crude oil are being depleted at an accelerated pace, and the market has not yet fully felt the impact of this energy crisis. Exxon Mobil, Chevron, and ConocoPhillips have all stated this week that for every day the Strait of Hormuz remains blocked, the world consumes more reserve resources. Chevron's Chief Financial Officer Eimear Bonner made it clear in an interview with Bloomberg TV on Friday that "the buffer space is running out," and warned that "the market has not yet fully felt the impact of this unprecedented supply interruption on global oil and natural gas supplies." For US consumers, this crisis has already resulted in an average increase of about $1.40 per gallon of gasoline. But with reserves dwindling faster, analysts are concerned that greater price pressures are building up, and the inflation shockwave may further transmit downstream. Reserve in crisis: Three major oil giants issue simultaneous warnings The supply interruption caused by the blockade of the Strait of Hormuz has forced the global market to simultaneously tap into three types of reserve resources - commercial inventories, national strategic petroleum reserves, and floating reserves previously stored on tankers. Exxon Mobil, Chevron, and ConocoPhillips have all made highly consistent statements this week, pointing out that the three types of buffer resources mentioned above are rapidly being depleted. Eimear Bonner's wording is particularly direct: existing buffers "are extremely limited." This means that if the blockade of the strait continues, the global market will face a real supply gap, rather than just relying on reserves to fill the gap. The impact of this crisis has spread from Southeast Asia to Europe, with significant increases in energy costs in multiple regions. Although the US is relatively buffered to some extent, the pressure of rising oil prices is also clearly visible. Manufacturing under pressure: rising energy costs increase input prices, extend delivery times Despite the ongoing ferment of the energy crisis, US manufacturing growth continued in April. According to data from the Institute for Supply Management (ISM), the US manufacturing activity index continued to be above the boom-bust line of 50, indicating that the industry as a whole is still in the growth range. However, pressure signals are accumulating. The actual blockade of the Strait of Hormuz has had a broad impact on global supply chains, pushing up prices of bulk commodities and raw materials such as oil, aluminum, and helium. The rise in gasoline and diesel prices has also further increased logistics costs. In April, 13 manufacturing sub-industries, including textile mills, non-metallic mineral products, and basic metals, reported growth, but three industries still experienced contraction. Meanwhile, extended delivery times and weakening employment indicators show that supply chain pressures are permeating to a wider economic level. It is worth noting that the energy crisis is showing a clear divergence from the trends in the financial markets. The S&P 500 and the Nasdaq 100 both closed at record highs in April, driven primarily by strong earnings from large technology stocks and optimistic performance expectations from companies like Apple. This differentiation reflects the complex logic of the current market: the resilience of the technology sector's profitability has temporarily overshadowed macroeconomic concerns brought on by the energy crisis. However, as oil reserves continue to shrink, the erosive effects of rising energy costs on corporate profit margins and consumer spending may more clearly reflect in broader asset prices in the coming months. This article is reprinted from "Wall Street See News", author: Zhao Ying, GMTEight Editor: Chen Siyu.