Global crude oil inventories are bottoming out! Three major energy giants warn: The market has yet to feel the real impact.

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The global crude oil supply buffer is rapidly being depleted. With the ongoing blockade of the Strait of Hormuz, international oil giants have issued stern warnings: commercial inventories, strategic reserves, and ship-borne crude oil are being consumed at an accelerated pace, while the market has yet to feel the full impact of this energy crisis.

ExxonMobil, Chevron, and ConocoPhillips have each stated this week that for every day the Strait of Hormuz remains blocked, the world is consuming more reserve resources. Chevron CFO Eimear Bonner said clearly in a Bloomberg TV interview on Friday, "The buffer is almost gone," and warned, "If you examine the unprecedented supply disruption's impact on global oil and gas supply, the market is far from feeling its full shock."

For American consumers, the crisis has already manifested as an average gasoline price increase of about $1.40 per gallon. But as reserves are rapidly depleted, analysts worry that broader price pressures are building, and inflation waves may further cascade downstream.

Reserves at Risk: Three Oil Giants Issue Synchronized Alerts

The blockade of the Strait of Hormuz has triggered supply disruptions, forcing global markets to tap into three types of reserve resources—commercial inventories, national strategic petroleum reserves, and floating stocks stored on tankers.

Statements from ExxonMobil, Chevron, and ConocoPhillips this week are highly consistent, all pointing out that these three types of buffer resources are being rapidly consumed. Eimear Bonner's words are particularly direct: the existing buffer is "extremely limited." This means that if the strait blockade continues, the global market will face a real supply gap, not merely relying on reserves to fill the shortfall.

The impact of this crisis has spread from Southeast Asia to Europe, with energy costs rising significantly in several regions. While the U.S. has been somewhat insulated, the upward pressure on oil prices is just as clear.

Manufacturing Under Pressure: Energy Costs Drive Input Prices Up, Delivery Times Extended

Despite the ongoing energy crisis, U.S. manufacturing expansion continued in April. According to Institute for Supply Management (ISM) data, the U.S. manufacturing activity index remained above the boom-bust line of 50, indicating the sector is still in expansion.

However, pressure signals are accumulating. The actual blockade of the Strait of Hormuz has had widespread impact on global supply chains, driving up prices for commodities and raw materials such as oil, aluminum, and helium. Rising gasoline and diesel prices have further increased logistics and transportation costs.

In April, 13 manufacturing subsectors such as textile mills, nonmetallic mineral products, and basic metals reported growth, but 3 subsectors showed contraction. At the same time, delivery times were extended and employment indicators weakened, indicating supply chain pressure is spreading to broader economic areas.

It's noteworthy that the energy crisis has diverged visibly from the trend in financial markets. Both the S&P 500 index and the Nasdaq 100 index closed at record highs in April, mainly boosted by strong earnings from major tech stocks and optimistic forecasts from Apple.

This divergence reflects the complex logic of the current market: the earnings resilience of the technology sector has temporarily outweighed macro concerns posed by the energy crisis. However, as oil reserve buffers continue to shrink and energy costs rise, the corrosive effects on corporate profit margins and consumer spending may become more clearly reflected in wider asset prices in the coming months.

Risk Warning and DisclaimerThe market involves risks, and investment should be cautious. This article does not constitute personal investment advice, nor does it take into account any individual user's specific investment objectives, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article fit their particular circumstances. Investing accordingly is at your own risk. ```