🐋 WHALE WATCH : Global oil inventories hit 7.6 billion barrels, inside the operational stress zone. If supply stays tight the next level to watch is 6.8 billion barrels the operational floor. Tight supply at these levels pushes oil prices up. Thats not just an energy story. Transportation costs rise manufacturing costs follow and inflation picks up again before central banks finish cooling it down. The Feds equation gets harder the moment energy turns unpredictable. Stocks bonds and crypto all price that risk differently. One chart. Several dominoes.