However, the surge in imports is not driven by consumer spending, which remains constrained by persistent inflation and high interest rates. Instead, it is a precautionary measure against a potential port strike.
Investor attention shifted to the International Energy Agency’s (IEA) monthly report, which suggested that the global inventory declines should level off in the final quarter. This development puts the market at risk of a glut if OPEC+ proceeds with its plans to increase supplies.