Oil stocks on land are near a decade low, complicating Bitcoin’s inflation relief hopes

According to CryptoSlate, global onshore oil inventories fell by an estimated 113 million barrels in September, while a buildup of 103 million barrels at sea largely offset the draw, leaving a net global decline of just 10 million barrels. Reported by CryptoSlate, the International Energy Agency noted that this onshore drop leaves land-based stocks near their lowest levels since at least 2016, driven by recovering Gulf crude shipments reaching 13.9 million barrels a day.

As reported by CryptoSlate, the Federal Reserve’s Beige Book indicated that elevated diesel prices and fuel surcharges continue passing increased costs through supply chains. CryptoSlate also highlighted that the US Energy Information Administration reported on-highway diesel at $6.179 a gallon on October 12. For Bitcoin, CryptoSlate noted that persistent energy inflation could delay easier US financing and constrain risk appetite. The Federal Reserve previously raised its target range to 3.75%–4% on September 17, while the New York Fed’s SOFR benchmark was 3.88% on October 14.