Goldman Sachs Warns: Global Crude Oil Inventories Approaching 8-Year Low
On May 5, as conflicts in the Middle East continue and the Strait of Hormuz remains blocked, Goldman Sachs stated that global crude oil inventories are nearing an 8-year low, warning that the pace of inventory consumption is becoming a concerning issue. Goldman Sachs estimates that current global crude oil inventories are equivalent to 101 days of global demand, which may drop to 98 days by the end of May. Although it is unlikely that total global inventories will fall to minimum operational levels this summer, the rate of inventory consumption and supply losses in certain regions and products is alarming. The bank estimates that global commercial refined product inventories have decreased from 50 days of demand (DoD) before the U.S. and Israel's war with Iran to the current 45 days of demand, indicating that readily available refined product buffer inventories are rapidly approaching critically low levels. (Dongxin News Agency)
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