Overview
- Goldman Sachs estimates global oil inventories at about 101 days of demand, the lowest level since 2018.
- The bank projects stocks could drop to roughly 98 days by late May if the Strait of Hormuz stays largely closed to tanker traffic.
- Refined fuel reserves are thinning faster than crude, falling to around 45 days of demand from about 50 before the Middle East war.
- Tensions around the strait have intensified, with the U.S. guiding ships while Iran targets vessels and ports, delaying a reopening, OilPrice reports.
- Oil and natural gas prices have risen as traders price in a longer disruption to flows, according to ING strategists.