Goldman warns global oil stocks near eight year low
Goldman Sachs reports global oil stocks could fall to 98 days of demand by late May. Restricted supplies in the Strait of Hormuz drive depletion concerns.
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GOLDMAN SACHS GROUP INC warns global oil inventories are falling toward an eight-year low as supply disruptions through the Strait of Hormuz persist. Prices for Brent Crude Oil and West Texas Oil rose 6% on Monday following attacks on shipping and infrastructure. Rapid inventory depletion threatens energy security as global buffers fall from 101 days of demand toward a 98-day threshold.
