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Crude oil represented almost 60% of this decrease, while petroleum products made up the remainder. This greatly surpasses the earlier highest quarterly drop noted by the International Energy Agency, according to Bloomberg. Goldman Sachs observed that global oil stockpiles are now near their lowest point since 2018.
Natasha Kaneva, the head of commodity research at JPMorgan, mentioned that logistical issues might arise in the oil market within OECD nations as soon as next month, and that stockpiles could decrease to operational lows by September. The agency mentions that this is the threshold beneath which pipelines, terminals, and storage facilities stop operating effectively.
Goldman Sachs indicates that the rate of consumption might have decreased a bit in the past few days. The bank attributes this to declining demand from China, which has released volumes for additional buyers.
The conditions in Asian nations—Indonesia, Vietnam, Pakistan, and the Philippines—are raising significant worries among analysts. These nations might encounter severe supply shortages in less than a month. In European nations, aviation fuel supplies are swiftly diminishing in anticipation of the summer vacation period. Experts anticipate essential thresholds by June.
This scenario has unfolded in the oil market because of the conflict in Iran, which has halted the supply of crude from the Persian Gulf. On May 5, Goldman Sachs announced that current oil reserves would sustain global consumption for 101 days.
source: bloomberg.com
Natasha Kaneva, the head of commodity research at JPMorgan, mentioned that logistical issues might arise in the oil market within OECD nations as soon as next month, and that stockpiles could decrease to operational lows by September. The agency mentions that this is the threshold beneath which pipelines, terminals, and storage facilities stop operating effectively.
Goldman Sachs indicates that the rate of consumption might have decreased a bit in the past few days. The bank attributes this to declining demand from China, which has released volumes for additional buyers.
The conditions in Asian nations—Indonesia, Vietnam, Pakistan, and the Philippines—are raising significant worries among analysts. These nations might encounter severe supply shortages in less than a month. In European nations, aviation fuel supplies are swiftly diminishing in anticipation of the summer vacation period. Experts anticipate essential thresholds by June.
This scenario has unfolded in the oil market because of the conflict in Iran, which has halted the supply of crude from the Persian Gulf. On May 5, Goldman Sachs announced that current oil reserves would sustain global consumption for 101 days.
source: bloomberg.com
