Goldman Sachs analysts report April inventory draws doubled March’s pace, with May’s daily decline hitting an all-time high.
Global oil inventories are shrinking at an unprecedented rate, with daily draws reaching 8.7 million barrels since the start of May. The decline has accelerated, doubling the pace observed through March, signaling a tightening physical market.
Earlier data showed inventory reductions running at half the current rate, while estimated oil exports through key straits remain at just 5% of normal levels. Analysts noted the trend reflects persistent supply constraints amid steady demand.
The report underscores growing concerns over supply shortages, though immediate market reactions were not detailed in the analysis.