Goldman Sachs warns: Global crude oil inventories are approaching their lowest levels in 8 years

Golden Finance reports that on May 5, with the conflict in the Middle East continuing, the Strait of Hormuz remains blocked. Goldman Sachs says that global crude oil inventories are nearing their lowest level in 8 years, warning that the pace at which inventories are being depleted is becoming a worrying issue. Goldman Sachs estimates that, at present, total global crude oil inventories are equivalent to 101 days of global demand, and may fall to 98 days by the end of May. Although global total inventories are unlikely to drop to minimum operating levels this summer, the speed of inventory depletion and supply losses in certain regions and for certain products remain concerning. The bank estimates that global commercial refined product inventories have fallen from the 50 days of demand (DoD) level before the war between the United States and Israel against Iran to the current 45 days of demand, and notes that readily available refined product buffer inventories are rapidly approaching extremely low levels. (Dongxin News Agency)