Goldman Sachs Sounds Fresh Alarm on Global Oil Stockpiles

Global oil inventories are falling at an accelerated rate, Goldman Sachs has warned, noting April draws from inventories had run at double the rate until the end of March. Since the start of May, global draws from inventories have been running at 8.

7 million barrels daily, which is the highest ever, the investment bank’s analysts said. “Physical markets continue to tighten, as estimated oil exports through the strait remain at a very low 5% of normal,” they said.