Goldman Sachs Flags Record Oil Stockpile Drawdown as Brent Trades Near $104
GS•Goldman Sachs research reports global crude oil and product stockpiles are being drawn down at a record pace this month, tightening the supply buffer. This analysis coincided with Brent crude trading around $104 a barrel as oil prices swung on Iran-US negotiation uncertainties.
1. Goldman Sachs Research Findings
Goldman Sachs commodities research unit has identified that global crude oil and refined product inventories are being drawn down at the fastest monthly pace on record, signaling a tightening supply buffer.
2. Market Reaction and Geopolitical Context
This forecast comes as Brent crude has swung around $104 per barrel while US-Iran negotiations on uranium stockpile transfers and Strait of Hormuz toll disputes have heightened volatility in oil markets.
