Brent just crossed 108. Goldman says global oil…
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Brent just crossed 108. Goldman says global oil inventories are drawing at a record 11 to 12 million barrels per day.
brent crossed 108 this morning. up 3 percent on monday. nearly 50 percent above pre war levels.
goldman raised its oil forecast and said global inventories are drawing at 11 to 12 million barrels per day. thats a record pace. they now expect brent at 90 by late 2026 because the disruptions in the persian gulf are proving more persistent than anyone assumed.
the strait is still effectively closed. transit is in single digits per day vs 130 normal. pentagon says mine clearing alone takes 6 months after any resolution. airlines are already cancelling routes because jet fuel doubled. demand is contracting at 1.5 million barrels per day in Q2, sharpest since covid.
the question for the rest of 2026 is whether the supply floor or the demand ceiling moves first. right now brent is pricing both at once.
#industry
brent crossed 108 this morning. up 3 percent on monday. nearly 50 percent above pre war levels.
goldman raised its oil forecast and said global inventories are drawing at 11 to 12 million barrels per day. thats a record pace. they now expect brent at 90 by late 2026 because the disruptions in the persian gulf are proving more persistent than anyone assumed.
the strait is still effectively closed. transit is in single digits per day vs 130 normal. pentagon says mine clearing alone takes 6 months after any resolution. airlines are already cancelling routes because jet fuel doubled. demand is contracting at 1.5 million barrels per day in Q2, sharpest since covid.
the question for the rest of 2026 is whether the supply floor or the demand ceiling moves first. right now brent is pricing both at once.
#industry
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