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Global Oil Demand Surged in September
U.S. crude stocks rose 4.4 million barrels last week, marking the third straight build amid forecasts of a 2 million bpd global surplus by 2026, Goldman Sachs said.
- In early Asian trading, oil prices eased as traders reacted to another rise in U.S. oil inventories and signals supply running ahead of demand, with WTI at $60.59 and Brent at $64.71.
- U.S. commercial crude stocks rose by about 4.4 million barrels in the week to November 14, marking a third consecutive build while China stockpiles crude amid soft refinery demand.
- Market analysts added that Goldman Sachs forecasts a 2 million bpd surplus by 2026 and sees Brent averaging $56 and WTI $52, with `benchmark prices range-bound with the market eyeing the sanctions' impact,' said Emril Jamil.
- Official data due later on Wednesday show the EIA report could pressure prices into Thanksgiving if it reveals another sizeable build, while a surprise draw might only spark short-covering.
- The International Energy Agency warned the 2026 oil surplus could worsen as analysts grow bearish amid delayed projects, OPEC+ easing cuts, rising non-OPEC supply and higher refinery margins globally.
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Coverage Details
Total News Sources13
Leaning Left1Leaning Right1Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 17%
C 67%
R 16%
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