Global oil stockpiles are shrinking at the fastest pace on record this month as the Middle East war continues to choke supplies and tighten energy markets, according to a new note from Goldman Sachs as cited by Bloomberg .
The Wall Street bank said visible crude and fuel inventories have fallen by 8.7 million barrels a day so far in May, nearly double the average pace seen since the conflict began. Analysts Yulia Zhestkova Grigsby and Daan Struyven noted the sharp drawdown reflects a market still struggling with severe supply disruptions tied to the conflict around the Strait of Hormuz.
