Oil Demand Exceeds Supply, Cuts Floating Stocks, Goldman Says
This article is for subscribers only.
Global crude oil demand may have exceeded supply in the past two months as inventories stored on tankers fell to an 18-month low, Goldman Sachs Group Inc. said.
“Now that floating storage has dropped to its lowest levels in over 18 months, we expect to experience declining onshore inventories in coming months,” Goldman Sachs analysts including David Greely and Stefan Wieler said in a report today. “Given that world demand tends to increase seasonally in the second half, we would expect the draw on world inventories to accelerate.”