Goldman Expects Global Oil Inventories to Hit a Record-Low

Watch on YouTube ↗  |  April 23, 2026 at 14:25  |  1:48  |  Bloomberg Markets
Speakers
Daan Struyven — Head of Oil Research, Goldman Sachs

Summary

Goldman Sachs' Daan Struyven warns global visible oil inventories could hit record lows even if flows recover by April, implying upside risk to oil price forecasts. He explains the steep backwardation in Brent as a premium for immediate delivery.

  • Goldman Sachs sees global oil inventories on track for record low.
  • Drawdown pace is 11 million barrels per day.
  • Even optimistic recovery scenario does not prevent record low.
  • Upside risk to oil price forecasts due to unprecedented inventory levels.
  • Dated Brent premium reflects urgency for near-term barrels.
  • June futures discount implies expectation of normalization by then.
Trade Ideas
Daan Struyven Head of Oil Research, Goldman Sachs 0:00
Record low oil inventories imply upside risk
Global visible oil inventories are likely to reach record low levels even if flows recover by April, due to the sharp pace of drawdowns (11 million barrels per day) and logistics bottlenecks. This implies upside risks to Goldman's oil price forecasts because the market has never seen oil prices at such low inventory levels.
WTI HIGH
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This Bloomberg Markets video, published April 23, 2026, features Daan Struyven discussing WTI. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Daan Struyven  · Tickers: WTI