Goldman Sachs: War Impact Persists, Global Oil Inventories Depleting at Record Pace

BlockBeats News, May 21st - Goldman Sachs stated that as the Middle East conflict continues and supply remains constrained, global crude oil and refined product inventories are being drawn down at a record pace this month. In a report on May 20th, Goldman Sachs analysts noted that visible inventories have fallen at a record daily pace of 8.7 million barrels in May, nearly double the average rate since the conflict began. They said, "The physical market continues to tighten, with estimated oil exports through the Strait of Hormuz still at only 5% of normal levels." Goldman Sachs analysts stated that two-thirds of the inventory decline in May was being driven by a reduction in so-called 'floating storage,' with export declines outpacing import declines. The import weakness is now "spreading from Asia to Europe," they noted, highlighting that European jet fuel imports are 60% below the 2025 average level.