Goldman Sachs warns: Prolonged conflict and worrying oil inventory depletion trends

(1) Due to the conflict in Iran, global crude oil and refined oil inventories are rapidly depleting, with the supply risks for naphtha, jet fuel, and liquefied petroleum gas being the most prominent. (2) Global oil inventories have dropped to their lowest level in about eight years. (3) The number of days that inventories can cover demand is expected to decrease from the current 101 days to 98 days by the end of May.