Goldman Sachs say on oil that Global inventories have continued to fall rapidly
- just 330mb above December 2019 levels
And thus:
- This leaves us reiterating our constructive oil price view given the quickly tightening physical market
However, if OPEC+ boosts output at the meeting this week:
- We expect a quota raise of 1 mb/d for August could lead prices to sell off $2-3/bbl
GS table of outcomes and oil price impact:
