Goldman Sees Global Oil Testing Storage Capacity in 3-4 Weeks
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The global oil market is on track to test storage capacity limits in as little as three weeks, requiring the shut-in of nearly 20% of global production, according to Goldman Sachs Group Inc.
The world has reached an inflection phase in the pandemic where rebalancing is starting to occur, but it will likely take 4-8 weeks for commodity markets to carve out a bottom in demand, Goldman analysts including Jeff Currie said in an April 24 report.