BARCLAYS ON OIL: INVENTORIES ARE ON TRACK TO TEST LOWEST LEVELS SINCE 2020 EVEN IN THE MOST OPTIMISTIC SCENARIO
May 22 (Reuters) - BARCLAYS:
SAYS THEY MAINTAIN $100/B BRENT FORECAST FOR 2026 WITH RISKS SKEWED HIGHER
SAYS INVENTORIES ARE ON TRACK TO TEST LOWEST LEVELS SINCE 2020 EVEN IN THE MOST OPTIMISTIC SCENARIO
SAYS THE STARTING POINT FOR INVENTORIES EVEN IN THE MOST OPTIMISTIC SCENARIO WILL BE ROUGHLY 20 MB BELOW THE TIGHTEST LEVEL IN RECENT HISTORY
SAYS PRODUCTION FROM IRAQ AND KUWAIT WILL PROBABLY TAKE AT LEAST 3-4 MONTHS TO RECOVER FULLY AND CONSUMING COUNTRIES WILL LIKELY HAVE ALL THE INCENTIVE TO USE THE OPPORTUNITY TO REPLENISH DEPLETED INVENTORIES, BOOSTING DEMAND
