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


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