Goldman Flags Oil Stocks Near Eight-Year Low as WTI Hits $104 Eyeing $109

Goldman Sachs warns global oil inventories are nearing an eight-year low at 101 days of demand, potentially dropping to 98 by end-May, with refined products buffers down from 50 to 45 days amid rapid 11-12 mb/d draws and Middle East losses. The story escalated from Goldman's March 4 Q2 Brent forecast lift to $76/bbl on Hormuz disruptions, to April 26 Q4 2026 hikes to $90 Brent/$83 WTI on 14.5 mb/d output shortfalls, swinging markets from 1.8 mb/d 2025 surplus to 9.6 mb/d Q2 2026 deficit. Spot Brent topped $120/bbl, Reuters poll raised 2026 average to $86.38/bbl, and WTI now tests $104 with $109 resistance ahead.