CBA cuts global oil inventory runway to 5–10 weeks
CBA says global oil markets now have 5 to 10 weeks before oil and refined product inventories deplete, down from 15 to 20 weeks just two weeks earlier. It notes depletion increases the risk Brent futures rise to $US150/bbl.
CBA now estimates global oil markets have 5 to 10 weeks before oil and refined product inventories are depleted. That compares with its view from just two weeks ago, when it estimated the runway at closer to 15 to 20 weeks. The bank says that inventory depletion increases the risk that Brent oil futures rise to $US150 per barrel.