According to Morgan Stanley reported by Jin10 Data on May 9, global crude oil inventories are being depleted at a record daily rate of 4.8 million barrels between March 1 and April 25, as the Iran conflict disrupts Persian Gulf shipping. Crude oil accounts for approximately 60% of the inventory decline, with the remainder comprising refined products. The Strait of Hormuz has been near closure for two months, and the rapid depletion is eroding the buffer stock designed to protect against supply shocks. As inventories approach critical levels, markets face heightened risks of extreme price spikes and supply shortages, even after the conflict ends.
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