Global Oil Inventories Drop to 101 Days Demand, 8-Year Low

Goldman Sachs reports global oil stocks have fallen to 101 days of expected demand, the lowest level in eight years. With potential Strait of Hormuz disruptions, inventories could drop to 98 days by May-end, exposing markets to supply shocks. Oil supply constraints typically strengthen commodity currencies like CAD and NOK while pressuring oil-importing nations' currencies. The tight inventory situation increases volatility risk for energy-sensitive pairs, particularly if geopolitical tensions escalate further.