The Next Two Months Will Be Critical For Oil Fundamentals | OilPrice.com

• Weekly data by EIA reveals crude stockpiles of 7.3 million barrels for the week to April 26, a sharp swing from a draw of 6.4 million barrels posted the previous week.
• Standard Chartered: the fastest rate of stock draws in the first half of 2024 should happen in May and June.
• We're entering a key period for oil fundamentals that will determine whether the market will tighten further or disappoint.

Energy markets have kicked off the new month on the back foot, with oil prices sliding 3% in Wednesday's intraday session following a surprise U.S. inventory build amid lingering uncertainty about future oil demand growth. 

Weekly data by the Energy Information Administration (EIA) reveals crude stockpiles of 7.3 million barrels for the week to April 26, a sharp swing from a draw of 6.4 million barrels posted the previous week.  

';document.write(write_html);}

That marks the highest inventory levels since last June. Meanwhile, the Fed is expected to keep its benchmark federal-funds rate steady at around 5.3%, its highest level in more than two decades amid stubbornly high inflation.

Thankfully, the oil and gas outlook appears more bullish on a global scale. According to commodity analysts at Standard Chartered, oil supply and demand balances show a significant tightening in the current year, a sharp contrast to large surplus conditions of early 2023.