The Next Two Months Will Be Critical For Oil Fundamentals.

Oil prices kicked off the month with a 3% decline due to unexpected U.S. inventory growth and demand uncertainty. Energy Information Administration data showed a 7.3 million barrel increase, the largest since June. However, global oil and gas outlooks remain optimistic. Standard Chartered analysts anticipate tightening supply and demand, forecasting a 189 million barrel global stock draw in H1-2024. They emphasize May and June as pivotal months for oil fundamentals. OPEC+ is set to convene on June 1 to discuss market conditions. Meanwhile, EU gas inventories have risen, but concerns persist over potential Russian gas sanctions. TotalEnergies CEO predicts LNG price surges if the EU sanctions Russian gas.

Original Article: The Next Two Months Will Be Critical For Oil Fundamentals.