The global crude oil market is in the tightest supply-demand deficit since 2008. The Strait of Hormuz closure since February 28 has removed 10+ mb/d of Gulf output, driving seven consecutive weeks of US crude inventory draws. WTI at $90.99/bbl (Jun 10) reflects a physical market in backwardation with December 2026 contracts trading ~$40 below front-month. The IEA projects a cumulative 900 million barrel deficit by September 2026. OECD inventories heading to 2.3 billion barrels — the lowest since 2003. This report covers the full supply-demand balance, cost impact across regions, scenario framework, and actionable forward contract recommendations.
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