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JPMorgan estimates the global oil market returned to a surplus of 1.1 million barrels per day in September, widening to 1.4 million bpd. The bank said inventories and trade flows show excess barrels returning to the market.
Global crude imports rose to 44.9 million bpd in October, up 1.3 million bpd from a year earlier.
A swing from deficit to surplus, with stocks rebuilding and imports rising, eases the supply tightness that has lifted crude prices. Lower crude and diesel costs ease input costs for feed production and freight.
money.usnews.comReutersNov 4, 2026After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
