# JPMorgan Says Rising Exports, Weak Demand Push Global Oil Market Into Surplus

> 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.

- Date: 2026-11-04 · published 2026-11-04T15:13:17.698Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/79988-jpmorgan-says-rising-exports-weak-demand-push-global-oil-market-into-surplus
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-11-01 | [IEA: Warmer weather may tilt oil market into surplus as demand slows](https://feedsoft.ai/events/68145-iea-warmer-weather-may-tilt-oil-market-into-surplus-as-demand-slows.md) | +4.3% | +3.6% |
| BRENT | 2024-05-20 | [Global oil markets weaken as sluggish demand leaves overhang](https://feedsoft.ai/events/30451-global-oil-markets-weaken-as-sluggish-demand-leaves-overhang.md) | -3.1% | +0.3% |
| BRENT | 2025-12-10 | [Diesel Futures Slide as ULSD Market Weakens and Inventories Rise Across Global Oil Markets - oftrb.com](https://feedsoft.ai/events/21714-diesel-futures-slide-as-ulsd-market-weakens-and-inventories-rise-across-global.md) | -4.6% | +0.6% |
| BRENT | 2018-11-21 | [Here's What's Going On With Global Oil Markets : NPR](https://feedsoft.ai/events/10586-here-s-what-s-going-on-with-global-oil-markets-npr.md) | -3.4% | -10.1% |
| BRENT | 2020-03-27 | [Oil price crash: a glimpse into the future for global energy markets? Q&A with Pierre Noel](https://feedsoft.ai/events/7880-oil-price-crash-a-glimpse-into-the-future-for-global-energy-markets-q-and-a.md) | -1.2% | -25.9% |
| WTI | 2017-11-01 | [IEA: Warmer weather may tilt oil market into surplus as demand slows](https://feedsoft.ai/events/68145-iea-warmer-weather-may-tilt-oil-market-into-surplus-as-demand-slows.md) | +5.2% | +5.3% |
| WTI | 2024-05-20 | [Global oil markets weaken as sluggish demand leaves overhang](https://feedsoft.ai/events/30451-global-oil-markets-weaken-as-sluggish-demand-leaves-overhang.md) | -3.6% | -0.2% |
| WTI | 2025-12-10 | [Diesel Futures Slide as ULSD Market Weakens and Inventories Rise Across Global Oil Markets - oftrb.com](https://feedsoft.ai/events/21714-diesel-futures-slide-as-ulsd-market-weakens-and-inventories-rise-across-global.md) | -5.1% | -1.0% |

## Sources

- money.usnews.com: https://money.usnews.com/investing/news/articles/2026-11-04/jpmorgan-says-rising-exports-weak-demand-push-global-oil-market-into-surplus

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.