# As high oil prices curb demand, fresh signs of glut appear

> Analysts said recovering Middle Eastern flows, rising production elsewhere and demand weakened by high prices have pushed global oil supply above consumption again. JPMorgan estimated a surplus of 1.1 million barrels per day in September, widening to 1.4 million bpd in October, while Goldman said global stocks had not fallen over the past two months.

- Date: 2026-11-06 · published 2026-11-06T03:07:49.341Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/83219-as-high-oil-prices-curb-demand-fresh-signs-of-glut-appear
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A renewed surplus driven by recovering supply and softer demand points to less competition for barrels and could pressure crude prices. The figures also suggest that supply disruption has not translated into continued inventory declines.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-06-23 | [Oil prices slump as investors fear Fed rate hikes will hurt demand \| Reuters](https://feedsoft.ai/events/41110-oil-prices-slump-as-investors-fear-fed-rate-hikes-will-hurt-demand-reuters.md) | +4.3% | -2.0% |
| BRENT | 2020-04-20 | [US oil prices turn negative as demand dries up](https://feedsoft.ai/events/4480-us-oil-prices-turn-negative-as-demand-dries-up.md) | -21.7% | +34.7% |
| BRENT | 2021-08-31 | [Oil Prices Tumble On Demand Concerns Ahead Of OPEC+ Meeting](https://feedsoft.ai/events/45724-oil-prices-tumble-on-demand-concerns-ahead-of-opec-meeting.md) | -0.4% | +8.7% |
| BRENT | 2025-04-07 | [Palm and Soy Oil Prices Drop as Oil Prices Decline](https://feedsoft.ai/events/9631-palm-and-soy-oil-prices-drop-as-oil-prices-decline.md) | -1.7% | -9.0% |
| BRENT | 2022-06-14 | [Oil prices settle down on fears of Fed and oil profit tax](https://feedsoft.ai/events/41135-oil-prices-settle-down-on-fears-of-fed-and-oil-profit-tax.md) | -7.7% | -11.5% |
| WTI | 2022-06-23 | [Oil prices slump as investors fear Fed rate hikes will hurt demand \| Reuters](https://feedsoft.ai/events/41110-oil-prices-slump-as-investors-fear-fed-rate-hikes-will-hurt-demand-reuters.md) | +4.5% | -8.0% |
| WTI | 2020-04-20 | [US oil prices turn negative as demand dries up](https://feedsoft.ai/events/4480-us-oil-prices-turn-negative-as-demand-dries-up.md) | -32.4% | +73.9% |
| WTI | 2021-08-31 | [Oil Prices Tumble On Demand Concerns Ahead Of OPEC+ Meeting](https://feedsoft.ai/events/45724-oil-prices-tumble-on-demand-concerns-ahead-of-opec-meeting.md) | -1.2% | +8.9% |

## Sources

- investing.com: https://www.investing.com/news/commodities-news/as-high-oil-prices-curb-demand-fresh-signs-of-glut-appear-5006302

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