# The Global Oil Glut Returns as High Prices Crush Demand

> JPMorgan estimated that the global oil market moved into a surplus of 1.1 million barrels per day in September, widening to 1.4 million in October, as high prices weakened demand. Goldman Sachs assessed the market as balanced over those months and cited recovering Persian Gulf exports; Vortexa estimated Hormuz oil flows at 14 million barrels per day, or 86% of pre-war levels.

- Date: 2026-11-06 · published 2026-11-06T09:15:47.667Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/83749-the-global-oil-glut-returns-as-high-prices-crush-demand
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A widening surplus and recovering export flows could rebuild inventories and put downward pressure on crude prices, although continued shipping risks may limit the decline.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2018-12-20 | [Oil demand flashes red, sending crude prices even lower](https://feedsoft.ai/events/11080-oil-demand-flashes-red-sending-crude-prices-even-lower.md) | -6.7% | +12.5% |
| WTI | 2022-10-31 | [Canadian dollar slips to six-day low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/39347-canadian-dollar-slips-to-six-day-low-as-oil-prices-fall-the-globe-and-mail.md) | +5.4% | -12.2% |
| 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% |
| WTI | 2024-07-30 | [Crude Prices Retreat on the Prospects of Weaker Chinese Energy Demand](https://feedsoft.ai/events/29445-crude-prices-retreat-on-the-prospects-of-weaker-chinese-energy-demand.md) | -3.7% | +1.7% |
| 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 | 2018-12-20 | [Oil demand flashes red, sending crude prices even lower](https://feedsoft.ai/events/11080-oil-demand-flashes-red-sending-crude-prices-even-lower.md) | -8.1% | +10.6% |
| BRENT | 2026-09-18 | [Ringgit opens higher against US dollar as oil prices ease \| The Star](https://feedsoft.ai/events/17729-ringgit-opens-higher-against-us-dollar-as-oil-prices-ease-the-star.md) | -0.3% | +5.0% |

## Sources

- oilprice.com: https://oilprice.com/Latest-Energy-News/World-News/The-Global-Oil-Glut-Returns-as-High-Prices-Crush-Demand.html

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