J.P. Morgan estimates global oil surplus reached 1.4 million barrels a day in October
J.P. Morgan analysts estimated that the global oil market recorded a surplus of 1.1 million barrels per day in September and 1.4 million in October. They attributed the surplus to recovering Middle Eastern flows, rising production elsewhere and weak demand. The analysts said crude inventories were rebuilding, while their estimates suggested refined-product stocks were flat to slightly lower in October.