<div id="readability-page-1"><div><div><p>There is a growing consensus among energy-market experts that global supply buffers are being quickly drained as the Hormuz maritime chokepoint remains mostly closed. Tanker transits through the strait remain deeply depressed, with reported vessel counts down more than 90% from normal levels. <strong>The risk is that even if a peace deal is reached in the near term, oil markets may still require demand destruction before tight conditions normalize.</strong></p><p>Let's begin with our note from early Friday, citing Exxon and Chevron executives who warned that an oil-market inflection point is nearing as inventory levels are being drained to dangerously low levels amid the continued closure of the Hormuz chokepoint.</p></div></div></div>

<p>Goldman Sachs warns that energy markets are entering a 'demand destruction' phase. Despite the potential for a near-term peace deal, global supply buffers are being rapidly drained due to the closure of the Hormuz Strait, with tanker transits down over 90%. Executives from Exxon and Chevron also highlight dangerously low inventory levels, suggesting an oil-market inflection point is approaching.</p>

- Global supply buffers in the energy market are depleting due to the ongoing closure of the Hormuz chokepoint, causing tanker transits to fall by over 90%.  
- Experts, including executives from Exxon and Chevron, warn that inventory levels are dangerously low, signaling an impending oil-market inflection point.  
- Even with a potential peace deal, the normalization of oil market conditions may depend on demand destruction.

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Goldman Warns Energy Markets Face Demand Destruction Phase