<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>

埃克森美孚

雪佛龍

西方石油

<p>高盛警告稱，能源市場正進入 “需求破壞” 階段。儘管近期可能達成和平協議，但由於霍爾木茲海峽的關閉，全球供應緩衝正在迅速消耗，油輪通行量下降超過 90%。埃克森美孚和雪佛龍的高管也強調庫存水平 dangerously low，暗示石油市場的拐點即將到來</p>

Goldman Warns Energy Markets Face Demand Destruction Phase

- 全球能源市場專家一致認為，霍爾木茲海峽的供應緩衝正在迅速枯竭。  
- 船舶通過該海峽的數量比正常水平下降超過 90%。  
- 即便達成和平協議，油市仍可能需要需求減少才能恢復正常。

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高盛警告稱能源市場正面臨需求破壞階段