CMS Prime COO flags crude inventory buildup as oil market threat

Terri-Leigh Bennett, Chief Operating Officer of CMS Prime, noted that the oil market's biggest threat might be the return of supply before demand recovers. Bennett stated that industry estimates showed crude inventories increased by approximately nine million barrels, which was contrary to expectations for a one million barrel decline. She also noted that lower mortgage rates and improved refinancing activity could potentially benefit construction, transport, and fuel consumption over time.

Bennett pointed out that the accumulation of crude stocks raises questions about refinery demand and crude availability. She noted that the oil market faces a complex issue, as refined-product inventories can remain tight even while crude stocks grow.