Morgan Stanley: Houthi attack depletes oil inventories, maintaining expectations of high oil prices.

Sina Finance reported on March 30 that a team of analysts at Morgan Stanley led by Martijn Rats published a report stating that the oil market "had sufficient buffer inventories before the shock hit, but is now being continuously depleted." "We now expect that OECD commercial inventories will decrease this year, rather than the significant increase previously predicted." The institution estimates that currently, approximately 10.2 million barrels per day of crude oil production, 1.2 million barrels per day of natural gas liquids production, and 2 million barrels per day of Middle Eastern refining capacity are shut down. "The pressure is now spreading westward to the market linked to Brent, with premiums for crude oil quality, freight rates, and near-month term structures all tightening."