LondonJP Morgan estimates a 1.4 million barrel-a-day oil surplus in October.

Demand fell under high prices even though the war in Iran still disrupts Middle East exports.

Gulf crude exports averaged 14 million barrels a day in October, 86% of pre-war levels, Vortexa said.

But Brent futures for January 2027 delivery remain in backwardation, which signals tight supply.

Trader Adi Imsirovic says futures could follow week-ahead swaps into contango if those stay there.

How each outlet framed it
Reuters
frames the surplus as demand destruction from high prices, citing JP Morgan's 1.1–1.4 mb/d surplus estimates and Goldman's finding that oil stocks did not fall

Sources: Reuters