Goldman survey shows investors turn sharply bearish on oil as supply glut builds

Goldman's survey indicates a sharp bearish sentiment shift among institutional investors in crude oil, as concerns over a growing global supply glut mount. With 59% of over 1,100 respondents indicating bearish or slightly bearish views, investor confidence is nearing record lows since April 2025. A significant number is increasingly viewing oil as a preferred short, reflecting an apprehension that supply growth from OPEC+, the U.S., Brazil, and Guyana is outpacing demand. Although geopolitical developments usually support oil prices, they currently appear to enhance the bearish sentiment, indicating the market's capacity to absorb shocks. This widespread bearish view highlights a significant shift towards defensive strategies as increased volatility and oversupply concerns loom.