‘This is bad’: Strategists see European oil shortages within weeks as inventories are depleted

LONDON - Global oil stockpiles are plummeting and inventories may not recover until December 2027, strategists warn, with physical shortages potentially looming over Europe by the end of this month. Jeff Currie, executive co-chairman at Abaxx Commodity Exchange, said that physical shortages could hit Europe "any day now," and the severity of the ongoing supply crunch is not yet reflected in oil prices or policymakers' remarks. Speaking with CNBC's "Squawk Box Europe" Monday, Currie said that oil supply concerns will intensify as inventories are depleted, adding that once the shortages hit, prices will go "non-linear." "Then we find out what the willingness is of somebody to pay for that last molecule," Currie said. Currie said the oil market is currently in the midst of its "shoulder months" — traditionally the weakest part of the commodity demand cycle throughout the year, coming out of the heating season and heading into the driving season. But, with the U.S. Memorial Day and U.K.'s spring bank holidays approaching, demand for diesel, gasoline and oil will rise sharply. "That's when you're going to begin to feel it," Currie said. …