Bloomberg Surveillance · Monday, August 3, 2026
A significant but underpriced market risk is the potential for physical shortages of goods, including oil. While strategic reserves have helped mitigate immediate supply issues, these reserves are finite and will eventually be depleted. This looming scarcity, coupled with market behaviors like new highs in equity markets, suggests the risk is heavily undervalued.
“The big unknown and the big risk is probably the question of when we will get physical shortages of goods, including including potentially oil.”
“But that is not an that will end at some point. At some point, you cannot draw down strategic reserves more. Some countries like the US or China still have a lot other countries have less. So this is I think a major risk.”
“Clearly, this is a risk that I think is heavily underpriced in the market.”