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Oil - Perspectives

Stocks that are not stocks

Perspectives is our flagship weekly publication on oil, providing unparalleled information, analysis and views. This edition was published 18 May 2015

Prices and time spreads of both Brent and Dubai have improved materially over the last month, even though not all quarters of the physical market have improved, and despite huge implied Q1 15 stockbuilds from key agencies. So, reconciling the two is increasingly hard. Yet, although the IEA for instance is showing stockbuilds of 2 mb/d in Q1 15, and continues to point to similar builds for Q2 15, reported stocking was far smaller at just 0.4 mb/d, while about 0.1 mb/d of oil came out of floating... Read more

The last two weeks have seen a counter seasonal increase in US gas prices, with cash and curve prices both up by around 15% to the 3 $/mmbtu level. The gains come against a mixed story for production. On the one hand, the EIA keeps revising its view of production upwards, with Q1 15 historic values revised to over 74 bcf/d, and its forecasts for the rest of the year have also increased. However, while gas rig counts have stabilised, oil rigs keep falling and the market in May is demonstrating ti...
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The European gas market saw an extension of the storage withdrawal season in April. Demand was higher y/y due to cold weather and supply was squeezed by a combination of heavy Norwegian offshore maintenance, Dutch supply red...
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This is the May 2015 edition of our North America Quarterly, covering all important aspects of the region, with a particular focus on the growth of tight oil and its impact on regional and global balances for both crude and p...
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The mini-rally seen in February in global LNG prices was short-lived, as the market moved out of the northern hemisphere winter season into the lower demand shoulder months. Prices into Northeast Asia dipped back below 7.0 $/...
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With the heating season almost complete, US gas prices saw greater stability over the last month, trading around a 2.6 $/mmbtu mean. Gas supply patterns are providing some mixed signals, with monthly readings showing y/y incr...
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