The oil service, led by Amrita Sen, covers global crude and product markets. Energy Aspects publishes a comprehensive range of publications spanning data analysis, market fundamentals and geopolitical comment. Our team of experienced analysts provide the information and insight you need to stay ahead of the oil and oil products markets
Our recently enhanced Middle East & Africa Quarterly provides a comprehensive analysis of the region, examining key topics in depth and providing a detailed guide to regional supply, demand, trade flows and downstream capacity across the Middle East & Africa. Each quarter, focus pieces delve into..
Fundamentals is our monthly review of global oil data, this is the March 2017 edition. Despite all the doom and gloom in the market, 2017 balances have not deteriorated as such, and we still expect stockdraws of 0.7 mb/d across the year. However, Q1 17 expected stockdraws have moderated to 0.2 m..
China’s implied oil demand in January and February averaged 11.62 mb/d, higher y/y by a massive 0.60 mb/d (5.6%), alongside stellar crude import volumes and improving economic momentum. Actual demand (adjusted for stock changes and mixed aromatics imports) was likely lower, but still higher y/y b..
Extract from crude oil: Cushing stocks built by 1.4 mb w/w to 68 mb, higher by 1.7 mb y/y, driven by lower deliveries on the Osage pipeline (which delivers to the HFC El Dorado and NCRA McPherson refineries). Planned CDU work currently underway at El Dorado likely prompted HFC to store material..
Korean demand grew by 21 thousand y/y to 2.62 mb/d in February, reverting to the usual growth pattern after declining y/y in January for the first time since May 2015. But the stimulus to oil demand from low oil prices and government spending is waning. GDP growth slowed to 0.4% q/q in Q4 16, the..
This edition of the Canada oil data review debuts new supplementary data. Henceforth, this piece will contain additional production, refining, trade, maintenance, balances, and pricing data for Canada. These data augment the data review by providing a more comprehensive look at key metrics in Can..
Norwegian liquids production fell m/m by 26 thousand b/d to 2.01 mb/d in February, lower y/y by 53 thousand b/d. The 0.1 mb/d Goliat field experienced yet another technical issue on 8 February, which kept it offline for at least one week before output stabilised towards maximum levels at the end..
Indian oil demand recovered in February, rising by 31 thousand b/d y/y (largely due to a very high base) to a record 4.43 mb/d, as the negative effects of demonetisation faded. LPG led demand growth, rising by 52 thousand b/d to yet another record of 0.76 mb/d, supported by persistently..
Middle Eastern oil demand for the top 10 countries ex-bunkering managed to eke out another small increase in January, rising y/y by 44 thousand b/d to 5.96 mb/d. However, Saudi oil demand fell for the fifth straight month, this time by 0.19 mb/d y/y, as diesel demand plummeted by 0.13 mb/d. A sha..
The fallout from CERAWeek continues even a fortnight later. A series of OPEC PR gaffes that started at the conference went on for longer than OPEC or the market would have liked. Various contradictory statements from oil ministers raised concerns about the chances of the OPEC deal rolling over in..
European January oil demand rose by 0.75 mb/d y/y to 14.64 mb/d, following a 0.2 mb/d upward revision to December 2016 data. Euro-5 demand rose by 0.40 mb/d, led by superbly strong growth in France (+0.22 mb/d), as cold weather (HDDs were 32% higher y/y) buoyed heating demand (distillates demand..
Extract from crude oil: US crude stocks fell by 0.24 mb w/w to 528 mb, still higher y/y by 36 mb. In fact, the draws were toned down by a 2.2 mb build in PADD 1 caused by persistently low runs. The headline draw was driven by lower imports (down by 0.75 mb/d w/w to 7.4 mb/d, lower y/y by 0.29 mb..
Over the past two weeks the key agency forecasts were published. The EIA STEO was released last Tuesday, the OPEC MOMR was published yesterday and the IEA published its OMR today. Across the three key agencies, 2017 demand growth has increasingly converged with our forecast of 1.4 mb/d. However,..
We estimate that OPEC production (including Indonesia) rose m/m by 0.16 mb/d in February to 32.88 mb/d—still 0.79 mb/d below average output in Q4 16. We estimate that compliance among the 11 countries party to the OPEC deal was exactly 100%, down from 112% in January. Saudi Arabia accounted for t..
Australian oil demand rose y/y for the third consecutive month in January, by 6 thousand b/d to 0.9 mb/d, following an upward revision to December 2016 data that reversed what was previously a decline into growth. Oil demand could have grown further in January if not for adverse weather condition..