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
US oil demand fell by 0.49 mb/d y/y to 19.19 mb/d in February—the first annual decline since July 2016. This represents a 0.48 mb/d downward revision to the weekly data, notably more than our forecast for no revision. Despite rising industrial activity, US distillate demand fell for the second co..
US liquids production rose to 13.74 mb/d in February, higher y/y for the first time since January 2016 by a strong 0.19 mb/d, led by NGLs. Crude output rose by a larger than expected 0.19 mb/d m/m to 9.03 mb/d, the first reading above 9 mb/d since March 2016 but still lower y/y by 0.14 mb/d. This..
Even with HDDs higher y/y by 13%, and by 9% versus the five-year norm, Japanese oil demand declined by 88 thousand b/d y/y to 3.86 mb/d in March, led by weakness in fuel oil demand—down by 85 thousand b/d y/y. This was mainly due to the return of the 0.89 GW Sendai unit 2 nuclear reactor from wor..
UK liquids production fell m/m to 1.02 mb/d in March but was higher y/y by 36 thousand b/d, while February output was also revised lower and now shows a 58 thousand b/d y/y decline. Crude output fell more sharply across both months, offset by rising NGLs. In March, production was impacted by an e..
This is the fifth edition of our Asia Pacific Quarterly, which provides detailed analysis of Asian crude and product markets. The quarterly covers the economic and political trends shaping demand and supply patterns in the region. It draws on our wealth of expertise in global oil and products mar..
Extract from crude oil: Crude stocks fell by 3.6 mb w/w to 529 mb, even after absorbing another 0.5 mb of SPR release, higher by 19.4 mb y/y. This takes the month-to-date draws to 6.8 mb, with USGC draws at 8 mb, vs our expected monthly draws of 7.6 mb and 8.1 mb, respectively. The draws followe..
China’s implied demand in March reached 11.38 mb/d, higher y/y by 0.41 mb/d (3.7%) underpinned by an improving economic momentum. Actual demand may be lower if seasonal stockpiling continued, though stockbuilds will be limited due to strong underlying demand and hefty product exports. Q1 17 dema..
Norwegian liquids production picked back up in March, rising m/m by 64 thousand b/d to 2.15 mb/d, higher y/y by 0.13 mb/d, thanks to the return of the 0.1 mb/d Goliat field—a technical issue on 8 February had kept the field offline for at least one week. The outage was yet another in a..
Fundamentals is our monthly review of global oil data, this is the April 2017 edition. Global oil demand eased q/q in Q1 17, but by less than seasonal averages and from a record high base. So, with OPEC output 1 mb/d lower q/q and non-OPEC production falling by around 0.5 mb/d q/q despite risin..
It has been well over 100 days since the OPEC production cuts were implemented, and the market has lost faith in the organisation as large visible stockdraws remain elusive. High GCC crude exports to the US also remain a concern, with OPEC exports falling by less than production so far, in part d..
Oil demand grew for the first time this year, by 0.14 mb/d y/y to 2.57 mb/d in March. Demand growth was overwhelmingly led by naphtha, which rose by a huge 0.21 mb/d y/y to a 13-month high of 1.28 mb/d as crackers maximised naphtha cracking relative to LPG due to strong co-product prices. Unsurpr..
Extract from crude oil: Cushing stocks drew by 0.8 mb w/w to 68.6 mb, taking the total Cushing draw across April to 0.5 mb so far. The weekly draw was driven by surging flows on BP1, a pipeline carrying crude oil from Cushing to BP’s Whiting refinery. The gyrations of BP1 flows are a long-standi..
Indian oil demand fell y/y by 28 thousand b/d in March to 4.37 mb/d, weighed down by declines in fuel oil (-35 thousand b/d), kerosene (-38 thousand b/d) and naphtha (-6 thousand b/d). As expected, the weakening in the pace of LPG demand growth (+13 thousand b/d y/y) also weighed, given the shar..
Total Canadian liquids production rose by 0.14 mb/d m/m in January to 4.93 mb/d, higher by 0.25 mb/d y/y. The m/m liquids growth was 60 thousand b/d shy of our forecast, as bitumen output was in-line with expectations but synthetic crude production underperformed following operational issues at t..
European February oil demand rose by 0.12 mb/d y/y to 15.16 mb/d, with growth rates easing from January’s 0.54 mb/d. Peripheral Europe and Turkey contributed to nearly 0.13 mb/d of growth, while Euro-5 demand fell y/y by 12 thousand b/d, the first decline since September 2016, dragged sharply low..