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
Extract from crude oil: US crude stocks built by a small 0.1 mb to 509 mb, largely due to a 1.4 mb SPR release, which brings the total year-to-date SPR release to 12.7 mb. Tropical Storm Cindy did not impact the discharge of imported crude, with imports higher w/w, at 8 mb/d, led by higher Iraqi..
Our 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 key issues that w..
Sentiment in the oil market remains morbid even though the physical market is perhaps showing some signs of emerging green shoots, thanks to Chinese teapots slowly starting to come back to the market for crude. China has undoubtedly overbought, but it has not overbought to the tune of 1 mb/d as i..
Mexican liquids production was lower y/y by 0.16 mb/d in May at 2.31 mb/d, weighed down by high decline rates. Crude output was fairly steady m/m at 2.02 mb/d (placing compliance at 87%), while NGLs output eased below 0.3 mb/d, lower y/y by 10 thousand b/d. Output at Chuc fell y/y by 33 thousand..
Energy Aspects estimates that Chinese implied demand in May reached around 12 mb/d, higher y/y by a massive 0.7 mb/d (6.1%), from a low base last year. Actual demand growth was likely lower at 0.3-0.4 mb/d y/y, as stocks seem to have built counter-seasonally due to limited product export quotas...
Fundamentals is our monthly review of global oil data, this is the June 2017 edition. Our supply demand balances show a 0.3 mb/d draw in Q2 17, around 0.1 mb/d lower than our balances showed a month ago, mainly due to further upward revisions to our Libyan estimates. But this is down by 0.5 mb/d..
Korean oil demand grew y/y for the third consecutive month in May, by 51 thousand b/d to 2.48 mb/d. Oil demand growth continued to be led by naphtha, as it has since March, at 61 thousand b/d, which remained the more economical petrochemical feedstock relative to LPG, demand for which was flat y/..
Extract from crude oil: US commercial crude stocks fell by 2.5 mb to 509 mb, higher y/y by 9 mb, although once adjusted for the recent linefills, stocks are firmly lower y/y. Although the draw was not large, it came despite runs falling for the second straight week, by 0.1 mb/d to 17.1 mb/d, and..
Norwegian liquids production fell m/m by 0.13 mb/d in May—below 2 mb/d for the first time in eight months. Nevertheless, output was higher y/y by 20 thousand b/d. With few planned outages, and with loadings of the main Norwegian grades higher m/m by 90 thousand b/d, the decline was likely a resul..
Indian oil demand grew y/y by 0.23 mb/d in May, to a record 4.48 mb/d. The strength was broad-based, spanning gasoline, diesel, jet, while LPG demand recovered. A strong economic backdrop, together with the implementation of the goods and services tax (GST) from 1 July, should continue to provide..
European April oil demand fell y/y by 0.31 mb/d to 14.8 mb/d, with Euro-5 demand lower y/y by 0.32 mb/d to just under 8.2 mb/d, held back by the timing of the Easter holidays (which fell in April this year versus March 2016), and a jump in retail fuel prices. Averaging March and April demand grow..
We estimate Canadian liquids production fell by 0.37 mb/d m/m in April to 4.4 mb/d, though this is still higher by 0.21 mb/d y/y. The April declines were likely driven by lower synthetic crude production, which dropped by 0.23 mb/d m/m as Pembina’s AOS pipeline reduced shipments to virtually zero..
Middle Eastern oil demand for the top 10 countries ex-bunkering grew y/y by 0.28 mb/d to 6.2 mb/d in April, largely led by a recovery in Saudi oil demand, which rose y/y by 0.17 mb/d (7.5%). The reversal from the Kingdom's 5.4% y/y decline over Q1 17 was led by fuel oil, which increased by 0.25 m..
A sudden reversal in the US inventory overhang reductions over the last two weeks has spread panic in the market. There was already growing scepticism about the success of the OPEC cuts with US imports still stubbornly high. Now, the viability of clearing crude through refineries has been put int..
Australian oil demand grew y/y for the sixth consecutive month in April to 1 mb/d, but growth was at its slowest over this period at 11 thousand b/d y/y. The y/y increase was led by diesel once again, at 11 thousand b/d, but this was much lower than the average growth of 21 thousand b/d registere..