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
Australian oil demand grew y/y by 31 thousand b/d (3.2%), the slowest pace in six months, to 1.0 mb/d in October. The slowdown was largely a result of base effects and was led by diesel, which grew by 27 thousand b/d y/y, less than half of the average growth of 60 thousand b/d seen over the prece..
The past week has seen all three of the key agencies publish their monthly forecasts; the EIA started proceedings, publishing its STEO on Tuesday, the following two days saw OPEC and the IEA publish.Oil markets have clearly been tightening for a while, even before the Forties pipeline issues, but..
We estimate that OPEC production fell m/m by 0.34 mb/d to 32.21 mb/d, lower y/y by a huge 1.19 mb/d due to the surge in production and exports in Q4 16 before the start of the OPEC/non-OPEC production deal. Compliance with the deal hit a record high of 146% in November.Saudi Arabia led the m/m re..
This is the final edition of the US Department of Energy Data Review for 2017. Normal service will resume on 4 January. Happy holidays!Extract from crude oil:US commercial crude stocks fell by 5.1 mb to 443 mb, lower y/y by 40 mb with the surplus to the five-year average falling below 50 mb. Adju..
Our newly expanded Europe, Middle East & Africa Quarterly (EMEAQ) provides comprehensive analysis of the EMEA region, examining key topics in depth and providing a detailed guide to regional supply, demand, trade flows and downstream capacity. By adding Europe to the MEAQ publication, we hope..
This is the final edition of Perspectives for the year. Normal service will resume on 8 January 2018 but we will publish the much awaited annual prize crossword separately next week. Winners will be announced in 'Published this week' on 5 January 2018. Happy holidays!Sentiment in the oil market t..
Extract from crude oil:Crude stockdraws of 5.6 mb, aided by the Keystone pipeline outage driving PADD 2 stocks lower by 3.4 mb, took the total November draw to 8.1 mb. Crude inventories are now 37.7 mb lower y/y and stand at their lowest since October 2015, as the overhang vs the five-year averag..
Brazilian liquids output, ex-biofuels, fell m/m by 24 thousand b/d to 2.74 mb/d in October, and was up slightly y/y by 18 thousand b/d, with year-to-date growth at 0.16 mb/d. Crude output was flat y/y at 2.63 mb/d, as an unplanned outage at FPSO Cidade de Caraguatatuba continued, while maintenanc..
OPEC and non-OPEC countries decided to extend the current output cut deal through 2018, albeit with a ‘review’ in June 2018. However, all the hand-wringing over this review is wasted energy, as the meeting will have the same agenda as every other regular OPEC gathering—oil market proceedings. The..
Russian oil output rose marginally m/m to 10.94 mb/d in November (97% compliance), but output was lower y/y again, by a hefty 0.27 mb/d. In 2018, Russian output should be broadly flat y/y following the recent decision by OPEC and non-OPEC to extend the cuts through the year, although if markets t..
US oil demand fell by 0.18 mb/d (0.9%) y/y to 19.58 mb/d in September. This represents a 0.63 mb/d downward revision to the weekly data, only slightly larger than our forecast for a 0.58 mb/d downward adjustment. However, demand for the four main products fell by just 17 thousand b/d y/y led by l..
September US liquids production rose by 0.25 mb/d m/m to 14.31 mb/d, higher y/y by 1.22 mb/d, with NGLs output growing by some 0.27 mb/d y/y to 3.69 mb/d. US crude production surged higher by 0.29 mb/d m/m in September from a downwardly revised August number, higher y/y by 0.93 mb/d. This outstri..
UK liquids production rose m/m by 0.13 mb/d to total 1.07 mb/d in October. Output was higher y/y by a sizeable 0.24 mb/d due to a low base, as heavy maintenance severely cut production in October 2016. In contrast, turnarounds were sparser this October, with around 20 thousand b/d of capacity off..
Japanese oil demand fell the most in eight months, by 0.12 mb/d y/y to 3.22 mb/d in October. Only two products posted gains: kerosene grew by 15 thousand b/d y/y due to colder weather (HDDs higher y/y by 14%), while naphtha demand leapt by 62 thousand b/d y/y (the sixth consecutive month of annua..
This is the November 2017 edition of our North America Quarterly, covering all important aspects of the region, with a particular focus on the growth of US production and its impact on regional and global balances for both crude and products. The NAQ is designed to be a comprehensive guide to US..