Kuwait
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Stretched thin
Published 22 Sep 2017
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Even before Hurricane Harvey deluged the Texas Gulf Coast, shuttering more than a dozen refineries in the process, the Atlantic basin diesel market had been tightening significantly. The storm can rightly be called the proximate cause of the rally in diesel cracks and timespreads over the last mo.. -
OPEC/non-OPEC compliance improved in August and should stay strong in September before dropping in October
Published 21 Sep 2017 by -
Middle East oil demand – Jul 2017
Published 18 Sep 2017
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Middle Eastern oil demand for the top 10 countries, ex-bunkering, grew y/y by 0.17 mb/d to a record high above 7 mb/d in July. Saudi oil demand recovered after two consecutive months of decline, led by fuel oil, which was up by 0.23 mb/d to a record 0.73 mb/d, with demand buoyed by higher require.. -
OPEC oil data – Aug 2017
Published 13 Sep 2017
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We estimate that OPEC production fell m/m by 0.26 mb/d in August to 32.70 mb/d, breaking a run of four consecutive increases, and was broadly flat y/y. The decline took compliance back up to 105%, after it fell below 100% in both June and July. The largest m/m decrease was in Saudi Arabia, which.. -
Global jet inventories turn lower y/y in June for the first time since February 2015
Published 8 Sep 2017 by -
Fundamentals
Published 31 Aug 2017
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LNG imports continued to see strong y/y in gains in July, with China dominating the NE Asian market and Japan and South Korea once again surprising to the upside in terms of demand. Even Latin America posted a rare y/y rise in imports in July, reflecting a truly strong month in the LNG market. Ch.. -
MENA – Jul 2017
Published 30 Aug 2017
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Countries in the Middle East and North Africa (MENA) imported 2.01 Mt of LNG in July, lower y/y by 0.17 Mt. This was the second y/y decline in 2017, but it was not driven by lower Egyptian imports as it had been in May. Egypt’s 0.62 Mt imports in July were unchanged from July 2016, as its g.. -
Going strong
Published 30 Aug 2017
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A hot July and some mid-summer stock building was enough to finally push Northeast Asian LNG prices out of their 5-6 $/mmbtu range, up to 6.35 $/mmbtu by late August. The tight mid-summer LNG market was helped by a tightening at European hubs, driven by a combination of pipeline supply outages, h.. -
Pressure cooker
Published 21 Aug 2017
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The divergence between flat price and spreads and differentials worsened last week, leading to the violent moves on Friday. Pressure is building and the longer prices stay low, the more violent the flat price breakout will be. Some moves are overdone, such as the WTI-Brent spread, and short cover.. -
OPEC oil data – Jul 2017
Published 11 Aug 2017
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We estimate OPEC production rose m/m by 0.25 mb/d to 32.96 mb/d in July. This was the fourth consecutive increase and took output to its highest level in 2017. While the bulk of the gains came from Libya and Nigeria, which are not subject to output quotas, compliance by the other 12 members with.. -
Biting back
Published 31 Jul 2017
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The talk of the town last week was undoubtedly the compression of crude oil timespreads, with September Brent expiring in backwardation and the equivalent WTI contract threatening to do the same. Physical markets have been improving for over a month now, so the catch-up in paper markets was on th.. -
Fundamentals
Published 26 Jul 2017
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June was a strong month for LNG imports in the main demand centres, with Asian demand strong as Chinese imports continued to rocket higher. China imported 3.04 Mt of LNG in June, higher y/y by a very strong 0.83 Mt (38%), while YTD imports are also 4.41 Mt (38%) higher y/y. Growth continued to be.. -
Fundamentals July 2017
Published 24 Jul 2017
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Fundamentals is our monthly review of global oil data, this is the July 2017 edition. While the market’s focus remains on crude, it is products that continue to go from strength to strength. East of Suez, product markets have eased somewhat as refineries finally return from extended works,.. -
MENA – Jun 2017
Published 24 Jul 2017
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MENA imports of LNG rose sharply m/m to 2.11 Mt, higher y/y by 0.37 Mt. This is the strongest y/y growth so far in 2017 and comes after a large y/y decline in May, but it is on a modest base from June 2016 when UAE imports were limited. The region will struggle to maintain the y/y growth through.. -
Still kicking
Published 21 Jul 2017
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The strength in fuel oil has gone on for so long that it risks breeding complacency. Strong cracks have raised expectations that supplies will rise and snuff out the rally. We do think supplies will rise, and there are signs that some of the demand story’s most bullish elements are fading,..
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