Users licensed for the data service can access our global balances.The sharp rally in East of Suez sour crude prices opened the arb from the west, with several Urals cargoes heading east. But after weakening somewhat, Dubai, Oman and other eastern sours have started to recover as t..
Users licensed for the data service can access our global balances.We have rarely had a situation where the physical market has been extremely strong (with some crude differentials even at record highs and term structure consistently backwardated) for almost an entire year and flat..
Users licensed for the data service can access our global balances.The continued drop in Iranian, Saudi and Venezuelan supplies has tightened sour crude markets so much that even as HSFO demand and cracks have started to falter ahead of IMO 2020, sour crude prices have rallied. Ven..
Fundamentals is our monthly review of global oil data, this is the August 2019 edition.Crude oil balance:We have increased our Q2 19 build to 0.2 mb/d following a 0.1 mb/d downward revision to East of Suez runs.We have cut our Q3 19 draw by 0.3 mb/d to 2.1 mb/d amid unplanned refinery outages and..
The physical market continues to strengthen as the Atlantic basin crude overhang is all but gone and Chinese demand is returning for the September and October crude cycles. Moreover, the export arb from the US to Europe shut last week (at least on paper on a pure delivered basis). Weaker Forties..
The past two weeks have seen all three of the key agency forecasts published. Last week saw both the EIA publish its STEO (Tuesday) and the IEA the OMR (Friday), today OPEC released its MOMR.
The collective prognosis from the three key agencies is that 2019 demand growth is disappointing, versus..
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After falling to 44.3 mb/d in July, the lowest level since August 2017, global waterborne exports are expected to rebound only slightly by October. Although lower demand expectations and the escalating US–China trade wa..
Macroeconomic jitters are governing oil markets in spite of robust micro fundamentals. Low OPEC production and increasingly limited upside risk to US production will continue to keep crude supplies tight, while crude stocks continue to fall worldwide, refining margins are healthy and all crude be..