Perspectives

Our flagship weekly publication on the oil market, Perspectives, combines commentary on the key market themes and the latest data releases. Produced every Monday, Perspectives provides unparalleled information, analysis and views on the on-going debates that are influencing prices and explores the key developments that will help to shape the future of the market. Perspectives also offers detailed quarterly supply-demand balances by key regions and countries, comparing them to benchmarks like the IEA, EIA and OPEC Secretariat. The report also includes an updated database of large upcoming upstream projects

  • Fragile market: handle with care

    Fragile market: handle with care cover image Published 15 Jul 2019 by
    Users licensed for the data service can access our global balances.Brent prices are stuck around $65—the supply issues make it risky to short crude at current prices, but demand concerns are a barrier to the market going long. For us, an improvement in the macroeconomic picture is..

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  • Non-negative outcomes

    Non-negative outcomes cover image Published 8 Jul 2019 by
    You can access a recording of last week's global call on the outcome of the OPEC meeting in Vienna here on our website.Users licensed for the data service can access our global balances.Despite nominally positive news out of the G20 and the OPEC meeting, the market has been my..

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  • Trade draws

    Trade draws cover image Published 1 Jul 2019 by
    Users licensed for the data service can access our global balances.The US-China trade truce and OPEC+ set to agree to a nine-month extension to their output cuts should help ease concerns of an impending oversupply in the oil market, at least for now. So far this year, the supply s..

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  • Light it up

    Light it up cover image Published 24 Jun 2019 by
    Users licensed for the data service can access our global balances.Physical differentials have weakened, sharply in some cases, but this was to be expected given weak refining margins and with refiners still working through crude stocks that built up amid unplanned outages over Apr..

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  • Death or glory

    Death or glory cover image Published 17 Jun 2019 by
    Users licensed for the data service can access our global balances.The oil market has shrugged off escalating geopolitical tensions in the Middle East and chosen to focus on recessionary fears instead. While demand has weakened globally, it is important to note the difference betwe..

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  • A house divided

    A house divided cover image Published 10 Jun 2019 by
    Users licensed for the data service can access our global balances.Shrouded in so much uncertainty, the market is in a difficult spot right now to position for the next move. Demand is definitely soft and refining margins are under pressure. Crude differentials and timespreads shou..

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  • Light weight

    Light weight cover image Published 3 Jun 2019 by
    Users licensed for the data service can access our global balances.With CTAs now firmly in the driver’s seat, the market has given up on flat price ever converging with spreads or differentials, which despite coming off the highs, remain strong. Even though prompt fundamentals are..

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  • A broken market

    A broken market cover image Published 28 May 2019 by
    Users licensed for the data service can access our global balances.The physical market is taking a breather as expected, with light grades such as Murban easing from their highs amid refinery run cuts and weak light ends margins (yet again). Brent spreads are likely due for a perio..

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  • Preponderance of evidence

    Preponderance of evidence cover image Published 20 May 2019 by
    Please note that next week’s Perspectives will be published on Tuesday 28 May, owing to a bank holiday in the UK.Following draws in Q1 19, global stocks have risen by 50-60 mb from early April to mid-May (with OECD builds at 16-17 mb). But more than 80% of the April and May crude builds are..

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  • Exorcising the demons of 2018

    Exorcising the demons of 2018 cover image Published 13 May 2019 by
    Users licensed for the data service can access our global balances.Prompt Brent spreads have hit triple-digit backwardation, following Dubai spreads, on the back of growing needs for clean crudes to deal with the contaminated Russian oil. While operations on the Druzhba pipeline’s..

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  • The great oil divergence

    The great oil divergence cover image Published 7 May 2019 by
    The market is yet to fathom the full impact of the Russian crude contamination issue, which is now leading to outright production shut-ins, nor has it understood from the potential implications of the failed uprising in Venezuela for the country’s production profile. But most of all, the market i..

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  • Wake up

    Wake up cover image Published 29 Apr 2019 by
    Such is the level of disbelief in the market about the US decision to end all waivers to import Iranian oil, a baseless rumour (later quashed by the White House) that Trump was contemplating waivers for China was enough to crash the market on Friday, despite the likelihood that the Urals contamin..

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  • No, after you

    No, after you cover image Published 23 Apr 2019 by
    Users licensed for the data service can access our global balances.With the physical market on fire, flat price should have been markedly higher even prior to the US decision not to renew Iran sanctions waivers. Dubai spreads are on their way to three-digit backwardation, while Bre..

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  • Once bitten twice shy

    Once bitten twice shy cover image Published 15 Apr 2019 by
    Please note that next week's Perspectives will be published on Tuesday 23 April, owing to the Easter Monday holiday in the UKThe market is at a strange impasse. Contrary to last year, when the physical market did not send any signal to OPEC that a production increase was necessary, this year the..

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  • Mysterious apathy

    Mysterious apathy cover image Published 8 Apr 2019 by
    Users licensed for the data service can access our global balances.With June barrels starting to trade in some parts of the world, the market is about to get a glimpse of what global crude demand looks like in a non-turnaround month. This is particularly true for heavy grades and b..

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