Jon is a crude oil market analyst specialising in the Americas. His work at Energy Aspects centres on supply and demand fundamentals, with an emphasis on trade flows and global arbitrage. Prior to Energy Aspects, he worked for Shell Trading US and BG Group as an oil analyst responsible for North American and Latin American markets, and for a Fortune 500 utility in Houston, TX. Jon holds a BS in Electrical Engineering from Texas A&M University and a MS in Finance, with distinction, from the University of Houston.
Extract from crude oil:Unsurprisingly, WTI spreads have been on a wild ride. Prompt spreads have come off over $1 in the last week, as ways to resupply Cushing are becoming a bit clearer. The restart of Syncrude’s Mildred Lake upgrader 10 days earlier than initially announced will also help..
Extract from production:The big news in Canada has continued to be the outage at the Syncrude Mildred Lake upgrader. The 0.35 mb/d facility experienced a power outage on 20 June from a blown transformer, strengthening the Canadian crude complex. Synthetic crude rallied by $1.70 per barrel vs WTI..
Extract from crude oil:US commercial crude stocks fell by a massive 12.6 mb w/w (compared to seasonal draws of 4.3 mb) to 405.2 mb as stocks in all five PADDs were lower w/w. The largest draws were seen in PADD 3, where stocks fell by 7.2 mb w/w to 208.8 mb, the largest draw since October 2017. T..
US oil demand rose y/y by 0.39 mb/d (2.0%) to 19.94 mb/d in April, a 0.24 mb/d downward revision to the weekly data, broadly in line with our projections of a 0.2 mb/d downward revision. Combined demand for the four main products grew y/y by 0.41 mb/d, led by another impressive gain in diesel dem..
Extract from crude oil:US commercial crude stocks fell by an astounding 9.9 mb w/w to 417 mb, the lowest levels since 2014. Stocks are now 100 mb lower y/y. The draws were the highest in PADD 3, where stocks fell by 5.2 mb w/w to 213 mb. Cushing drew by 2.7 mb w/w to end at 29.9 mb. Exports helpe..