Rhidoy Rashid is an analyst at Energy Aspects. After completing his undergraduate degree in Economics and Politics at Leeds University, he went on to complete a Masters in Legal and Political Theory at University College London. He developed an interest in energy commodity markets following his internship with Energy Aspects in 2013.
European oil consumption dropped by 0.27 mb/d y/y in June to 15.72 mb/d, led by a 0.13 mb/d y/y decline in German demand that dragged EU-5 demand lower by 0.32 mb/d. May demand was revised higher by 0.1 mb/d with y/y declines now at 0.34 mb/d, led by German data being revised higher as expected...
Oil demand in the 10 top-consuming Middle Eastern countries (ex-bunkering) dropped by 0.11 mb/d y/y to 6.52 mb/d in June. Saudi Arabian demand fell by 38 thousand b/d y/y to 2.60 mb/d. Crude burn in the Kingdom fell heavily once again, by 0.21 mb/d y/y to 0.47 mb/d as some of the shortfall was ma..
The situation in ARA is getting better for bullish bets. The proximate cause is refinery problems, some caused by the heat in Europe, that have tightened up short-term balances just as refinery runs were supposed to be at maximum levels. Last month, we had forecast European diesel inventories wou..
Norwegian liquids production rose m/m by 64 thousand b/d to 1.91 mb/d in July, but this was still lower y/y by 87 thousand b/d and 2.5% lower than forecast by the NPD. While the NPD attributes the poor performance to technical problems, we interpret the output level as a step-up in underlying dec..
In the last seven days the key agency forecasts have been published. EIA published STEO last Tuesday, IEA published OMR on Friday and OPEC it’s MOMR this morning.The latest key agency reports were a mixed bag. While the EIA sharply reduced its overinflated global (and US) non-OPEC supply es..