US Weekly Petroleum Status Report

A large fall in the refinery utilisation rate drove another increase in stocks last week, although utilisation rates are normal for the time of the year. And with output set to remain constrained until at least early next year, already-high crude prices should remain elevated for the next few months.
Edward Gardner Commodities Economist
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Strategic release of reserves is too little too late

The announcement of the co-ordinated release of oil reserves by the US and other large oil consumers should mean higher supply (and downward pressure on prices) but it will come at a time when we expect that the market will be in a surplus anyway. What’s more, the big risk is that the release prompts OPEC+ to slow or halt its output rises.

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Energy Data Response

US Weekly Petroleum Status Report

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How high energy prices affect other commodity prices

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Energy Update

Oil prices to fall as market returns to surplus in 2022

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Energy Data Response

US Weekly Petroleum Status Report

A jump in crude oil production led to the first stock build in eight weeks. However, with output still constrained and demand set to remain strong, stocks are likely to remain low for some time to come. This should support oil prices and raise pressure on OPEC+ to crank up production.

29 September 2021
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