US oil production may have peaked

Although WTI crude oil prices have partially rebounded from their second-quarter nadir, oil production in the US has yet to recover. We suspect that low prices and producers struggling to source financing will mean that US oil output won’t recover to pre-virus levels by end-2022, if it ever does.
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Energy Data Response

US Weekly Petroleum Status Report

There were hefty falls in both crude and petroleum product stocks, reflecting closed production capacity due to damage caused by Hurricane Ida. Implied gasoline demand also dropped back but it is impossible to know whether that reflected soft underlying demand or a lack of product owing to refinery closures.

15 September 2021

OPEC Watch

OPEC Monthly Oil Market Report (Sep.)

The rise in OPEC’s oil output fell well short of its target in August. And given a higher oil demand forecast for 2022, alongside growing external pressure, we think that the risks are tilting towards a faster relaxation of the group’s collective output cut in the year ahead.

13 September 2021

Energy Update

How long will coal and gas prices remain sky-high?

Coal and natural gas prices have soared around the world on the back of unseasonable weather and disruptions to supply. And even if the weather normalises and supply rebounds soon, we expect prices to remain high at least into the start of 2022 as stocks will still need to be rebuilt from their current lows. CE Spotlight 2021: The Rebirth Of Inflation? We’re holding a week of online events from 27th September to accompany our special research series. Event details and registration here.

10 September 2021

More from James O'Rourke

Metals Data Response

Global Steel Production (Feb.)

Growth in global steel production declined in February y/y. And though base effects will distort growth rates for a while yet, we reckon that China’s steel output growth will start to slow before long.

23 March 2021

Metals Data Response

Global Aluminium Production (Feb.)

Average daily global aluminium production inched up in February. And with ShFE and LME prices at multi-year highs, we expect production to continue growing in 2021.

22 March 2021

Industrial Metals Update

Tsingshan news to cap nickel price

News on a potential breakthrough in the supply of nickel matte from Tsingshan has dampened nickel prices. Rather than a step-change in nickel market supply, we reckon that this development will simply act as a structural drag on the nickel price.

17 March 2021
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