Filtered by Subscriptions: Energy Use setting Energy
Demand holding up, for now Commercial crude oil stocks rose this week owing to an unusually large release from the strategic reserve and a slump in crude exports. Interestingly, implied product demand ticked up, after being relatively subdued for a few …
8th June 2022
Commercial stocks to continue to lean on strategic reserves for support Commercial crude oil stocks fell again last week, but at a slower pace. Once again, lower net imports and higher refinery inputs led to the drawdown. Although both drivers became more …
25th May 2022
High product prices to suppress demand this summer Commercial crude oil stocks fell last week due to exports rising faster than imports and refineries stepping up operations. But high petroleum product prices should hold back demand in the coming months, …
18th May 2022
Unless prices fall, US demand is likely to remain soft Commercial crude stocks will be boosted in the coming weeks by the ongoing release of strategic reserves, regardless of what is happening with domestic oil demand. That said, there are now clear signs …
11th May 2022
High petroleum product prices to constrain US oil demand Commercial crude oil stocks rose last week on higher imports, lower exports and less crude oil being used by refineries. Implied product demand, meanwhile, was little changed and towards the lower …
4th May 2022
US commercial crude oil stocks look set to recover this year Commercial crude oil stocks fell last week on the back of a rise in exports and a decrease in imports. Going forward, though, the US government’s plan to further draw down its strategic oil …
20th April 2022
SPR releases to boost commercial stocks significantly in months ahead Crude stocks in commercial storage shot up last week, as the US government made more sales from its strategic reserve and refineries curbed output in the wake of weaker demand. With …
13th April 2022
US commercial oil stocks unexpectedly rise, dragging prices down Commercial crude stocks rose last week, beating market expectations of a decline, due to rising domestic production and another sale from the Strategic Petroleum Reserve. If sustained, …
6th April 2022
High prices hitting demand; don’t rule out shale sector just yet Crude stocks fell again last week, as healthy profit margins appear to be driving an upturn in refinery activity. That said, high product prices are also taking their toll on consumer …
30th March 2022
Record high fuel prices to constrain US oil demand US commercial crude oil stocks fell last week, driven by a decrease in net imports and greater refinery inputs. Demand also inched higher, but we suspect high prices will limit further gains . In its …
23rd March 2022
High prices likely to put a floor under crude stocks US commercial crude stocks rose last week but remained historically low for the time of the year. Demand took a tumble and will probably struggle to rise much further with gasoline prices so high. In …
16th March 2022
Panic buying and flatlining production to send stocks even lower Crude stocks in the US continued to fall last week and are now at a multi-year low for this time of year. The sharp drop in product stocks points to panic buying by consumers, while domestic …
9th March 2022
US strategic oil reserves to fall further due to IEA-coordinated release US commercial oil stocks fell last week on the back of higher exports, lower imports and greater refinery use of crude oil. Strategic reserves also fell to their lowest since August …
2nd March 2022
Rising US crude stocks won’t halt rise in oil prices US crude stocks rose by more than the consensus expected last week, but this was never going to halt the ongoing surge in oil prices. With all eyes now on the potential fallout from a Russian invasion …
24th February 2022
Stocks in Cushing likely to build in the coming weeks Commercial stocks in the US rose last week as refinery inputs fell and net imports increased. However, stocks in the WTI storage hub of Cushing, Oklahoma, dwindled further, causing WTI prices to rise. …
16th February 2022
US demand growth to falter later in the year Crude oil and product stocks fell last week, reflecting robust US demand. However, we think growth in product demand will slow over the course of this year in tandem with slower growth in the US economy . The …
9th February 2022
Product demand could get stronger in near-term Product demand remains very strong for the time of the year and, if gasoline demand mounts a recovery once COVID-19 cases moderate, it could get even stronger. Although, we expect that slowing economic growth …
2nd February 2022
Tentative signs of a revival in gasoline demand The surge in oil demand included the first signs of a recovery in transport-related gasoline demand. Although, we doubt demand will remain this buoyant for too long as economic growth is set to slow . The …
26th January 2022
US oil demand improves, but will remain under pressure Commercial crude stocks slumped last week, reflecting a partial recovery in demand. However, we think demand will remain under pressure as COVID-19 cases rise in the US and as economic growth slows. …
12th January 2022
Omicron to weigh on demand for a few weeks yet Commercial crude oil stocks fell, but this reflected solid demand from refineries. Implied product demand – particularly for gasoline – slumped, suggesting that the public were cautious about travel in the …
5th January 2022
Demand tempered, but is likely to hold up well for now Commercial crude oil stocks fell sharply last week for the fourth week in a row. That was despite demand for oil products dropping back in line with the seasonal average. Early indicators suggest …
22nd December 2021
Upcoming SPR releases could put a floor under commercial stocks Commercial crude oil stocks slumped last week as domestic demand strengthened and exports jumped. The decline in commercial stocks also came as strategic petroleum reserves fell. In the final …
15th December 2021
US demand remains healthy, for now US commercial stocks remained range-bound, but there were sizeable additions to stocks of petroleum products. That said, implied product demand remains solid, despite rising new COVID-19 infections. Unless travel …
8th December 2021
US demand still outstripping supply, despite falls US commercial stocks fell as, despite some chunky falls in product demand, US demand is still outstripping supply. Although, the release did shows signs that crude production might finally be responding …
1st December 2021
US demand still buoyant in the face of high prices US commercial stocks rose due to a pre-planned release of reserves and a large drop in exports. But the bigger picture is that product demand remains healthy, adding pressure to a tightening market . The …
24th November 2021
The big picture is still one of healthy US demand The latest weekly data show falling crude and petroleum product inventories and a jump in implied demand. The strength in demand is somewhat surprising given the rise in gasoline prices, but we suspect …
17th November 2021
Crude stocks rise for a second week but will remain low for a while Crude oil in commercial storage rose last week for the second week on the trot, helped by a planned release of strategic reserves. But the big picture is that stocks remain low by past …
10th November 2021
US commercial stocks rise, but will remain low for a while US commercial stocks rose last week on a release of strategic reserves and a jump in net imports. Exports could fall further in the coming weeks given the need to rebuild stocks at the WTI Cushing …
27th October 2021
Stocks fall and are likely to remain low in the short term Strong exports contributed to the first drawdown in stocks in four weeks last week, supporting already-high crude prices. What’s more, stocks at the hub of Cushing, Oklahoma, also fell and they …
20th October 2021
Stocks rise again, but will remain depressed for months to come 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 …
14th October 2021
Crude stocks set to remain depressed, despite surprise increase 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 …
29th September 2021
Declines in crude stocks seem unlikely to reverse any time soon US crude stocks have continued to fall as refinery activity has so far recovered faster than crude output following Hurricane Ida. And with demand already broadly back to pre-pandemic levels, …
22nd September 2021
Hurricane Ida continues to distort the data 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 …
15th September 2021
Hurricane Ida to blur the stocks picture for a few weeks yet There was a small draw in crude stocks last week, despite a dramatic drop in refinery utilisation as many refineries closed ahead of the Hurricane Ida. Notwithstanding, US gasoline demand …
9th September 2021
Fallout from Hurricane Ida to lead to higher crude stocks Last week’s sharp fall in US commercial crude stocks is at odds with many of the underlying indicators. In any case, stocks seem likely to rise in the weeks ahead as reports suggest that refinery …
1st September 2021
US demand is solid, if not exciting Crude oil stocks fell again last week and implied gasoline demand rose, in broadly positive news for oil prices. For now, US consumers appear to be shrugging off the spread of the Delta variant of COVID-19. However, it …
25th August 2021
US gasoline demand looks to have peaked While crude stocks fell again last week, gasoline inventories rose a little and there was a further pullback in implied gasoline demand . Given the ongoing rise in virus infections and some re-imposition of …
18th August 2021
Recovery in US oil demand topping out Last week’s fall in crude oil and gasoline stocks suggests that growth in demand in the US is continuing to outpace growth in supply. However, following a strong recovery from its pandemic-induced lows, we suspect …
11th August 2021
Gasoline demand to rise a bit further in the coming weeks US commercial crude stocks unexpectedly increased last week as net imports rose, but we suspect that inventories will fall back soon as demand for oil products, such as gasoline, continues to rise …
4th August 2021
Build in crude stocks looks to have been a blip US commercial crude stocks resumed their downward trend last week. With domestic output still well below pre-virus levels and product demand likely to rise, we think crude stocks will fall further from here …
28th July 2021
Crude stocks build won’t last for long US commercial crude stocks unexpectedly rose this week as net imports surged. Nevertheless, providing that the Delta virus variant doesn’t lead to the re-imposition of virus-related restrictions, we expect that …
21st July 2021
Rising US production may pose a further headache for OPEC+ US commercial crude stocks fell for the eighth week in a row, and domestic production is now showing signs of life. This may add to the pressure on OPEC+ to relax output cuts more quickly and …
14th July 2021
US gasoline demand soars ahead of the holiday US crude stocks continued to plummet, and gasoline demand shot up ahead of the Independence Day holiday. We expect US product demand to remain strong in the coming weeks as travel activity picks up in tandem …
8th July 2021
More good news on US crude demand US crude stocks fell for the sixth consecutive week amid the ongoing rebound in product demand as the virus-related restrictions continue to be lifted. That said, if OPEC+ decide to gradually raise output from August (as …
30th June 2021
Stock drawdowns to continue, but unlikely to accelerate US commercial crude stocks declined again last week. However, with both implied demand for most products and refinery activity close to pre-pandemic levels, we think the pace of draws will stabilise …
23rd June 2021
Rebound in production won’t last long Despite an uptick in domestic production, US commercial crude stocks plummeted last week as refinery throughput rose and net imports slumped. However, we suspect that the pace of draws will slow in the coming weeks as …
16th June 2021
Diminishing scope for further falls in crude stocks US commercial crude stocks fell again last week, in part due to higher refinery activity. However, rising product stocks and lower product demand suggest the downward trend in crude stocks may slow soon …
9th June 2021
Ongoing decline in stocks to help lift oil prices a little higher US commercial crude stocks declined for the fifth week in a row, owing to the robust economic recovery and a further increase in inputs to refineries. With demand set to rise further, and …
3rd June 2021
Stars aligning for higher oil prices Last week’s decline in US crude stocks adds to evidence that the oil market is getting tighter. This supports our view that oil prices have further to rise in the months ahead, before higher OPEC+ supply brings the …
26th May 2021
Curtailment of refinery activity to boost crude stocks next week US commercial crude stocks increased last week as inventories continue to be drawn down from the US government’s strategic reserves. We expect commercial crude stocks to rise further next …
19th May 2021