Filtered by Subscriptions: Energy Use setting Energy
Pipeline shutdown may push crude stocks back up US commercial crude stocks held fairly steady last week despite a collapse in exports. While both exports and product demand will probably increase over the coming weeks, crude stocks may have actually risen …
12th May 2021
Crude oil export surge unlikely to last for long US crude stocks plummeted last week primarily because net imports nosedived to a record low. While net imports will probably recover in the coming weeks as exports ease back, we think that crude stocks will …
5th May 2021
Decline in stocks should resume before long US crude commercial stocks stabilised last week, but we think they will resume their decline before long as product demand benefits from the easing of virus-related restrictions. The EIA’s weekly US Petroleum …
28th April 2021
Gasoline demand to continue to rise US crude commercial stocks rose a touch last week, but we expect them to fall in the coming weeks as product demand picks up in tandem with the progressive easing of lockdowns . The EIA’s weekly US Petroleum Report, …
21st April 2021
US oil demand on the road to recovery Last week’s fall in crude stocks in the US was the result of higher demand rather than lower supply. This bodes well for our view that a relatively strong economic recovery in the US will boost oil demand there, …
14th April 2021
Despite a slow start, product demand should pick up this quarter Commercial crude stocks continued to fall in the latest weekly data, but this was a reflection of lower supply and higher exports than a recovery in consumer demand . However, all the signs …
7th April 2021
Stronger demand to weigh on crude stocks The increase in refinery throughput and decline in net imports meant that US crude stocks fell last week for the first time in around two months. We expect that stocks will fall further in the coming weeks as …
31st March 2021
US commercial crude stocks to fall soon The pace of builds in US crude stocks continued to slow last week as refinery activity surged. However, we expect stocks to ease back in the coming weeks as refinery capacity utilisation steadily bounces back . The …
24th March 2021
Rising refinery output to weigh on commercial crude stocks Even with the continued recovery in refinery activity, US crude stocks rose last week. However, we suspect that stocks will fall soon as refinery activity rises further and crude production holds …
17th March 2021
Refinery throughput to revive further in coming weeks US commercial crude stocks soared again last week as refinery throughput remained well below normal levels. Given that production has almost entirely recovered, stocks will probably rise further next …
10th March 2021
Crude stocks to march higher as refinery activity remains in the doldrums US commercial crude stocks skyrocketed last week as refinery activity plunged and net imports surged. We expect stocks to a rise a bit further in the coming weeks as refinery …
3rd March 2021
Subdued refinery activity to bolster stocks in the coming weeks Despite the plunge in crude oil production, US crude stocks rose last week as refinery throughput plummeted. We expect the former to recover more quickly, which will support stocks in the …
24th February 2021
Deep freeze could boost crude stocks next week US commercial crude stocks plunged last week owing primarily to a rebound in exports. Next week, inventories could rise as the deep freeze in the southern parts of the US has knocked out several million bpd …
18th February 2021
Commercial crude stocks approaching pre-virus levels US commercial crude stocks fell last week, while implied product demand strengthened. We expect these trends to continue over the coming months, as COVID-19 containment measures are eased . The EIA’s …
10th February 2021
Commercial crude stocks to remain on a downward trend Commercial crude stocks continued their counter-seasonal decline last week, even as net imports rebounded and refinery throughput eased back slightly. We expect inventories to decline further over the …
3rd February 2021
Vaccine progress means stocks have further to fall US commercial crude stocks sank last week, as net imports plummeted. Assuming that progress on COVID-19 vaccines continues, we expect a pick-up in demand will weigh on stocks from Q2 onwards . The EIA’s …
27th January 2021
Build in stocks rounds off a gloomy week for oil Following five consecutive weeks of declines, commercial crude stocks in the US rose last week. Together with still-high rates of new COVID-19 infections, this points to a gloomy near-term outlook for oil …
22nd January 2021
US product demand to remain lacklustre in the coming weeks Crude inventories continued their downward trend, helped by the ongoing increase in crude inputs to refineries. Implied product demand picked up, but product stocks also rose . The EIA’s weekly US …
13th January 2021
Weakness in product demand could last for some weeks yet Crude stocks plummeted at the beginning of 2021, explained by an increase in refinery activity and persistently robust exports. However, rising product stocks point to subdued consumption . The …
6th January 2021
Implied product demand to remain steady, for now Crude stocks sank a little last week as exports rose. Meanwhile (and more encouragingly), implied gasoline and distillate demand were up in the face of rising COVID-19 restrictions, which suggests that …
23rd December 2020
Stocks dip, but are likely to remain inflated for some time US crude stocks declined in the latest data as net imports plummeted. But refinery activity remains subdued and the latest virus-related restrictions could see lower product demand in the coming …
16th December 2020
US crude stocks to remain elevated for a little while yet The huge counter-seasonal build in US commercial crude stocks last week was driven by a surge in net imports. We expect that it will take some time before stocks fall back to more “normal” levels . …
9th December 2020
Implied product demand unlikely to make significant turnaround until March Crude stocks dipped last week as net imports sank. Meanwhile, with COVID-19-related restrictions now present in a number of large states, we suspect that demand will remain low for …
2nd December 2020
Demand to remain subdued … for now US commercial crude stocks fell slightly last week, while implied product demand also ticked down. And, with new US virus cases still at very high levels, we think that it probably won’t be until next year – once …
25th November 2020
Risks to demand skewed to downside in the weeks ahead Crude stocks rose last week as rebounding output offset increased refinery activity. Meanwhile, with new US virus cases continuing to rise, we suspect that the risks to demand are now firmly to the …
18th November 2020
Chunky rise in stocks highlights the headwinds still facing prices The rise in US commercial crude stocks last week is a stark reminder that, despite the recent optimism surrounding a potential COVID-19 vaccine, the recovery in oil prices still has a long …
12th November 2020
Large fall in stocks unlikely to be repeated in coming weeks The plunge in US commercial stocks largely reflects a hurricane-related drop in output, rather than strong demand. And with virus cases rising, demand should remain subdued in the coming weeks . …
4th November 2020
Product demand likely to remain subdued The weekly surge in US commercial stocks largely reflects a return to more normal levels of crude production, after Hurricane Delta forced rigs to close. However, the product data point to stagnating demand amid the …
28th October 2020
Production should bounce back US commercial crude stocks declined as Hurricane Delta dealt a further blow to output. And though production should revive to pre-hurricane levels, gains will probably be smaller in the months thereafter . The EIA’s weekly US …
21st October 2020
Hurricane-induced slump in production to prove short lived The suspension of production in the Gulf of Mexico ahead of Hurricane Delta largely explains the decline in US crude stocks last week. But most of this production has already been restarted and …
15th October 2020
Hurricane Delta to weigh on stocks next week US commercial crude stocks rose a little as net imports jumped in combination with a revival in domestic production. But with another hurricane on the way, we expect output to dip back next week . The EIA’s …
7th October 2020
Recovery in refinery throughput to weigh on stocks in the coming months US commercial crude stocks fell a touch as exports rose. And despite implied product demand dropping back, a revival in refinery activity is likely to act as a drag on crude stocks in …
30th September 2020
It’s a bumpy road, but demand is recovering US commercial crude stocks dipped as net imports eased back and production edged lower. Product stocks also fell, in part due to lower refinery activity but also as a result of a tick-up in implied demand . …
23rd September 2020
Hurricanes continue to distort the US crude demand picture The restart of refineries following Hurricane Laura explains last week’s fall in crude stocks. With another hurricane on its way, it will be some time before a clear picture emerges of the state …
16th September 2020
Gasoline demand to face downward pressure in the weeks ahead US crude stocks snapped a six-week falling streak to increase last week as refinery activity fell. And as seasonal factors weigh, we expect gasoline demand to make little further headway this …
10th September 2020
Hurricane disruption to linger and weigh on crude stocks a little next week US crude stocks dropped sharply last week as US production collapsed by over 1m bpd. And though supply is bouncing back, we expect further drawdowns next week as output remains …
2nd September 2020
Hurricane Laura to weigh heavily on crude stocks next week US crude stocks dropped again last week owing primarily to a collapse in net imports. Stocks should decline next week too since Hurricane Laura has forced most production in the Gulf of Mexico …
26th August 2020
Moderating product demand unlikely to derail future stock drawdowns US crude stocks declined for the fourth week in a row, although by less than the market expected. We expect that total crude stocks will continue to head towards their five-year average …
19th August 2020
Lower US output to add further downward pressure to crude stocks US crude stocks declined for their third straight week, although by less than in previous weeks. As demand continues to revive and US production treads water, we expect stocks to fall in the …
12th August 2020
Crude stocks to drop in the coming weeks US commercial crude stocks fell steeply again last week, in part because refinery activity is continuing to revive. We think that stocks will decline further in the coming weeks as product demand bounces back in …
5th August 2020
Product demand on the road to recovery A drop in net imports, combined with rising refinery throughput led to a huge fall in crude stocks last week. Although unlikely to be of the same magnitude, we suspect that stocks will continue to decline in the …
29th July 2020
US production unlikely to rise much further An increase in crude oil production and a reduction in refinery throughput led to an increase in crude stocks last week. However, we think that stocks will fall back in the coming weeks as product demand picks …
22nd July 2020
Localised lockdowns will keep a lid on gasoline demand in coming weeks Crude stocks in commercial storage fell last week, though this was primarily a result of the collapse in net imports. Gasoline demand actually slipped back as some states moved to …
15th July 2020
High import volumes unlikely to be sustained An unexpected surge in net imports pushed up US commercial crude stocks this week. But we think imports will fall back soon given the sharp drop in oil production outside the US in recent months . The EIA’s …
8th July 2020
US commercial crude stocks likely to fall further A fall in imports and another increase in refinery throughput meant that US commercial crude stocks plunged last week. We expect crude stocks to drop over the coming months as imports decline . The EIA’s …
1st July 2020
US commercial crude stocks will soon fall US commercial crude stocks rose again last week as some production came back online after being hit by Tropical Storm Cristobal. Nevertheless, we expect that stocks are nearing their peak as refinery activity …
24th June 2020
Nearing the peak in US commercial crude stocks Despite a hefty fall in US crude oil production, commercial crude stocks rose to another record high last week. Nevertheless, we expect crude stocks to start to fall over the coming weeks as refinery …
17th June 2020
US gasoline demand a relative bright spot in otherwise bleak market A jump in crude oil imports was the primary driver behind the rise in crude US stocks last week. And despite the continued revival in gasoline demand, product stocks crept higher. …
10th June 2020
SPR buying only a temporary solution to oversupply US commercial crude stocks fell last week entirely because strategic crude stocks rose strongly. Nevertheless, falling imports and the ongoing rise in refinery activity suggest that the oversupply in the …
3rd June 2020
A hefty crude build, but gasoline demand picked up We think that the market is right to dismiss the latest chunky build in US crude stocks as it was largely driven by a rise in imports, which is likely to prove a one-off. Instead, a further fall in US …
28th May 2020