OPEC Watch OPEC Monthly Oil Market Report (Mar.) The latest data show that OPEC has more than met its production quota, albeit mostly down to Saudi Arabia. However, with non-OPEC oil supply increasing and demand growth waning, we still think that... 14th March 2019 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude stocks fell sharply and we expect them to continue to fall in the coming weeks as refineries come out of maintenance. However, higher refinery activity should also start to stabilise gasoline... 13th March 2019 · 1 min read
Energy Watch Unravelling the shifting dynamics of spreads There have been some dramatic moves in price spreads between different grades of crude oil in the last year. For the most part, spreads have reflected differences in the underlying physical demand and... 13th March 2019 · 1 min read
Energy Watch The relationship between oil prices, rigs and output Theoretically, there should be a relationship between the price of oil, the number of oil rigs actively drilling and oil production. However, the relationship appears to have broken down in the past... 7th March 2019 · 1 min read
Asia Economics Update Inflation to remain low, rates cuts coming Inflation across Emerging Asia has fallen back sharply in recent months and is likely to remain low over the coming quarters. With growth also set to slow, we expect some central banks to start... 7th March 2019 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude stocks jumped, largely owing to an increase in net imports. In contrast, product stocks fell, which is partly a seasonal phenomenon but does suggest that US consumer demand is holding up well... 6th March 2019 · 1 min read
Energy Chart Pack Boost to oil from lower supply unlikely to last The price of oil continued to climb in February as the US and China inched towards a trade deal, and Saudi Arabia announced that it would cut output further. However, we still think that prices will... 6th March 2019 · 1 min read
Canada Economics Update Oil rebound won’t prevent drop in energy investment The negative outlook for oil prices, together with Canadian oil firms’ high debt levels, regulatory uncertainty and capacity constraints, suggest that energy investment will fall this year. 5th March 2019 · 1 min read
Middle East & North Africa Economics Weekly Saudi to extend output cuts, more protests in Algeria Fresh hints from Saudi Arabia that it will extend its oil production cuts into the second half of this year support our view that economic growth in the Kingdom will be weaker than most anticipate... 28th February 2019 · 1 min read
Energy Update LNG price slump is not all about the weather The plunge in the spot LNG price is in large part the result of a mild northern hemisphere winter. As such, prices may rebound if the weather normalises, but rapid growth in supply will prevent... 28th February 2019 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude inventories recorded a significant draw, which was impressive considering US production continued to tick up and is now at a record-high. 27th February 2019 · 1 min read
Energy Data Response US Weekly Petroleum Status Report The US has now cemented its position as the largest oil producer in the world. Unsurprisingly, inventories rose, despite record-high exports, denting hopes of a further oil price rally. 21st February 2019 · 1 min read
Commodities Watch The shifting nature of US-Saudi oil relations There has been much commentary in recent months on the balance of power in relations between the US and Saudi Arabia. Many of the areas of mutual interest are geopolitical in nature and we are not... 21st February 2019 · 1 min read
Energy Update Oil price rally to prove fleeting The recent surge in the oil price reflects concerns about a supply shortfall, on the back of sharply lower production in some key OPEC producers. That said, there are already signs that growth in... 20th February 2019 · 1 min read
Energy Update Hard to be positive on global oil demand Slower economic growth in the two largest oil consumers will weigh on oil demand this year and is a key reason why we expect prices to fall, despite lower supply. Admittedly, China is likely to... 19th February 2019 · 1 min read
Commodities Weekly Oil’s rally to eventually lose steam After rising strongly this week, the price of oil is likely to remain supported in the short term by clear signs of lower supply from OPEC (mainly Saudi Arabia) and the loss of Iranian and Venezuelan... 15th February 2019 · 1 min read
