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Oil Context Weekly (W17)
Crude prices fell after an early-week rally was stamped out by a fresh bout of Kazakh-OPEC brouhaha, stymying an ongoing effort to rebalance…
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Rory Johnston
Global Oil Data Deck (April 2025)
Oil market deficits eased modestly in February as supply recovered from January lull, while crude markets were overwhelmingly driven by risk-off…
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Rory Johnston
Oil Context Weekly (W16)
Crude prices rose following new US sanctions on Chinese importers of Iranian crude, supported fundamentally by physical prompt purchases while paper…
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Rory Johnston
OPEC+ Data Deck (April 2025)
Quota participating OPEC+ output eased very slightly in March despite ongoing and worsening Kazakh overproduction; the group tripled pace of May output…
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Rory Johnston
Oil Context Weekly (W15)
Crude continued to crater through mid-week before rebounding with other risk assets following Trump’s [partial] “tariff pause”; term structure…
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Rory Johnston
What’s Driving OPEC’s Dovish Shift?
Accelerating supply hikes into a volatile US tariff-driven economic shock is a stark shift from OPEC+’s previous cautious and hawkish market support.
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Rory Johnston
2
Oil Context Weekly (W14)
Crude prices collapse on double-whammy of steep demand-hampering US tariff rollout and OPEC+ bizarrely leaning into tariff-induced weakness by…
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Rory Johnston
North American Oil Data Deck (April 2025)
Winter storm-related base effects in early 2024 masked an otherwise lackluster series of monthly declines in North American production while demand…
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Rory Johnston
Public Report on Exceptional Western Canadian Crude Price Strength
Our new report with the Macdonald-Laurier Institute looks at how Canadian crude markets are as optimistic as they’ve been in months regarding US…
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Rory Johnston
1

March 2025

Oil Context Weekly (W13)
Crude prices rise despite broader pullback in risk assets as hot money moves back into oil contracts and Brent term structure points to tighter physical…
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Rory Johnston
Global Oil Data Deck (March 2025)
Oil markets remained in modest supply deficit in January as a potential bottoming in Chinese demand tentatively raises hopes for a broader turnaround in…
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Rory Johnston
Oil Context Weekly (W12)
Crude prices rise as hot money flows return to the barrel and the US sanctions Chinese buyer of Iranian crude for the first time, though crude term…
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Rory Johnston
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