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Oil Context Weekly (W21)
Crude prices finally showed some independence following Saudi “ouching” comment only to fall back into the macro vortex to end the week; meanwhile…
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Rory Johnston
Following The OPEC Barrels
OPEC+'s latest surprise “voluntary” cut looks far more likely to actually reduce supplies vs October “papercut” effort—but stop overreading incredibly…
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Rory Johnston
1
Oil Context Weekly (W20)
Crude prices posted their first weekly gain in more than a month on easing US debt ceiling concerns and despite key calendar spreads that continue to…
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Rory Johnston
1
Global Oil Data Deck (May ‘23)
Global oil market balances in March slipped into their deepest deficit since last June on the back of Russia's production pullback and surging Chinese…
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Rory Johnston
Quick Context: SPR Refill—Take Two
Washington is back in the crude-buying game with a plan to purchase 3 MMbbl for August delivery; latest solicitation boasts improvements over December…
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Rory Johnston
1
Oil Context Weekly (W19)
Crude prices fall $1/bbl alongside easing equities and a rallying US dollar; the macro vortex of doom remains well-entrenched, now fueled by the…
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Rory Johnston
Dour but Differentiated Demand
Global oil consumption growth has slowed to a near-flatline, but product-level trends highlight the schism between flagging industrial demand and…
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Rory Johnston
Oil Context Weekly (W18)
Calamitous week for oil drags WTI prices down more than $10/bbl at their worst in yet another macro and banking panic driven speculative washout, though…
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Rory Johnston
North American Oil Data Deck (May ‘23)
Continental liquids production rose back to near all-time highs in February; initial North American product-level petroleum demand estimates have been…
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Rory Johnston
1
April 2023
Oil Context Weekly (W17)
Crude prices ease ~$2/bbl on a combination of renewed macro concerns, technical factors, and speculative selling—or maybe it’s just the same 5-month-old…
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Rory Johnston
China’s Oil Trade Tailwinds
Chinese oil imports are up 3.5 MMbpd vs last year’s lows and provide the clearest read on strengthening domestic demand.
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Rory Johnston
Oil Context Weekly (W16)
Crude prices fell nearly $5/bbl this week as the barrel depressingly embarked upon yet another round of the same stubborn range trade in which we’ve…
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Rory Johnston
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