Global Oil Data Deck (April ‘23)
Oil market balances plummeted on strong demand in February to the largest supply deficit since last June; the monthly balance shift was whiplash-inducing coming off January’s substantial oversupply.
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Overview
Crude prices bounced back sharply in April with the assistance of the first true surprise OPEC+ cut in ages, with Brent reaching a high of $87/bbl off the mini-banking-crisis lows of ~$70 seen in mid-March.
Global oil market balances plummeted in February to a deficit of more than 0.6 MMbpd, the deepest undersupply since June 2022, driven by resurgent demand that rose to a pandemic-era high—this massive ~2.7 MMbpd monthly balance shift was whiplash-inducing coming off January’s stark oversupply.