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.

Apr 19, 2023

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This 59-page April 2023 edition of my monthly data-dense and visualization-heavy Global Oil Data Deck series (attached PDF below) is exclusive to paid Commodity Context subscribers.

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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.

Commodity Context

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.

Overview

This post is for paid subscribers