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 speculative liquidations over the past month.
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Overview
Global liquids balances loosened modestly in February as supply rebounded from a January slump faster than did demand, with global stock trends confirming a weaker month thanks to a notable increase in oil on water that offset net inland inventory draws.
Crude prices cratered to fresh four-year lows following the double whammy of Trump’s Liberation Day tariffs announcement and news that OPEC+ was tripling the pace of planned May production increases; the price rout was driven overwhelmingly by a liquidation of speculative positions—including the largest weekly net selling on record—alongside broader risk-off market moves, while crude term structure continues to indicate modestly tight spot markets.
[Full PDF Deck and Flow-Level Analysis Below Paywall]