Global Oil Data Deck (December ‘22)
October balance between supply and demand weakened on lackluster European demand and resilient supply bolstered by record Brazilian crude production
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Crude prices spent the past month under tremendous pressure amidst heavy speculative selling and a physical market insufficiently strong to catch the falling knife; prices fell from nearly $100/bbl (Brent) in early November to an low of $75/bbl in early December, and sit only modestly higher around $80/bbl today.
Global oil supply-demand balances slipped once again into deeper surplus in October on the back of European demand weakness and record Brazilian crude production.