Global Oil Data Deck (December ‘22)
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
This 46-page December 2022 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 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.