Global Oil Data Deck (December 2024)

Oil markets remained in modest supply deficit in October on combination of flatlining production growth running up against still anemic global demand

This 64-page December 2024 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

• Global liquids balances loosened in October, as expected, from September’s notable deficit (thanks to the resumption of Libyan exports and the end of North Sea maintenance); October’s modest supply deficit is lingering around the year-to-date average deficit of ~0.5 MMbpd. Oil market balances remain caught in quasi-stasis between flatlining supplies and anemic demand growth.

• Crude prices were effectively flat on the month, with the market largely looking through lower inventory levels given a consensus outlook—as fraught with risks as it may be—that sees inventories rebuilding through next year even with OPEC+ output flat.

[Full PDF Deck and Additional Analysis Below Paywall]