Global Oil Data Deck (February ‘23)
Markets shifted to a supply deficit in December for the first time since June on the back of strong Asian demand outside of China.
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Currently in the low-$80s per barrel Brent basis, Crude prices remain firm but nowhere near the crisis levels of last year; contracts have stayed range-bound between $78-88/bbl, while year-forward calendar spreads are fairly stable at between $4.50-6/bbl.
Most notably, global oil market balances flipped into a slim supply deficit of 0.2 MMbpd in December for the first time in a half-year as supply fell faster than demand, with the latter supported by strong Asian consumption outside China.