Global Oil Data Deck (March 2025)
Oil markets remained in modest supply deficit in January as a potential bottoming in Chinese demand tentatively raises hopes for a broader turnaround in consumption.
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Overview
Global liquids balances tightened further in January on the back of a tentative—albeit suspicious—rebound in Chinese petroleum product demand; thanks largely to draws in Chinese crude stockpiles, year-over-year inventory trends continue to confirm modest ongoing global liquids deficits.
Crude prices pulled back over the past month on continued US policy risks before seemingly finding a bottom last week, with prices now shifting higher again thanks to a return of speculative capital to crude contracts; prompt crude term structure broadly improved despite the pullback in flat pricing.
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