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Global Oil Data Deck (May 2024)
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Global Oil Data Deck (May 2024)

Oil market deficits continued to drive global inventory draws in March as China-driven demand growth pulls against OPEC+ constrained supply

Rory Johnston's avatar
Rory Johnston
May 21, 2024
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Global Oil Data Deck (May 2024)
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This 62-page May 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.

Become a paid subscriber today to view the full Global Oil Data Deck report and join me in my hunt for ever-deeper oil & gas market context.

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Overview

  • Global liquids balance remained in modest deficit through March, around -0.7 MMbpd, as Chinese demand continued to drive global gains and pressure OPEC+ constrained supply.

  • Crude prices struggled to maintain altitude over the past month, instead trading sideways after Brent lurched lower into the low-$80s as spot market conditions loosened and hot money flows reversed in aggressive fashion.

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