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Global Oil Data Deck (November ‘22)

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Global Oil Data Deck (November ‘22)

Back to global supply deficit? Flat supply runs up against apparently robust but incredibly volatile and uncertain Chinese demand.

Rory Johnston
Nov 21, 2022
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Global Oil Data Deck (November ‘22)

www.commoditycontext.com

This 42-page November 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

  • Brent crude nearly breached the $100/bbl threshold, once again, in early November, but was ultimately beaten back over the past week to back to roughly $83/bbl at the time of writing.

  • Global oil supply-demand balances flipped into a deficit of 0.3 MMbpd in September—the first such deficit since June—on the back of essentially flat monthly supply (-0.1 MMbpd m/m) and a global demand gain of 1.0 MMbpd m/m driven entirely by a sharp rebound in apparent Chinese demand.

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