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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's avatar
Rory Johnston
Nov 21, 2022
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Global Oil Data Deck (November ‘22)
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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.

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

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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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