Global Oil Data Deck (Oct '22)
Oil market balances tightened slightly in August, but the market remains mildly oversupplied despite a few pockets of extreme tightness (e.g., diesel)
This 42-page October 2022 edition of my monthly data-dense and visualization-heavy Global Oil Data Deck series (attached PDF) 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.
Become a paid subscriber today to view the full October Global Oil Data Deck and join me in my hunt for ever-deeper oil & gas market context.
If you’re already subscribed and/or like the free summary bullets, hitting the LIKE button is one of the best ways to support my research.
Brent crude climbed back to nearly $100/bbl in early October on the back of OPEC+’s sizable production cut; however, contracts have fallen back to around $91/bbl as of writing on yet more economic and demand concerns.
Global oil supply-demand balances tightened slightly on the month (August) but still remained almost 1 MMbpd oversupplied, according to the latest estimate.
Global liquids demand bounced back by 1.1 MMbpd m/m in August on a rebound in US consumption; this offset 1.0 MMbpd in supply gains, which was driven by a rebound in previously-depressed Libyan production.
Note: a level change to some historical demand data has marginally tightened balances across the board, but the same pattern we have been following remains intact (i.e., loosening since April for the first time since the pandemic began).