Global Oil Data Deck (September 2024)

Global market deficits eased to their loosest level so far this year in in July as sluggish demand allowed still-resilient supply to catch up and close the gap.

This 62-page September 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.

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Overview

• Global liquids supply deficits eased to their lowest level of the year in July as sluggish demand—weighed down by a contracting China—allowed still-resilient supply to catch up and close the gap.

• Crude prices experienced unprecedented speculative selling pressure that brought Managed Money positions to their lowest level in history and cratered prompt contracts to their lowest level since the end of 2021 last week, though prices have since staged a ~$5/bbl recovery and currently sit just above $74/bbl Brent basis.

[Full PDF Deck and More Detailed Analysis Below Paywall]