This 74-page September 2026 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 balances loosened modestly through July on the back of rising Middle Eastern production following the US-Iran MOU and the short-lived surge of flows of our Hormuz, though an upturn in summer demand—even if blunted by high prices—absorbed most of those additional barrels and kept the market in supply deficit for a 5th consecutive month. Stock draws resumed in line with those ongoing deficits after June’s oil on water surge.