Fundamentals

Inventories: Fast Product Stockdraws Set Tone for Brent Party

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Product inventories declined at a rapid clip in the second half of 2021. In the OECD, which has the more reliable data, commercial product tanks drained 93 million barrels during the period. Of that, 26 million bbl was tapped in the third quarter, and the pace picked up in the fourth to 67 million bbl. Energy Intelligence sees global commercial inventories — including assessed non-OECD stocks — drawing product tanks for a total 185 million bbl in the second half, of which 110 million bbl will occur in the fourth quarter.

Topics:
Oil Inventories, Crude Oil, Oil Products, Oil Supply, Oil Demand
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