IMG.gif
Fundamentals

Balance: August Surplus Extends Market’s Breathing Room

Copyright © 2022 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
generic/ss414878338-generic-trading-oil-chart.jpg

Preliminary balances show that liquids supply was again 1 million b/d higher than product consumption in August. The second and third quarters of 2022 tabulate a crude oil surplus of an average 900,000 b/d — for a total 160 million barrels. It helps explain some of the softness in the crude and product prices and gives the market some breathing room. Real world inventory data, however, is not yet corroborating the implied surplus. Commercial crude stocks have moved up since March, thanks to major releases from government reserves. And inventories for ‘other’ products are rising, as they should, like for propane in the US, which have no impact on global oil prices. But stocks for key products like gasoline, diesel and fuel oil are expected to be flat by the end of September compared to the end of March.

Topics:
Oil Supply, Oil Demand
Wanda Ad #2 (article footer)
#
Supply is on the edge of running short for products and even crude, keeping prices strong, despite sentiment shifting bearish on the economic outlook.
Mon, Sep 19, 2022
Oil prices snapped a four-week losing streak just as markets head into what promises to be a tumultuous fourth quarter.
Fri, Sep 30, 2022
The EIA's data showed that US crude output climbed by just 12,000 b/d from June to average 11.8 million b/d in July.
Fri, Sep 30, 2022