The Next Two Months Will Be Critical For Oil Fundamentals

Energy markets have kicked off the new month on the back foot, with oil prices sliding 3% in Wednesday’s intraday session following a surprise U.S. inventory build amid lingering uncertainty about future oil demand growth. Weekly data by the Energy Information Administration EIA reveals crude stockpiles of 7.3 million barrels for the week to April 26, a sharp swing from a draw of 6.4 million barrels posted the previous week. That marks the highest inventory levels since last June.

It’s, however, unlikely that analysts and industry experts will have garnered adequate information on actual May and June fundamentals at that point, meaning they will have to largely rely on reflected indicators, such as market spreads, prices and sentiment. StanChart’s model shows that OPEC has scope to increase output by over 1 mb/d in Q3 without increasing global inventories.

Source: News Formal (newsformal.com)

Oil Demand Inventories Crude Refining Oil Prices

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