European Oil Market Forecast
Brent crude prices will recover, although PIRA has lowered its forecast over the next few months. Demand picks up seasonally and global refinery runs will increase with high utilization in
Modest U.S. Commercial Stock Decline
Crude inventories continued to decline outpacing the product stock increase. Inventories are now just 8 million barrels higher than the year earlier. Middle distillate is the tightest part of the barrel and crude inventories are also relatively snug, when considering the very high crude run rates and the required stocks for the shale infrastructure build out.
Japanese Crude Runs Rise, Gasoline Demand Rises Nicely
Runs continued to rise in line with declining maintenance activity. Crude imports eased back and crude stocks posted a modest draw. Finished product stocks rose slightly. Gasoline demand rebounded and approached 1 MMB/D. Refining margins were softer with all the cracks easing, and gasoline posting the largest decline.
U.S. LPG stock Replenishment Continues
Total U.S. inventories of propane grew by 1.78 MMB in the latest data released by the
U.S. Ethanol Stocks Soar to a 16-
U.S. ethanol inventories jump to an annual high 18.6 million barrels the week ending
U.S. Ethanol Prices Fall
U.S. ethanol prices increased during most of July despite rising production, as robust demand provided support. However, inventories soared to a 16-month high last week and as a result, the market gave back all the price gains realized during the month.
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