World Oil Market Forecast
Oil inventories are higher, crude demand is lower and PIRA is beginning to question the expected 2H 2014 and 2015 lift off in economic activity. Also, add in unrelenting upward revisions to U.S. oil supply growth with non-
Stock Surplus to Last Year Roughly Flat
This past week's inventory increase kept the year-on-year overall stock surplus to around 4 million barrels. The crude inventory decline took crude stocks slightly below last year, and at current high run rates crude stocks are still relatively tight, which was reflected in September relative prices. The product stock change reflected lower product imports (to a new low for the year) being offset by weaker reported demand and higher product output.
Japanese Crude Stocks Draw Amid Peak Run Rates,
Runs rose fractionally on the week and lower crude imports led to a crude stock draw. Finished products, however, have continued rising amid peak runs. Gasoline demand was higher but is still seen as underperforming seasonal expectations. Gasoil demand rebounded from very low levels. Kerosene stocks continued to build along seasonal norms. All the product cracks improved on the week and our indicative margin indicator rose, but remains rather weak.
Impact of Russian Gas Flow Interruption on Oil Demand
In the low probability event of a complete Russian gas flow stoppage to
U.S. Refinery Turnarounds,
There was a relatively high level of crude unit downtime during August and the level of both planned turnarounds and other outages carrying over from the current month is expected to increase over the next couple of months.
Freight Market Outlook
A glut of crude oil in the
Asian LPG Prices to Benefit from Lower Saudi CPs
LPG prices in
Ethanol Demand Soars
U.S. ethanol-blended gasoline manufacture soared to 8,904 MB/D the week ended
U.S. Ethanol Prices Rise in August
Ethanol prices rose in August, after falling during the prior three months. The market tightened as stocks drew by the largest amount since
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