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EOG See Tighter Crude From Industrial Activity in China

OIL

EOG sees crude supplies tightening due to an increase in industrial activity in China with the current market not reflecting fundamentals.

  • “Once the manufacturing side starts to pick back up again — and it will — demand will continue to rise,” said COO Billy Helms. “We’re feeling like we’re a short term away from seeing the market tighten even further.”
  • US production growth will be “muted” at roughly the same as last year at 600kbpd this year while production cuts by OPEC and Saudi Arabia begin to affect the market he said.
  • The inventory increase from last year driven by US SPR releases aren’t expected this year.
  • “It’s safe to say right now that the market is trading differently than we see the outlook on the fundamental supply-and-demand balance,” Helms said.
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