Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Global oil inventories fell sharply in the last month due to OPEC+ production cuts and resurgent demand according to Bloomberg.
- Global onshore stockpiles were about 3.37bn bbls on 23 Aug, a decline of about 60mbbls from a month earlier according to Kpler despite a recovery since 15 Aug.
- Much of the reduction was seen in China, with record operating rates at state-owned processors according to OilChem.
- US inventories have also been steadily falling for months and are now at the lowest since early January.
- The current stockpile drawdowns are likely to continue even if voluntary cuts by Saudi Arabia and Russia are fully reversed in the final quarter, said Paul Horsnell at Standard Chartered Bank. “If the cut is extended or deepened, then the draws will be larger than our current fourth-quarter projections,” he said. “Wouldn’t say the position is precarious, but the reduction of inventories certainly supports higher prices.”
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok