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MNI Commodity Weekly: Global Crude Stockpiles Drawing but Saudi Expected to Stay the Course

OIL
  • Global Crude Stockpiles Drawing but Saudi Expected to Stay the Course: Crude inventories, both onshore and in tankers are drawing as a result of OPEC+ cut efforts, led by Saudi and Russia. Saudi is expected to announce a further cut extension into October next week to cement higher prices for longer.
  • Oil Markets: Crude remains elevated given the OPEC+ supply cuts while global oil demand concerns led by China and the US continue to limit upside. Diesel markets are trending higher amid low inventories and refinery outages.
  • Gas Markets: TTF entered another week of volatile trading, and the front month continues to hold above pre-strike announcement levels with potential industrial action at Chevron’s LNG sites in September, while Norwegian gas supplies to Europe significantly fell this week with the peak of annual maintenance season approaching. US Henry Hub is drifting slightly higher due to hurricane fears but forecasts suggest temperatures are set to fall below seasonal norms in parts of the US.

Full piece here:

MNI Commodity Weekly - Global Crude Stockpiles Drawing but Saudi Expected to Stay the Course.pdf

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