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MNI Commodity Weekly: Global Oil Market Supply Set to Tighten for Big Suppliers in Coming Months

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MNI Commodity Weekly: May 10, 2023

Executive Summary:

  • Global Oil Market Supply Set to Tighten for Big Suppliers in Coming Months – OPEC+ voluntary cuts are set to pull crude volumes off the global market from May, while buoyant US volumes are also expected to reduce as domestic refining increases. Russian output levels remain less clear while on the demand side, a choppy Chinese recovery is giving oil markets mixed signals.
  • EU Gas Prices Show Bearish Signs but Winter Upside Risks Persist - European gas prices at the front curve have come off in recent weeks with persistently high LNG imports amid limited competition from Asia, storage injections returning to near normal levels and continuing demand destruction.
  • Oil Markets - Crude and refining margins recover with an improved risk environment but concern for economic growth is still limiting upside moves despite support from tighter supplies.
  • Gas Markets - Global gas markets remain weak with low demand and high storage inventories in the northern hemisphere after the warm winter and with record US LNG exports in April.

Full piece here:


MNI Commodity Weekly - Global Oil Market Supply Set to Tighten for Big Suppliers in Coming Months.pdf


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