Free Trial

MNI Commodity Weekly (Oil & Oil Products): Demand Backdrop Leaves Few Options for OPEC+ to Bring Barrels Back

Executive Summary:

  • Demand Backdrop Leaves Few Options for OPEC+ to Bring Barrels Back: Chinese and U.S. oil product demand backdrops have been a mixed bag so far in early summer, which along with strong non-OPEC supply growth left the group unable to unwind near-term cuts. Meanwhile, rebounding global jet recovery remains a key area of global demand strength.
  • Oil Markets: Crude prices see a bearish reaction to the OPEC decision to return some voluntary cuts to the market after the rangebound price action in May. Fuel cracks hold up better than a more bearish crude complex but remain under pressure from healthy global supplies and underwhelming demand. (Pg.4)
  • Analyst Views: See latest oil market views from main industry voices. (Pg.6)
Full piece here:

MNI Commodity Weekly (Oil & Oil Products) - Demand Backdrop Leaves Few Options for OPEC+ to Bring Barrels Back.pdf


125 words

To read the full story

Close

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.

Executive Summary:

  • Demand Backdrop Leaves Few Options for OPEC+ to Bring Barrels Back: Chinese and U.S. oil product demand backdrops have been a mixed bag so far in early summer, which along with strong non-OPEC supply growth left the group unable to unwind near-term cuts. Meanwhile, rebounding global jet recovery remains a key area of global demand strength.
  • Oil Markets: Crude prices see a bearish reaction to the OPEC decision to return some voluntary cuts to the market after the rangebound price action in May. Fuel cracks hold up better than a more bearish crude complex but remain under pressure from healthy global supplies and underwhelming demand. (Pg.4)
  • Analyst Views: See latest oil market views from main industry voices. (Pg.6)
Full piece here:

MNI Commodity Weekly (Oil & Oil Products) - Demand Backdrop Leaves Few Options for OPEC+ to Bring Barrels Back.pdf