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Non-OPEC Supply Weakness Emerges as Northern Hemisphere Summer Progresses

OIL

Executive Summary:

  • Non-OPEC Supply Weakness Emerges as Northern Hemisphere Summer Progresses: Imports of US, Guyana and Brazilian crude are weakening further in June on Northwest European demand reductions and Chinese demand weakness while Guyana maintenance tightens supply this month.
  • Oil Markets: Crude has recovered back to late May levels amid expectation of a Q3 deficit and optimism over summer fuel demand following the bearish reaction to the early June OPEC meeting. Diesel markets have also seen a recovery, but gasoline remains under pressure from rising product stock builds while demand concerns remain. (Pg.3)
  • Analyst Views: See latest analyst views on oil markets including OPEC continued reaction. (Pg.7)

Full piece here:

MNI Commodity Weekly - Non-OPEC Supply Weakness Emerges as Northern Hemisphere Summer Progresses.pdf

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