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EGB Supply For W/C May 16, 2022 (1/2)


Lowest Consumer Sentiment Since 2011


EGB Supply For W/C May 16, 2022 (2/2)


Indian Oil Demand Showing Growth: OPEC

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OIL: WTI & Brent lost around $0.50 each overnight as the hurricane operating off
of the coast of the U.S. received another downgrade in terms of its severity,
although it still remains extremely dangerous.
- This comes after crude drew support from a larger than expected drawdown in
the latest DOE inventory report, with a drawdown in stocks at the Cushing hub &
lower production also helping bulls, in spite of the larger than exp. build in
gasoline & distillate stocks.
- OPEC's monthly oil market report saw a ~20K b/d reduction in the cartel's '18
& '19 demand forecasts, with the non-OPEC supply estimate reduced by 64K b/d.
The report also revealed an increase in the cartel's exp. Q3 production, which
was largely anticipated and would leave the market in deficit if exp. demand for
its crude is realised.
- Elsewhere Libya stated that its oil production had remained above 1mn b/d
despite the recent unrest.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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