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Crude Oil

Friday September 22, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Inventories decline in second quarter, but next steps uncertain

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- Global oil inventories declined at a rate of 0.9 million barrels per day in the second quarter, a steep drop after several years of increases.
- Refined product stocks also saw a dramatic decline, evidence that the oil market is moving towards rebalance.
- But the declines could be short-lived – U.S. shale production is rising and seasonal demand is waning.
- Also, as Bloomberg Gadfly notes, OPEC’s data is often unreliable – OPEC producers could be supplying the market with much more oil than they report. Falling production figures are misleading because OPEC’s exports have remained at a much higher level.
- The situation gets worse next year as shale output is expected to continue to grow and OPEC grapples with how to handle its extension.
- The sharp decline in inventories in the second quarter could be a one-off.

2. Frac sand miners hit by sand glut

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- There is a land rush going on in the Permian Basin – for frac sand.
- The WSJ reported that a long…

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