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Oil Markets On Edge For OPEC Meeting

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Friday June 15, 2018

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.

(Click to enlarge)

Key Takeaways

- The EIA has changed the way it displays U.S. weekly production figures, and began rounding off to the nearest 100,000 barrels per day (bpd). As such, the seemingly massive weekly increases by 100,000 bpd in each of the last two weeks should come with that caveat in mind. Still, production at about 10.9 million barrels per day (mb/d) is remarkable, given that we started the year somewhere around 10.0 mb/d.
- Exports jumped by a rather large 316,000 bpd last week, which is not surprising given the large WTI-to-Brent discount.
- Gasoline demand skyrocketed last week to an all-time high of 9.879 mb/d. Gasoline stocks (and crude oil stocks) also declined, rounding off a rather bullish weekly report.

1. OECD inventories below average

(Click to enlarge)

- As OPEC and the non-OPEC group of countries gear up for negotiations ahead of the June 22 meeting, they will be deciding on output levels against a backdrop of a much tighter oil market.
- OECD inventories have now dipped below the five-year average, both in terms of absolute inventories and in terms of days of demand cover, according…

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