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Will OPEC Meet Expectations?

Bulls

Friday November 24, 2017

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. U.S. gasoline demand hits seasonal record

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- Ahead of the Thanksgiving holiday, U.S. drivers filled up their tanks at the fastest rate in history for this time of year.
- Gasoline demand hit 9.6 million barrels per day in the week ending on November 17, a record high.
- Gasoline stocks are down to 210 million barrels, at the lower end of the five-year average range for this time of year.
- Refining runs are elevated, and gasoline production soared for the week. The robust figures could be a one-off anomaly due to the holidays, but demand looks strong, which should help drain crude inventories and boost prices.

2. Oil market in danger of slide if OPEC doesn’t deliver

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- OPEC and Russia have raised expectations about their actions at the upcoming meeting to such a degree that anything short of an extension of the production limits through the end of 2018 will leave the oil market deeply disappointed.
- Adding to the danger is the fact that hedge funds and other money managers have staked out an incredible number of bullish bets on crude, exposing the market…

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