US Weekly Petroleum Status Report

A large fall in the refinery utilisation rate drove another increase in stocks last week, although utilisation rates are normal for the time of the year. And with output set to remain constrained until at least early next year, already-high crude prices should remain elevated for the next few months.
Edward Gardner Commodities Economist
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Energy Data Response

US Weekly Petroleum Status Report

Strong exports contributed to the first drawdown in stocks in four weeks last week, supporting already-high crude prices. What’s more, stocks at the hub of Cushing, Oklahoma, also fell and they are now down about 50% y/y. With demand looking healthy, prices are likely to remain high for a few months yet.

20 October 2021

Energy Update

Coal is back in fashion, but not for long

Coal prices are likely to remain high over the next six months as high demand weighs on already-low stocks. Prices should drop back next year, though, as demand growth moderates and supply improves.

19 October 2021

OPEC Watch

OPEC Monthly Oil Market Report (Oct.)

OPEC moved closer to its collective target output last month. However, it is now clear that if the group were to answer calls to raise output, it would involve abandoning the current quota system and allowing a few producers with available capacity to produce more.

13 October 2021

More from Edward Gardner

Commodities Update

How high energy prices affect other commodity prices

As energy prices hit multi-year highs, we look into the link between energy and non-energy commodity prices. It is clear that industrial metal prices track energy prices the most closely over time, which is mainly because the drivers of demand are similar. That said, industrial metals, like many commodities, require large energy inputs to produce, which is another reason why their prices tend to move together.

11 October 2021

Energy Update

Oil prices to fall as market returns to surplus in 2022

We expect a gradual normalisation in demand growth and a rebound in supply will start to weigh on oil prices from the fourth quarter. So far this year, growth in demand has outpaced supply, helping prices to hit multi-year highs, but we expect this dynamic to reverse as OPEC+ ramps up production.

4 October 2021

Energy Data Response

US Weekly Petroleum Status Report

A jump in crude oil production led to the first stock build in eight weeks. However, with output still constrained and demand set to remain strong, stocks are likely to remain low for some time to come. This should support oil prices and raise pressure on OPEC+ to crank up production.

29 September 2021
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