Growth in US oil production to remain sluggish

While we expect both drilling activity and oil production in the US to pick up slightly over the next year or so, we doubt it will return to pre-pandemic levels anytime soon. This should keep the Brent-WTI spread narrow but is unlikely to prevent oil prices from falling.
Adam Hoyes Assistant Economist
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OPEC Watch

OPEC Monthly Oil Market Report (Jan.)

OPEC continued to raise output by less than its target in December. However, the group is still steadily raising output, which is a key reason why we see the market moving into a surplus this year.

18 January 2022

Energy Data Response

US Weekly Petroleum Status Report

Commercial crude stocks slumped last week, reflecting a partial recovery in demand. However, we think demand will remain under pressure as COVID-19 cases rise in the US and as economic growth slows.

12 January 2022

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Energy prices to fall from 2021’s highs

We see energy prices broadly falling this year as slower global economic growth should cool demand growth, but low stocks of many fuels mean prices will remain historically high and volatile for some time.

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Energy Data Response

US Weekly Petroleum Status Report

US commercial crude stocks resumed their downward trend last week. With domestic output still well below pre-virus levels and product demand likely to rise, we think crude stocks will fall further from here.

28 July 2021

Energy Update

Sky-high European gas prices unlikely to be sustained

We think a reversal of the factors that have fuelled the recent surge in European natural gas prices, namely high LNG prices, constrained supply and depleted stocks, will bring prices back down to earth by early 2022. However, a strong economic rebound and a high carbon prices should prevent the price of natural gas returning to its 2020 lows.

20 July 2021

Commodities Update

China’s industrial metals imports to weaken further

China’s imports of most industrial commodities continued to fall in June. We expect import volumes of near all commodities, but especially the industrial metals, to ease further in the months ahead as economic growth slows and activity in industry and construction cools.

13 July 2021
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