US crude production ticked up 80,000 b/d m-o-m to 12.85 million b/d in February, according to the EIA’s latest monthly data release (see Americas Weekly – Issue 18). February saw the first uptick in production after two months of seasonal declines, helped by a 40,000 b/d downwards revision to January figures (EIA). The main growth areas [...]
The events of the last few months have proven how difficult it can be to forecast in this environment, which has led us to consider a number of recovery scenarios for gasoil/diesel demand (see Middle of the Barrel – Issue 5). Whilst our base case is currently on the bullish end of the spectrum, there may [...]
Johannes Benigni, chairman of JBC Energy Group, discusses the oil market and OPEC’s potential response to the coronavirus outbreak. CNBC
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Oil demand growth globally continued to see downside pressure as we moved through Q3 (see Market Watch – Issue 9). While August data from early reporters has been positive overall, the US in particular will face a tough time beating last year’s peak, given an apparent lack of support for oil demand across the board ytd, [...]
“‘The key driver behind bullish middle distillates is anticipated demand from IMO 2020. However, we believe that the market is overly bullish,’ said Richard Gorry, managing director at JBC Energy Asia.” “‘We would expect middle distillate cracks to weaken from January onwards. Obviously this is also a major risk for those refiners and others who [...]
Based only on the already announced VLSFO projects, we can already outline the major VLSFO trade flows in 2020 (see Benigni On Oil Markets – Issue 8). The US appears to be best-positioned as of now to take advantage of the upcoming VLSFO demand rally in early 2020, with estimated VLSFO supply out of PADD-3 standing [...]
Richard Gorry, Asia managing director at JBC Energy, discusses oil prices, production cuts and his outlook for the market. He speaks on “Bloomberg Markets: Asia.” Bloomberg