We see an emerging strong disparity between the total liquids balance and crude balance (see Market Watch – Issue 9).

  • Crude demand was at a seasonal high in Q3, outstripping crude and condensate supply by some 800,000 b/d.
  • At the same time, we saw a seasonal high from non-crude supply such as NGLs and other liquids.
  • While crude demand was high, end-user demand was falling behind, which led to a total liquids oversupply of some 1.5 million b/d in Q3.