Global Oil Market Tracker

The global oil market is in a structural deficit of 9.1mb/d due to Middle East disruptions, currently mitigated by US inventory draws and exports. However, the approaching US driving season and low gasoline stocks threaten to reduce these exports, further tightening the global market.

Key Takeaways

• 1.The global oil market is facing a net deficit of approximately 9.1mb/d due to massive Persian Gulf supply disruptions totaling 13.5mb/d gross.
• 2.US oil exports, which buffered global shortages, are expected to weaken as the domestic summer driving season increases internal demand and refiners compete for barrels.
• 3.Global inventories, particularly gasoline and SPR stocks, are being drawn down rapidly to offset production losses.

Table of Contents

• Crude oil: global inventory depletion timeline
• Oil products: global inventory depletion timeline
• Explainer: US driving season is pivotal for the oil market
• What has changed in the last week
• What to watch in the next week
• Changes to Persian Gulf oil output
• Exports from Persian Gulf producers
• Persian Gulf oil supply curtailment by country
• Drilling activity in US shale oil continues to rise
• Transits of the Strait of Hormuz remain low
• Recent surge in US oil exports coming to an end
• Drawdown in global oil inventories centred in America
• Global oil product inventories showing sharp falls
• Crude oil at sea (global)
• Persian Gulf inventories
• Drawdowns in US oil product inventories continues
• Weekly drawdowns from the US' SPR are accelerating
• Australia petroleum inventories
• High oil refining margins reflect strong demand
• Global oil product prices
• Global crude oil prices
• Crude oil spreads

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