Global oil markets remain tight due to persistent supply constraints in the Persian Gulf and restricted tanker transits through the Strait of Hormuz. Consequently, global inventory drawdowns continue to be the primary buffer for global supply.
Key Takeaways
- 1.The market remains tight and heavily reliant on inventory drawdowns as tanker transits through the Strait of Hormuz remain constrained.
- 2.Recent reports of 'dark shipping' through the Strait of Hormuz are not a deluge that solves supply shortages; rather, they reflect rerouting.
- 3.Global inventory levels continue to fall, specifically in distillates and crude oil, driven by low Persian Gulf output.
Table of Contents
- Crude oil: global inventory depletion timeline
- Oil products: global inventory depletion timeline
- Explainer: leakage through Hormuz just a drop in the ocean
- 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 production losses by country
- Slight pick-up in US supply amid increased drilling
- No meaningful pick-up in transits of the Strait of Hormuz
- US fuel exports edge lower
- Drawdown in global oil inventories centred in America
- Global oil product inventories continue to fall
- Crude oil at sea (global)
- Persian Gulf inventories
- US crude oil stocks push further lower
- Weekly drawdowns from the US SPR stabilising
- Australia petroleum inventories
- Singapore oil product inventories drop sharply
- High oil refining margins reflect strong demand
- Global oil product prices
- Global crude oil prices
- Crude oil spreads
- Investor positioning
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Authors
Daniel HynesSoni Kumari
Securities
Brent CrudeWTI Crude
Themes
Geopolitical risk in Strait of HormuzGlobal inventory depletion
Regions
Middle EastAsia PacificEuropeUnited StatesIranChina