SEB
February 5, 2026
Global Oil Market Overview
Market ReportCommoditiesEquitiesMacro Economic IndicatorsEnergy
This SEB data package provides a comprehensive visual update on global oil markets as of February 2026, focusing on US production, inventory levels, and macro demand indicators.
Key Takeaways
- 1.Comprehensive monitoring of US Crude and Product inventories shows focus on levels relative to the Strategic Petroleum Reserve (SPR) and 5-year historical norms.
- 2.Global oil price analysis includes spreads between Brent, WTI Houston, Dubai, and Russian Urals, indicating focus on regional pricing differentials.
- 3.US drilling activity is tracked via rotary rig counts across major basins including Permian, Bakken, and Eagle Ford to forecast production balance.
Table of Contents
- UNITED STATES
- INVENTORIES
- PRODUCTION AND BALANCE
- RIG COUNT (INCL. GLOBAL)
- GLOBAL PRICES
- SPREADS
- TIME SPREADS
- SPECULATIVE POSITIONS
- CRACKS
- BROAD BASED MACRO
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Authors
Bjarne SchieldropOle R. Hvalbye
Securities
SPXBrent CrudeWTISHCOMPRussian Urals
Themes
Drilling Efficiency and Rig CountInventory TightnessMacro-Commodity Correlation
Regions
GlobalNorth AmericaEuropeUnited StatesChinaJapan