Kayrros: A Small Build In Global Oil Inventories, Libyan Supply Disruptions Continue

0
Kayrros: A Small Build In Global Oil Inventories, Libyan Supply Disruptions Continue
Image source: YouTube Video Screenshot

A small build was measured in global inventories, while supply disruptions continue in Libya

  • Last week, Kayrros reported a build in global inventories, excluding the US, while EIA reported a build in US commercial crude oil inventories.
  • Brent time spreads narrowed last week, in line with the observed build in global inventories.
  • The prompt WTI-Brent spread narrowed further last week, in line with the draw in Cushing. This spread has narrowed by almost $7/b since early June. The next roll of futures will widen this spread again, as the tightness in WTI is exacerbated by the prompt contract.
  • On the crude supply side:
    • Kayrros expects the fighting in eastern Libya to further impact production and exports.
    • Kayrros forecasts crude oil production for the Lower 48 to increase in October 2018, which is higher than the latest EIA forecast.

[REITs]

Q2 hedge fund letters, conference, scoops etc

RV Capital 1H22 Letter to Co-Investors in Business Owner