Dawn of oil rebalancing?

摘要

Despite hedge funds continuing to offload long-term crude contracts due to oversupply fears, Reuters analyst John Kemp said the current physical crude market is actually tightening. Mr. Kemp cites a dumber of factors including US refineries increasing throughput and a reduction in exports from Iraq and Saudi Arabia due to increased demand from their domestic power sectors during the summer months. During the week ending July 21 US refineries processed an average of 17.3MM b/d of crude, up 620K b/d from the same week in 2016. While US gasoline demand has remained largely flat this year, US refineries have increased throughputs due to rising demand for US refined products from Latin America.