Bullish Sentiment at Odds With Balances

摘要

Although it was not apparent with crude futures moving into the high $80s, oil-market balances slackened in November, with supply exceeding demand by about 1.2 million barrels per day, according to the latest estimates from Oil Daily sister publication Oil Market Intelligence. In addition to the burgeoning surplus, total global inventories grew last month, OECD stocks remain at a comfortable level, spare global production capacity remains bloated at 7 million b/d and higher prices could dent demand.