Column: Oil market rebalancing largely complete, except for jet fuel

FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo

The volume of petroleum products supplied to domestic customers excluding jet has climbed above the five-year average for the first time since the onset of COVID-19 in the United States in March 2020. The draw down has reversed most of the 194 million barrel build between the middle of March and end of the second quarter last year .

Relative to the previous five-year average, surplus inventories are in the 40th percentile, down from the 92nd percentile last July, indicating stocks are somewhat tight. On any measure, U.S. petroleum inventories are back within the range of normal year-to-year variability, suggesting all or nearly all of the oversupply from last year has been digested.Despite inventory normalisation, production of crude and refined products is running well below consumption, implying stocks will decline further over the next few months.

Either OPEC+ must raise its output, or prices will continue to escalate until U.S. shale firms fill the production-consumption gap.

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Oil prices rise on expected economic recovery, likely drawdown in oil stocksOil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States. RT : Oil prices rise on expected economic recovery, likely drawdown in oil stocks 'Economic recovery stagnates due to rising oil prices' I'm very pleased to celebrate my cashout with everyone in the group. Indeed I'm happy and DavidLingleyBT is really a genuine paying man the whole world needs to know how good and generous he is.
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