Commercial inventories of crude oil and refined products in the OECD advanced economies were around 2 842 million barrels at the end of May, according to the US Energy Information Administration .Given stocks almost exactly in line with the long-term seasonal average, it is unsurprising spot prices and calendar spreads were also close to average.
While the real price was a little low, it was not obviously mispriced or significantly below the long-term median price of $81. The spread was slightly high, but again not obviously mispriced, or significantly above the long-term median of a backwardation of 98 cents.There are no comprehensive estimates for OECD inventories in June as yet.
Looking forward, production cuts by Saudi Arabia and its allies in OPEC, as well as the declining oil and gas rig counts in the United States, are likely to deplete inventories later in 2023 and into 2024.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Global markets in the first half of 2023: Banks vs the machines | BusinessThe first six months of 2023 have been eventful for financial markets - from an artificial intelligence inspired tech stock surge, commodity market capitulations, cryptocurrency comebacks to the worst banking crash since Lehman Brothers.
Source: News24 - 🏆 4. / 80 Read more »
'Not an option': Post Office's provisional liquidators blast state's business rescue plan | BusinessThe provisional liquidators overseeing the SA Post Office have come out against a plan put forward by the Department of Communications and Digital Technologies to place the struggling entity in business rescue. | News24_Business
Source: News24 - 🏆 4. / 80 Read more »
SA must do more to empower women in business - Mashatile | BusinessDeputy President Paul Mashatile delivered the keynote address to the annual Black Business Council dinner on Friday, highlighting the success of BEE initiatives but lamenting the ongoing lower participation of women in the economy. | News24_Business
Source: News24 - 🏆 4. / 80 Read more »
No 'hardcore cartel': Competition Tribunal dismisses case of alleged price fixing by gas companies | BusinessThe Competition Tribunal has dismissed a case of alleged price fixing against five liquefied petroleum gas companies accused of flouting the law when fixing the deposit fee charged to first time purchasers of cylinders. | News24_Business
Source: News24 - 🏆 4. / 80 Read more »