OIL: RISKS DOWN, CONSUMPTION UP
July - August 2014
The U.S. Energy Information Administration (EIA) estimates that global oil inventory draws averaged 0.2 million barrels per day (bbl/d) in July and August, with inventories declining by 0.7 million bbl/d in July and building by 0.4 million bbl/d in August (Figure 1). The recent inventory builds are somewhat atypical for this time of year and signal a relatively loose global crude oil market compared with conditions over the past three years. Weaker oil demand and lower refinery runs compared to last year in European and Asian countries within the Organization for Economic Cooperation and Development (OECD) have reduced market tightness. Nevertheless, these…
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