Commodity Market Report

Macro oils short-term outlook: April 2022

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08 April 2022

Macro oils short-term outlook: April 2022

Report summary

Our changes to the outlook for this monthly leave the supply and demand balance largely similar to our early March 2022 view with downward revisions to both Russia supply and global demand. Announcements of strategic crude oil releases from the US and IEA have tempered prices from early March highs, although fears of outright shortage could return as a source of upward price risk. The underlying fundamentals continue to show supply higher than demand for 2022 in contrast to 2021. In this monthly outlook, we review the following topics: • Our revised outlook for Russia supply • OPEC+ and non-OPEC supply response • Impact of Russia sanctions on global oil demand • Demand recovery slowing amid China’s Covid-19 lockdowns

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  • Document

    Macro Oils Short Term Outlook April 2022 Slidepack.pdf

    PDF 1.66 MB

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    Macro oils short-term outlook: April 2022

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  • Document

    Macro Oils Short Term Outlook April 2022 Data.xlsx

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  • Document

    Macro Oils Short Term Outlook April 2022 Slide Charts.xls

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