Commodity Market Report

Macro Oils short-term outlook: August 2021

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06 August 2021

Macro Oils short-term outlook: August 2021

Report summary

After a strong showing in June and July, the upward momentum in prices eased in early August. We saw Brent edging up toward $80/bbl in those months as fears of a tight fourth quarter took over. The OPEC+ agreement to increase supply steadily over the next year eased those concerns since the group’s 18 July meeting. The Covid resurgence is also increasing the downward risk for demand growth although we have barely reduced our 2021 demand growth forecast in this monthly update. Key topics include: • US Lower 48: capital discipline continues to limit public operator spending • Regional demand recovery diverges as Covid cases rise • Our OPEC+ forecast under the new 18 July agreement • Liquids demand to exceed 2019 levels in H2 2022

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    Macro Oils Short Term Outlook August 2021 Slidepack.pdf

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    Macro Oils Short Term Outlook August 2021 Data.xlsx

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    Macro Oils short-term outlook: August 2021

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    Macro Oils Short Term Outlook August 2021 Slide Charts.xls

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