Commodity Market Report

Macro Oils short-term outlook: June 2020

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10 June 2020

Macro Oils short-term outlook: June 2020

Report summary

Following the release of the Macro Oils long-term outlook report, we provide the updated short term forecast through 2021. Changes focus mostly on the outcome of the 6 June 2020 OPEC+ meeting. OPEC+ agreed to a one-month extension through July of the 9.7 million b/d production cut originally intended for only May and June. The huge supply reduction was already making progress. By extending that level for an extra month, the supply and demand balance will tighten more quickly. Highlights of this short-term report include: • Further production curtailments in North America • Lowering of OPEC+ supply as the first phase of production cuts extended to July • Global demand on the road to recovery but faces obstacles in H2 2020 • What regions, products will drive 2021 global demand growth? • Lower expected peak in US crude inventories due to more resilient US waterborne exports

Table of contents

Tables and charts

This report includes 1 images and tables including:

  • Global refined products outlook, 2021 vs. 2019

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  • Document

    Macro Oils short-term outlook June 2020 slidepack.pdf

    PDF 1.06 MB

  • Document

    Macro Oils short-term outlook June 2020 data.xlsx

    XLSX 3.65 MB

  • Document

    Macro Oils short-term outlook: June 2020

    PDF 781.52 KB