Commodity Market Report

Macro oils short-term outlook: November 2022

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09 November 2022

Macro oils short-term outlook: November 2022

Report summary

Brent increased in October after two months of decline. We expect further gains this quarter as the strict EU oil import ban on Russian crude goes into effect in early December. Also, the Biden administration’s US SPR sales are ending this quarter and OPEC production is due to decline this month. Finally possible cutbacks in supply from Russia in the wake of the price cap would add support to prices. Highlights of the Monthly Update include: US Lower 48: growth begins accelerating into Q4 Guyana sees success as production continues to ramp up in the Stabroek block Global oil demand to increase 2 million b/d year-on-year for 2023 after downward tweaks Key geopolitical developments in the market

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    Macro Oils Short Term Outlook November 2022 Slidepack.pdf

    PDF 1.76 MB

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    Macro Oils Short Term Outlook November 2022 Data.xlsx

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    Macro oils short-term outlook: November 2022

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    Macro Oils Short Term Outlook November 2022 Slide Charts.xls

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