Commodity market report
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North America crude markets short-term outlook April 2017

North America crude markets short-term outlook April 2017

Report summary

With weaker supply and demand fundamentals expected in H1 2018, we have revised down our Brent price forecast. With lower prices our outlook for US L48 crude production has also shifted. Uncertainty remains around whether or not OPEC will roll over the production cut agreement in May.

While US crude oil stockpiles grew by over 50 million barrels in the first quarter of 2017, production growth was only a small factor behind the stock build. We analyze the key drivers of the first quarter stock build and investigate the long-term trend of rising crude oil stocks since the advent of US tight oil.

Midstream developments have continued to grab headlines over the past month, with the federal approval of Keystone XL and the proposal of new pipelines out of the Permian. But, given the approval of Trans Mountain Expansion and Line 3 Replacement, is Keystone XL still needed? In the Permian, could producers experience takeaway shortages in the near term despite the recent wave of proposed projects?

What's included?

This report includes 2 file(s)

  • North America Crude Markets short-term outlook April 2017.pdf PDF - 1.14 MB
  • North America Crude Markets short-term outlook April 2017.xlsx XLSX - 347.37 KB


The oil industry is one of the largest in the world, with high revenues and costs, and major investments that have long lead times. The short-term outlook captures key industry developments, the impact of events and geopolitical influences on oil prices.

This Oil Markets Short Term Outlook report provides detailed fundamentals of supply and demand.

Crude oil investors can use this report to make short-term tactical decisions and assess the behaviour of industry players and governments.

Wood Mackenzie gives you an informed, independent view on oil prices and the key drivers and trends impacting the oil market. Our highly experienced analysts are based in the key oil producing and consuming regions they analyse, providing detailed field-by-field data and demand forecasts driven by country and sector developments.

Our trusted insight helps you deliver successful growth strategies.

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