Commodity Market Report

North America Crude Markets short-term outlook August 2017

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Report summary

US crude runs in July reached an all time high. With summer gasoline demand soon to seasonally decline and with refiners running at record levels, we would expect a strong fall maintenance season, signalling crude demand is likely to taper in the coming months. Continued OPEC cuts and additional heavy crude supply  concerns have continued to support heavy crude prices. Risks of oil-related sanctions on Venezuela and further production issues have narrowed LLS-Maya to a record level. Louisiana Offshore Oil Port (LOOP) recently announced it would seek to begin exporting crude oil in early 2018, provided they secure customers. This announcement underscores the ongoing competition across the Gulf Coast, where major ports are vying for market share of the coming export boom. Brent-WTI widened in July due to US tight oil supply concerns. However, recent crude and product stock draws in the US have supported oil prices worldwide.

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