Commodity market report
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North America Crude Markets short-term outlook August 2017

North America Crude Markets short-term outlook August 2017

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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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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