Commodity Market Report
North America Crude Markets short-term outlook: August 2021
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Broad US inventory declines showed signs of slowing from their torrid pace in June, however at the benchmark pricing hub in Cushing, OK, inventory declines kept a worrying pace through July. Looking ahead, the expectation will be pricing signals in the form of ever tightening inland differentials will prevent Cushing inventories from dropping to critical levels. But all eyes will be on Cushing through the balance of summer demand season. Also covered in this outlook: -Our views on where Cushing inventories bottom -Discussion and analysis of ultra-tight inland price spreads -Discussion on earnings season tid bits including Dakota Access expansion and Capline reversal
Table of contents
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Benchmark Brent-WTI Outlook
- Inland spread
- Waterborne spread
- Cushing inventory outlook
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US Lower 48: capital discipline continues to limit public operator spending
- New Mexico production reaches a historic peak
- The Bakken and its lagged recovery
- Lower reinvestment rates impact on supply
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Notes form Q2 earnings season
- Dakota Access Expansion
- Diamond expansion and Capline reversal
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What's included
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