Commodity Market Report
North America Crude Markets short-term outlook: December 2020
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Report summary
Vaccine headlines dominated the news cycle over the past month which further drove optimism of a 2021 demand recovery, and both futures prices and energy equities responded in kind. The WTI forward curve has materially flattened over the past month, and in some portions of the curve, has entered a “backwardated” structure. In this update, we discuss: • Forward curve shift impacts on Cushing storage economics and outlook • Positive developments for WCSB egress and outlook for WCS prices • Latest offshore terminal project developments
Table of contents
- US Lower 48: minor revisions to H2 2020 volumes, 2021-22 forecast remains unchanged
- Storage outlook:
- Western Canada: the cavalry is coming
- Eye on offshore terminal developments
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