Commodity Market Report
North America Crude Markets short-term outlook: December 2021
Report summary
The steady march higher in crude prices was arrested in late November with WTI prices plunging more than $15 from early November highs of ~$85/bbl. Looking ahead the US market is grappling with a potential 50 million bbl SPR release that could drive material impact on the USGC sweet/sour spread. A number of additional moving parts discussed in this outlook: • CER decision on Enbridge Mainline contracting – what does it mean and what is next? • TransMountain pipeline restart and market impact • Cushing inventories climb off operational floor • Dwindling DUC inventories in the Permian
Table of contents
- US Lower 48: DUC inventories approach irreducible lows
- Cushing climbs off the floor
- Enbridge Mainline contracting decision
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