Commodity Market Report
North America Crude Markets short-term outlook: February 2022
Report summary
The month of January saw the highest absolute WTI prices since 2014 but overshadowed during the month was the atypical price spread action. In a month characterized by tightening inventories at key pricing hubs, price spreads curiously did not tighten in tandem. Inventories approaching critical low thresholds in places like Western Canada and Cushing but were interestingly not met with expected relative price rises, indicative potentially of more balanced conditions looking ahead than inventories would indicate. In this short term outlook we explore the drivers and market response to tightening inventories as well as: • Latest refresh on US L48 supply outlook • Full in-service of the (final?) Permian crude greenfield long-haul pipeline • A look at the latest US export trends
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