Commodity Market Report
North America Crude Markets short-term outlook: July 2020
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Report summary
The glimmers of hope are growing stronger for US producers with WTI breaching $40/bbl, proving pricing strength sufficient to bring back shut-in volumes as the market begins its slow but steady churn toward balance. Demand continues to grind higher resulting in higher refinery consumption and continued slowing onshore storage builds. Meanwhile, Canada-based Enbridge was forced to shut its Line 5 pipeline in June. With regulatory hurdles now on the horizon, material regional pricing impacts could be looming. In this short-term report, we explore:- Lower 48 crude production revisions as a result of a dwindling rig count -Impacts of shuttering Enbridge’s Line 5 on regional prices and crude flows -Misleading fundamental message from sustained Cushing stock draws
Table of contents
- Lower 48 supply
- All time highs in US crude inventories
- Is this the end of Line 5?
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What's included
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