Commodity Market Report
North America Crude Markets short-term outlook: June 2021
Report summary
Key market indicators continue to send signals of a tightening market, the most recent of which is WTI prices breaching $70/bbl for the first time since 2018. This time however, the producer response is telling a much different story. In the June 2021 short term outlook we explore: • US producer sustained discipline in a $70 WTI environment • Increasing backwardation in the WTI forward curve – how are Cushing inventories responding? • What is driving the recent uptrend in Canadian inventories during heavy Oil Sands maintenance?
Table of contents
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US Lower 48: supply remains unvaried as excess cash goes toward debt repayment
- US Independents hold the line on capex
- M&A activity heats up in the US Lower 48
- Storage update
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