Commodity market report
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North America crude markets short-term outlook March 2017

North America crude markets short-term outlook March 2017

Report summary

Brent was stable over the past month, supported by strong adherence to the OPEC and non-OPEC production cut agreement. Uncertainty remains, however, over whether or not production cuts will be extended in May. Brent-WTI has been seasonably wide as US crude oil stocks have grown, but higher refinery crude runs on the back of maintenance season could begin to shift differentials.

340 kbd of Permian pipeline expansions have been announced over the past two months and a new 440 kbd pipeline from the Permian to Corpus Christi was proposed just last week. But, given that production growth is expected to top 1 million b/d by 2020, will there be enough pipe to prevent a "Permian blowout?"

A "perfect storm" of factors aligned to boost US crude exports to new highs in February. However, rising crude runs in the US and declining runs in Asia could prove this level of exports to be a short-lived phenomenon.

What's included?

This report includes 2 file(s)

  • North America Crude Markets short-term outlook March 2017.pdf PDF - 1.08 MB
  • North America Crude Markets short-term outlook March 2017.xlsx XLSX - 337.74 KB


The oil industry is one of the largest in the world, with high revenues and costs, and major investments that have long lead times. The short-term outlook captures key industry developments, the impact of events and geopolitical influences on oil prices.

This Oil Markets Short Term Outlook report provides detailed fundamentals of supply and demand.

Crude oil investors can use this report to make short-term tactical decisions and assess the behaviour of industry players and governments.

Wood Mackenzie gives you an informed, independent view on oil prices and the key drivers and trends impacting the oil market. Our highly experienced analysts are based in the key oil producing and consuming regions they analyse, providing detailed field-by-field data and demand forecasts driven by country and sector developments.

Our trusted insight helps you deliver successful growth strategies.

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