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

North America crude markets short-term outlook May 2017

Report summary

Extraordinarily high US crude runs in April helped to tighten the Brent-WTI differential and to draw down US crude oil stocks. Crude runs this high are normally only seen in the peak of summer. Sustained crude runs at these levels would help to rebalance US crude markets and accelerate the summer drawdown of US crude stocks, but are these high crude runs sustainable.

The Dakota Access pipeline, set to begin shipments to Patoka and Nederland mid-May, will put a damper on already waning crude-by-rail shipments. Additionally, increased light crude supply to Nederland could leave the region oversupplied until the Bayou Bridge pipeline is completed in late-2017.

Barring supply disruptions from Venezuela or Libya, and assuming no military strike on North Korea, our Brent price forecast remains broadly unchanged.

What's included?

This report includes 2 file(s)

  • North America Crude Markets short-term outlook May 2017.pdf PDF - 1.08 MB
  • North America Crude Markets short-term outlook May 2017.xlsx XLSX - 362.66 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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