Commodity Market Report
Macro Oils short-term outlook May 2020
This report is currently unavailable
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
What a month it has been. A lot has changed since our 30 March 2020 Monthly Update including wider implementation of coronavirus containment measures and a dramatic OPEC+ meeting that concluded 12 April 2020. But for all the changes, our price forecast for Brent remains largely the same. The OPEC+ deal production cuts take effect 1 May and we expect a shift in the oversupplied market to start this month and continue during June. The updated forecast continues to show that oil demand was at its lowest point in April, while OPEC production falls sharply this month. Highlights of our Macro Oils short term outlook include: • Our updated short-term macroeconomic forecast and a downward revision to demand • Implementation of the new OPEC+ cuts and if we expect full compliance • Our latest assessment of US Lower 48 production and the impact of shut-ins and frac holidays • The US storage situation and other aspects of global storage
Table of contents
-
Global liquids supply: production shut-ins begin to bite into oversupply
- OPEC: radical shift in production outlook as landmark agreement reached
- Non-OPEC supply: between a cut and a hard place
- OPEC+ cuts: Russia and the Caspian lead the way
- US Lower 48: cuts, deferrals and shut-ins
-
Global liquids demand: 2020 demand falls to 7-year lows amid post-pandemic economic contraction in Q3, Q4 2020
- Growing scale and duration of Covid-19 impacts drop Q2 demand to 11-year lows
- Demand outlook by region
- Downside risk remains, but progress on Covid-19 vaccine/therapeutics presents upside risk
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Metals unshaken amidst DRC unrest
Conflict in the DRC between the allegedly Rwandan-backed M23 group and local forces threatens to impact the variety of metals it produces.
$1,050
Insight
Mexico gas, power and renewables service: 2024 in review
Is Mexico’s energy sector at a turning point? Record heat, grid strain, LNG expansion, and sweeping reforms in 2024
$950
Insight
Indorama PTA/PET closure and its consequences
Following a consultation process, Indorama has reached a decision to shutter its PET/PTA plant in Rotterdam, The Netherlands.
$900
