Top Oil Trader Sees Supply Tightness Easing Amid Refinery Maintenance

Oil traders expect supply tightness to ease in the next two months as refineries prepare for end-of-summer maintenance, but the sour crude market will remain tight due to ongoing production cuts from OPEC+ members, according to the CEO of Vitol, Russell Hardy.

oilprice.com

Relevant topic timeline:

8/17/2023

Tightness takes hold of the oil market

Summary: Oil prices are expected to continue rising due to tightening in the physical market, with a projected deficit of 2MMbbls/d in the second half of 2023, and forecasts of Brent averaging $86/bbl over 3Q23 and $92/bbl over 4Q23, while the medium sour crude market tightens, and concerns remain over Russian oil supply risks and global demand.

8/22/2023

Axiom Space raises $350m in round led by Saudi, Korean investors

Oil prices are dipping due to the possibility of easing supply tightness through Iraqi exports and concerns over a faltering Chinese economy impacting demand.

8/25/2023

Crude Oil Weekly Price Forecast - Crude Oil Markets Bounce for the Week After Initially Falling

Crude oil prices are trying to recover and show signs of support, with a "buy on the dips" attitude prevailing due to Saudi Arabia holding 1 million barrels per day out of the market, although supply concerns may arise despite a global slowdown.

9/4/2023

Commodity Trader Trafigura Sees Upside Risk For Oil Prices

Crude oil prices could be vulnerable to further rises due to tight supply, warns Ben Luckock, Co-Head of Oil Trading at Trafigura.

9/15/2023

Rapid Depletion of Oil Inventories in Cushing Drives Surge in U.S. Crude Prices

US crude oil prices have surged and the futures strip has moved into a sharp backwardation as inventories have drained away from the NYMEX delivery point at Cushing in Oklahoma, but this may be exaggerating the tightness of supplies across the rest of the country and the world.

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Posted 9/4/2023, 9:24:03 AM