The latest US Energy Information Administration (EIA) official monthly shows the continued strength in US crude production with July up to 10.96 million b/d, a gain of roughly 270,000 b/d month-on-month. This also marked one of the higher months for crude exports with 2.1 million b/d observed in July, compared to 2.2 million b/d in June. Since this period, volumes have declined considerably amid a narrowing of the Brent-WTI crude differential, which averaged just US $3.27/bbl over July compared to US $6.85/bbl in the prior month. The lower ...
The Return of Brazilian Demand
Oct. 10, 2018
The Brazilian economy is on track to expand by 1.8% this year, a downward revision from the International Monetary Fund’s (IMF) initial expectation of 2.3% in January. This downward revision is due to lower than expected consumption, exacerbated by fuel strikes observed across the country, placing a halt on the transportation of goods. As a result, refined product demand found pressure in May, particularly for gasoline and diesel with the former finding additional weakness in a preference for ethanol consumption due to higher fuel pricing. We are beginning to see demand pick up yet again; however, a ...
