Oil Supply / Demand
Posted: Wed Dec 21, 2016 7:09 pm
UBS has revised its global supply and demand balances and forecasts to reflect recent OPEC and non-OPEC output agreements and signs of accelerating investment in the U.S. onshore from the 3Q16 U.S. reporting season.
The bank expects modest inventory draws starting in mid-2017 accelerating into 2018 and 2019. The tipping point into under supply is expected to occur in 2Q17. Draws are expected to become more dramatic between 2018 and 2020 as the market suffers from the 2014-16 collapse in conventional upstream investment.
http://www.oilandgas360.com/opec-cuts-w ... -2017-ubs/
David Purcell at TPH believes that OECD inventories will drop steadily beginning in Q1.
The bank expects modest inventory draws starting in mid-2017 accelerating into 2018 and 2019. The tipping point into under supply is expected to occur in 2Q17. Draws are expected to become more dramatic between 2018 and 2020 as the market suffers from the 2014-16 collapse in conventional upstream investment.
http://www.oilandgas360.com/opec-cuts-w ... -2017-ubs/
David Purcell at TPH believes that OECD inventories will drop steadily beginning in Q1.