Commercial Crude Inventories Seen to Have Dropped to Eight-Year Low in Q1

Source: Energy Information Administration

Commercial crude oil inventories in member countries of the Organization for Economic Co-operation and Development (OECD) are expected to have hit an eight-year low in the first quarter of the year. OIL is up 1.65%, while USO is up 1.58%.

• The EIA estimated that the commercial oil inventories in the OECD hit 2.61 billion barrels in March, up slightly from February but the lowest since April 2014.
• The Brent price is seen to average $108 per barrel in the second quarter, and $102 per barrel in the second half, before falling to $93 per barrel in 2023.
• Global consumption for the month is estimated at 98.3 million barrels per day, 2.4 million barrels per day higher than the same month last year.
• Global consumption of petroleum and liquid fuels is expected to increase by 1.9 million barrels per day in 2023 to average 101.7 million barrels per day.
• Global oil inventories are expected to average a rate of 0.5 million barrels per day in the second quarter of 2022, though to the end of 2023, hitting prices.