Crude Oil Price Activities
Crude oil mark prices increased strongly in June, lengthening preceding monthly gains, propelled by a march in futures markets, well as an escalation global physical crude market, in the middle of elevated crude Demand from refiners. The OPEC Reference Basket (ORB) rose for two months in a row in June, reaching its peak average since October 2018. The ORB value rose to USD71.89/b with a raise of USD4.98 m-o-m, or 7.4%. The backwardation composition of all three main oil targets supported in June on a thinning outlook for oil Demand and supply fundamentals in last month on a in the upcoming months. Hedge funds and other money managers propelled optimistic positions regarding to crude in June, especially in WTI, as investors focus on expectations for increasing oil prices.
The world economic growth projection for 2021 stays constant at 5.5%. In an early evaluation, world economic growth for 2022 is anticipated at 4.1%. Though, potential global growth persists to be affected by uncertainties, the speed of the world vaccine rollout and including extends of COVID-19 variants. US economic growth in 2021 stays at 6.4%, pursued by development of 3.6% in 2022.
World Oil Demand
Global Oil Demand growth in 2021 is anticipated to be at 6.0 mb/d, unaffected from last month’s evaluation though there have been few provincial revisions. Net oil Demand is anticipated to average 96.6 mb/d.
World Oil Supply
Non-OPEC liquids supply in 2021 adjusted down by 0.03 mb/d, in spite of uphill revisions to Canada and the US. Development is now at 0.81 mb/d for an average of 63.8 mb/d.