Commodity Tracker: 5 charts to watch this week
This week’s selection of key talking points from S&P Global Platts news editors looks at how Saudi Arabia faces ballooning crude stockpiles caused by poor demand in Asia. Meanwhile, the political saga surrounding the Nord Stream 2 pipeline shows no sign of abating, Asia’s aviation industry remains in the doldrums, UK gas plant margins are looking up, and the recovery in US LNG exports continues apace.1. Saudi oil stocks near five-month high amid weak Asian refining margins
What’s happening? Saudi Arabia’s domestic crude oil stockpiles have climbed to their highest since the coronavirus pandemic hit the market hard in April, with analysts saying Asian refineries are struggling to keep up with term commitments. Saudi crude stockpiles were 78 million barrels as of Sept. 23, the highest since April 26, according to data analytics firm Kpler.....MUCH MORE
What’s next? Asia’s tepid oil demand may prompt Saudi Aramco to lower its official selling prices for its crude exports. But domestic consumption could see an uptick, as Saudi Arabia has announced it will gradually allow the resumption of the Umrah pilgrimage from Oct. 4....
HT: ZH
