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Glenloch Energy December Oil Market Forecast

December 29, 2021
Articles

Glenloch Energy December Oil Market Forecast

Supply /Demand Balance Starting to Tip

The December edition of Glenloch Energy's Oil Market Forecast ("OMF") (published on the 21st of December) follows another eventful month in the oil & gas industry, and not for the reasons expected. While Omicron made the headlines and immediate impact on prices, the more significant news this month may be a shift in sentiment on supply and demand balance next year, driven by resurgent supply. We spend some time this month looking at supply and demand, and as US production moves back to center stage, US investment next year.

A few key points:

  • The IEA made a small demand downgrade to account for Omicron, the EIA made a more significant adjustment and OPEC held their demand estimates flat.
  • There was a coordinated release from the US strategic petroleum reserve, but the impact was not significant, certainly when compared to the impact of Omicron on prices.
  • OPEC+ raised supply for December in line with their schedule and announced a further 400,000 bbl/day in January.
  • The US land oil rig count reached 459.

Access Glenloch Energy's December OMF here.

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