Primary Vision Network on YouTube

August 28th, 2020


The key points of the video are as follows:

- The video is divided into three segments: discussing oil draws and potential builds, analyzing the impact of slowed demand and economic pressures on the energy industry, and examining the physical crude market and Saudi Arabia's pricing strategy.
- The speaker emphasizes the challenges in accurately measuring supply adjustments due to factors such as export/import delays and blending processes.
- The discussion moves on to the analysis of total oil product stocks, which show a widening surplus in crude stocks and a deficit in oil product stockpiles.
- The speaker mentions the increase in refiners coming back online and new refineries starting operations, which will impact crude stocks and stockpiles.
- The global backdrop is discussed, including the small draw in the U.S. and increased purchases of Russian crude by China and India.
- Floating storage and land storage are analyzed, with a focus on the movements of oil in transit and the balancing act of supply and demand.
- The Middle East, particularly the UAE and Iraq, is highlighted as an important region to watch in terms of floating storage.
- The speaker mentions the increase in floating storage and predicts that 2022 will see similar levels to 2020 and 2021, rather than setting new records.
- The discussion moves on to crude stock builds, with a small draw in total flows but a build in pad three due to blending and import/export dynamics.
- Refinery utilization rates and runs are discussed, with a slight increase in utilization rates but a decrease in actual runs.
- The speaker concludes by stating that the rate of change in Cushing stocks will be fairly stable and that overall, the industry is experiencing seasonally normal trends.

#energyindustry #oilstocks #crudeoil #refineryutilization #floatingstorage #supplyanddemand

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