Slides - IEA
Slides - IEA
Slides - IEA
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$/bbl<br />
130<br />
120<br />
110<br />
100<br />
90<br />
80<br />
Spot Crude Markets Tumble in May<br />
Pressured By Increased Global Supplies & Economic Woes<br />
Benchmark Crude Prices<br />
Copyright © 2012 Argus Media Ltd<br />
70<br />
May 11 Aug 11 Nov 11 Feb 12 May 12<br />
WTI Cushing N. Sea Dated Dubai<br />
$/bbl US Gulf Coast Crude Prices<br />
9<br />
LLS Differential to Mars<br />
8<br />
7<br />
6<br />
5<br />
4<br />
3<br />
2<br />
1<br />
0<br />
-1<br />
May 11 Aug 11 Nov 11 Feb 12 May 12<br />
Copyright © 2012 Argus Media Ltd<br />
• Spot crude oil prices plummeted by around $18-25/bbl over<br />
May and into early June on rising global oil supplies while<br />
deepening economic woes heightened fears of demand destruction<br />
• A surplus of light, sweet crude was especially pronounced in<br />
the US and Europe, which in turn led to a narrowing in the sweetsour<br />
crude price spread<br />
• Rising US production of light, tight oil from the Midcontinent and<br />
rising flows of Canadian crude backed out foreign supplies of<br />
higher quality crude that are typically in strong demand during<br />
the US summer driving season<br />
© OECD/<strong>IEA</strong> - 2012<br />
• As a result, a surplus of Nigerian, Algerian and other gasoline-rich<br />
crudes weighed on European crude markets 16<br />
Source: <strong>IEA</strong> Oil Market Report
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