Global floating crude stocks gained for the second consecutive week, picking up 1.97 MMb last week for a total two-week change of ~3.4 MMb.
Today in oil and natural gas markets:
A closer look at fund managers' energy market futures and options positioning
OPEC8+ production jumped another 349 kb/d M/M in July to an aggregate 31.7 MMb/d, coming in 371 kb/d higher than the group’s intended output after another month of unmet compensation commitments.
BH's latest data suggest the market may see meaningful differences between actualized OPEC8+ production and the 1.1+ MMb/d of announced supply growth due to hit the market in the next two months.
