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Herman Wang Profile picture
Herman Wang
@HermsTheWord
London-based @SPGCI EMEA upstream oil editor, #OPEC correspondent, US expat who misses ranch dressing. All opinions mine, RTs just RTs
May 5 • 5 tweets • 2 min read
Is the oil market tight? Dated Brent is in backwardation, summer driving season in Northern Hemisphere is approaching, and global oil inventories are low compared to 5-yr avg (see IEA chart below). This is the environment in which OPEC+ is accelerating production rises. But... 1/ Image Oil market sentiment is weighed down by concerns over escalating tariffs and other macroeconomic headwinds. Forecasters, including at OPEC, have downgraded their demand outlooks in recent months, and there are many expectations of an eventual stock build. So... 2/ Image