The latest monthly oil market reports show a broad agreement about balances. The latest monthly oil market reports show a broad agreement about balances, Standard Chartered (SC) highlighted in a market note sent to Rigzone. In the note, SC provided a chart showing four estimates – from the International Energy Agency (IEA), the Energy Information Administration (EIA), the OPEC Secretariat and SC – of implied global inventory changes in 2021 and the first three quarters of 2022. All four show a large 2021 deficit giving way to a smaller deficit in the first quarter before moving into a significant surplus in the third quarter. “We estimate the Q3 surplus at 1.82 million barrels per day,” SC stated in the market note. “Forecasts from consultants and U.S. investment banks of Q3 oil prices of $150 per barrel and higher were mainly based on the assumption of a large deficit. We […]