Oil Market Balances Only Get Worse From Here
Stockpiles have been declining, but a flood of supply will push them back up next year.
Pump jacks in Midland, Texas. US oil production will increase 4.5% next year, according to BloombergNEF.
Photographer: Angus Mordant/Bloomberg
Welcome to Energy Daily, our guide to the energy and commodities powering the global economy. Today, reporter Alex Longley looks at what’s in store for the oil market next year. To get this newsletter sent straight to your inbox, you can sign up here.
Despite oil’s recent foray below $70 a barrel, market balances aren’t currently that bad. The problem is, this is as good as things get for quite some time.