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A storage tank is pictured on the site of Canadian group Vermilion Energy in Parentis-en-Born, France, October 13, 2017. REUTERS/Regis Duvignau LONDON, June 29 (Reuters) – Global petroleum prices appear reasonable given the level of inventories – to the frustration of the producers who would like them to be significantly higher. Commercial inventories of crude oil and refined products in the OECD advanced economies were around 2,842 million barrels at the end of May, according to the U.S. Energy Information Administration (EIA). Commercial inventories were just -35 million barrels (-1% or -0.19 standard deviations) below the prior 10-year seasonal average (“Short-term energy outlook”, EIA, June 6). Advertisement · Scroll to continue Given stocks almost exactly in line with the long-term seasonal average, it is unsurprising spot prices and calendar spreads were also close to average. Front-month Brent futures prices ended May at $73 per barrel, which was in the 40th percentile for all trading days since the start of the century, once adjusted for inflation. While the real price was a little low, it was not obviously mispriced or significantly below the long-term median price of $81. Advertisement · Scroll to continue Brent’s six-month calendar spread was trading in […]
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