Daily Energy Report

Europe oil’s story, US refining capacity up, COP 29 realities, Russia LNG clout, TX crude pipes full, US well costs down, China slowdown, Harris fracking flip-flop, and more.

Chart of the Day: Will Europe Be the Story of the Year in the Oil Market?

Summary

Figure (1) above compares Europe’s monthly oil imports in the first half of the year to that of 2023. The bars show the averages for each half. Europe imports have increased markedly. Since inventories (shown in Figure 2) and exports have declined, it means demand has increased, which is the opposite to IEA and OPEC expectations. 

EOA’s Main Takeaway