JPMorgan sees 1.4 million bpd oil surplus as exports recover

After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.

• Aug 16, 2019OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus+1.5%
• Aug 31, 2018Saudi crude oil output in August rises to 10.424 million b/d: OPEC source-3.6%
• Oct 31, 2019OPEC October oil output jumps on swift Saudi recovery: Reuters survey By Reuters+2.4%
• Oct 1, 2025World oil market to see higher surplus after OPEC+ hike, IEA says-1.0%
• Dec 7, 2023Oil market caught by surprise as US output surges+0.1%

After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.

• Aug 16, 2019OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus+3.6%
• Aug 31, 2018Saudi crude oil output in August rises to 10.424 million b/d: OPEC source-1.7%
• Oct 31, 2019OPEC October oil output jumps on swift Saudi recovery: Reuters survey By Reuters+2.5%
• Oct 1, 2025World oil market to see higher surplus after OPEC+ hike, IEA says-2.2%
• Dec 7, 2023Oil market caught by surprise as US output surges-0.2%