汇丰银行-全球-石油与天然气行业-石油问题关注：2017年10月产业数据

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1、19October2017OilthingsconsideredEQUITIESOIL&GASCuttingthroughtheoilindustrydata:October2017GlobalInventoriescontinuetotrendsteadilydownwardGordonGray*GlobalHeadofOil&GasEquityResearchUSactivityhasstalled,butvolumesaresharplyhigherHSBCBankplcgordon.gray@hsbcib.com+44

2、2079916787WestillseelongertermpriceupsidedespitetherecentrallyKimFustier*Oil&GasAnalystBrentcrudehitaYTDhighinSeptember,andpricescontinuetostabiliseatmuch-HSBCBankplcimprovedlevels.kim.fustier@hsbc.com+442033592136Inventoriesarecontinuingtheirsteadydownwardtrend.UScommer

3、cialstocksareThomasHilboldt*,CFAnowonly8%abovetheirfive-yearaveragevs21%atthepeakinFebruary,whileHeadofResourcesandEnergyResearch,Asia-PacificTheHongKongandShanghaiBankingCorporationLimitedlatest(August)OECDdatashowsahalvingofthesurplussincethestartofthisyear.thomaschilbo

4、ldt@hsbc.com.hk+85228222922OPECsupplywasbroadlyflatinSeptember,withcomplianceatwellover80%butaDavidPhillipsnetcutofonly0.5mbdafterfactoringintherecoveryinLibya.TheOPECagreementGlobalHeadofResourcesandEnergyResearchtoreininsupplyisscheduledtoruntoend-1Q18,buttherearesignst

5、hatkeyHSBCSecurities(USA)Inc.david.1.phillips@us.hsbc.commembersareedgingtowardsextendingittoyear-end2018.+12125258637TheUSoilrigcounthasstalledandisnowdown3%fromitsAugustpeak.*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisMeanwhile,productivitydatastillshowsave

6、rageproductivityperrigflat-to-downinnotregistered/qualifiedpursuanttoFINRAregulationsaggregate,withincreasesintheBakkenanotableexception.Therateofwellcompletionsisstillgrowing,butitisnotyetmatchingthepaceofwellsdrilledsothenumberofdrilled,uncompletedwells(DUCs)continuesto

7、rise.Latestweeklydatawasaffectedbyprecautionaryhurricaneshut-ins,butthepriorweek’sdatashowedUScrudesupplyup1.0mbdy/y,andtotalsupply(includingNGLs)up1.2mbd.However,latestrevisedmonthlydataforcrudeisshowingvolumesaround200kbdlowerthanthis,andOctober’sDrillingProductivityRep

8、ortsawanotherdowngradetoEagleFordproductionestimates.Nevertheless,thestrongmomentumofUStightoils