Standard Chartered Sees Oversupplied Gas Markets, Tightening Oil

Last year, the month of January recorded an oil mega-surplus of 3.4 mb/d, the third biggest surplus in the first month of the year over the past two decades. January is a seasonally slow month for oil markets due to weak demand. The entire first quarter of 2023 saw oil markets oversupplied with global oil inventories growing by 151 million barrels. Thankfully for the oil bulls, market fundamentals have kicked off the new year on a high note.  Commodity experts at Standard Chartered estimate that last month’s oil demand clocked in at…