IEA Refers to Product Undersupply in its Monthly Issue

Oil

The IEA revised down the global refinery throughput forecast for the third quarter of 2017 by 0.7M b/d, mainly due to Hurricane Harvey which caused extensive disruptions to Texas energy hub. This results in global refined products undersupply for the second consecutive quarter. That being said, the IEA also argues that the impact from Harvey on US oil markets in the Gulf Coast is easing and expected to be relatively short-lived.