New IEA "Oil Market Report"

[dan_s]

"Global oil demand grew very strongly year-on-year in 2Q17, by 2.3 mb/d (2.4%). For 2017, we have revised upwards our growth estimate to 1.6 mb/d. OECD demand growth continues to be stronger than expected, particularly in Europe and the US. Hurricanes Harvey and Irma are projected to slow US oil demand growth in 3Q17."

Read summary here: https://www.iea.org/oilmarketreport/omrpublic/

The post hurricane demand slowdown will be brief. Q3 demand will be higher than Q2 when actual numbers come in.

[dan_s]

Analyst's comments on IEA report: http://www.zerohedge.com/news/2017-09-1 ... -two-years

I will present my thoughts on the IEA report in my opening remarks at our Thursday luncheon in Houston.

[dan_s]

Bloomberg: Oil Climbs as IEA Sees Fastest Demand Growth in Two Years.

The price of oil rose this morning as the International Energy Agency forecast the strongest demand growth in two years, while OPEC was said to discuss prolonging output cuts further into 2018. Futures gained 1 percent in New York after rising 1.6 percent the previous two sessions. The IEA boosted its forecast on stronger-than-expected consumption in Europe and the U.S., and said that inventories of refined products are subsiding to their five-year average. A six-month extension to supply curbs from the end of March is one of the options being considered by OPEC and its allies, according to a person familiar with the matter.