Oil Demand is Seasonal - Demand spike just weeks away
Posted: Mon Feb 12, 2024 9:04 am
From OilPrice.com: Oil Markets Are Much Tighter Than Oil Prices Suggest
By Alex Kimani - Feb 11, 2024, 6:00 PM CST
According to StanChart, the global oil surplus we are currently witnessing is due to seasonal weakness in the month of January.
StanChart notes that there’s been a January inventory draw in only three years since 2004, with the first month of the year averaging a build of 1.2 million barrels per day.
StanChart has predicted that this surplus is transitory and will flip into a 1.6 mb/d deficit in February.
The Energy Information Administration (EIA) is even more bullish and has forecast a 2.3 mb/d oil supply deficit.
Read more: https://oilprice.com/Energy/Crude-Oil/Oil-Markets-Are-Much-Tighter-Than-Oil-Prices-Suggest.html
By Alex Kimani - Feb 11, 2024, 6:00 PM CST
According to StanChart, the global oil surplus we are currently witnessing is due to seasonal weakness in the month of January.
StanChart notes that there’s been a January inventory draw in only three years since 2004, with the first month of the year averaging a build of 1.2 million barrels per day.
StanChart has predicted that this surplus is transitory and will flip into a 1.6 mb/d deficit in February.
The Energy Information Administration (EIA) is even more bullish and has forecast a 2.3 mb/d oil supply deficit.
Read more: https://oilprice.com/Energy/Crude-Oil/Oil-Markets-Are-Much-Tighter-Than-Oil-Prices-Suggest.html