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IEA's new Oil Market Report as of 4-13-2017
Posted: Fri Apr 14, 2017 9:48 am
by dan_s
You should all read the highlights here:
https://www.iea.org/oilmarketreport/omrpublic/
Last bullet point is the most important:
"Refinery crude demand will surge by 3.5 mb/d between March and July, with most of the increase coming from Atlantic Basin refiners and the Middle East."
Re: IEA's new Oil Market Report as of 4-13-2017
Posted: Fri Apr 14, 2017 12:04 pm
by dan_s
Oil posted some solid gains this week on outages in Libya, further confidence in an OPEC extension, and the first sizable drawdown in U.S. crude stocks this year. The IEA added its voice to the growing chorus of analysts seeing light at the end of the tunnel.
IEA: oil market very close to balance. The IEA said in its latest report that the oil market is probably already balanced, although more data is needed. Oil inventories are falling in many parts of the world and have started to decline in the OECD as well. In the coming months, the agency says, more substantial inventory declines will arrive and demonstrate that the oil market is no longer oversupplied. At the same time, the IEA downgraded its oil demand growth estimate for this year from 1.4 mb/d to 1.3 mb/d.