IEA warns latest oil price drop is running against backdrop of a supply crunch in 2H 2023

News
  • Global oil demand set to rise by 2.2 mil bpd in 2023 to a record 102 mil bpd
  • Current market pessimism stands in stark contrast to tighter market balances in 2H 2023
  • That is when we expect demand to exceed supply by almost 2 mil bpd
  • China will account for nearly 60% of global oil demand growth this year
  • China’s demand recovery has surpassed expectations, reaching a record 16 mil bpd in March

The above fundamental outlook is still being retained and is one reason to stay bullish on oil in the months ahead. However, the technicals are still a considerable factor as well. And right now, it is pointing to buyers just barely hanging on – with the 200-week moving average below $70 limiting a further drop in WTI crude.

Articles You May Like

France’s 2026 budget to be a ‘demanding’ undertaking, French economy minister warns
USD firmer on renewed tariff threats – Scotiabank
UnitedHealth Group stock crashes as DOJ opens fraud probe
Brent oil prices tick down after gaining on Caspian pump station attack
USD/JPY Drops Below 150, Japan CPI to Decide Next Move

Leave a Reply

Your email address will not be published. Required fields are marked *