The International Energy Agency (IEA) forecasts a major oil supply glut by the end of the decade, contradicting OPEC's long-term outlook which sees no peak in oil demand and anticipates growth to 116 million barrels per day by 2045. The IEA's prediction includes a significant decrease in gasoline demand by 2030, driven by increased electric vehicle penetration. OPEC, however, calls for more investment in fossil fuels to prevent a potential shortfall and criticizes the IEA's forecast as unrealistic. Meanwhile, oil prices have been volatile, influenced by the Fed rate decision and increased US stockpiles. Brent crude futures dropped to $82.17 a barrel and WTI fell to $78.04, with WTI settling at $78.45. Despite this, oil prices are set for their best week in two months due to solid demand outlooks and a tightening diesel market in Europe, where the fuel’s premium over crude oil has reached a two-month high. WTI posted a 3.9% weekly advance.
Market Alert | Oil: How did WTI and Brent fare this week?👇 #oil #crude https://t.co/jnurc6czkA
"Rising fuel inventories have begun to weigh on crack spreads and likely signal a slowdown ahead." https://t.co/13RaVYPK3v #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/bGHXbViZ0g
WTI settled above $78 a barrel, posting a 3.9% weekly advance. "Crude made the bulk of its gains on Monday after traders “bought the dip” following last week’s selloff" https://t.co/H2G9UiYvsN #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/yXeUSjAzU8
Fatih Birol's "Staggering Glut" vs The IEA Data Total oil demand wil increase through 2029 IEA expects gasoline demand to decrease -1.6 mmb/d by 2030 #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/71TLr6ITQv
🛢️ OIL CONTEXT WEEKLY 🛢️ 📈 Crude prices recover to pre-OPEC+ meeting levels 📈 Term structure has seemingly turned the corner stronger 📈 And diesel markets are showing signs of life for the first time in months. Full Report: https://t.co/4k7IFT0sp6 Summary: https://t.co/OfQEsklCBh
Charts on crude net-positioning of non-commercial accounts (=managed money and other reportables) in Brent and WTI futures and options combined #OOTT latest value is June 11 https://t.co/D75vhaxuz1
Money managers increase their net-length in WTI crude oil futures and options by 40,393 contracts to 192,735 in the week ending June 11 Long-only positions rose by 13,243 Short-only positions fell by 27,150 other reportables net-length fell by 15,044 CFTC #oott
WTI managed money position up by ~40 MMbbl, so this was actually a decent-sized recovery (~70 MMbbl combined) Had expected more of a rotation into Brent, but I guess the real term structure outperformance only started after the end of the CoT window (Tuesday) https://t.co/k9T5ZXtRy5
WTI managed money position up by ~40 MMbbl, so this was actually a decent-sized recovery (>70 MMbbl combined) Had expected more of a rotation into Brent, but I guess the real term structure outperformance only started after the end of the CoT window (Tuesday) https://t.co/k9T5ZXtjIx
DGCX WTI CRUDE OIL FUTURES SETTLE AT $78.45/BBL, DOWN 17 CENTS, 0.22 PCT
WTI settled at USD 78.45/bbl #oott
Honestly not a ton of spec flow back into Brent, feels relatively bullish (but gotta wait on WTI as per usual) Also an interesting combination of short-covering alongside a sprinkle of continued long trimming. https://t.co/YNv9QRArSV
Short covering rally in Brent last week #oott https://t.co/ymW4nL6509
Money managers increased their net-length in Brent crude oil futures and options by 26,008 contracts to 71,686 in the week ending June 11 Long-only positions fell by 9,252 Short-only positions fell by 35,260 other reportables net-length fell by 5,976 ICE #oott
European gasoil futures have seen prompt calendar spreads rocket back into backwardation over the past two days. Clearly the epicenter of the middle distillates market recovery given that US diesel remains in contango. https://t.co/ZGDgD1U7o1
Crude rally has been Brent-driven, with prompt Brent calendar spreads >$0.10/bbl higher vs WTI. Expect a continued rotation back into Brent futures by participants incentivized by the richer roll yield, many had previoiusly abandoned Brent to WTI's briefly-richer yields.
Oil holding up. Sub-$20/bbl USGC cracks not great but arguably improving (at least distillate cracks are). Energy stocks terrible May not be a bad time to start nibbling at some of them: $FANG, $CNQ.TO, $CIVI - Producers $MPC, $VLO - Refiners $XOM - IOCs Caveat Emptor, DYODD
#China to cut gasoline, diesel retail prices #oott https://t.co/zFmFLYgW8I
Traders can get higher prices in Asia. Europe prices need to ⬆️ “The bullish trend in European diesel prices is likely to persist until that transatlantic trade becomes profitable." https://t.co/6O6m9bb3ju #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities https://t.co/9vzq87PdIn
Crude prices rallying again back to highs for the week, up ~$3.60/bbl vs last Friday with Brent currently sitting just above $83/bbl Your week in crude thus far: https://t.co/TubLyM1eNa
“Products are proving remarkably resilient.” --PVM "The spread between monthly Brent contracts continues to show a premium for prompt supplies." https://t.co/H2G9UiYvsN #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities https://t.co/PAZ6LMACiK
Oil prices on pace for best week in more than two months as forecasts point to tighter market https://t.co/NvzlBdCD7U
#Oil Prices Surge on Positive Demand Outlook https://t.co/hElMxpOxrL
Europe’s Diesel Market Gets More Bullish as it Struggles to Attract US Supply Sparta says Europe isn’t pulling diesel supplies from the US Fuel’s premium to Brent crude is at its highest since April #oott https://t.co/YuI0984Jk5
Oil prices set for best week in two months on demand outlook - Reuters https://t.co/FpylXQMOUZ
From @Bloomberg, with comments from James Noel-Beswick, Commodity Owner at Sparta: > Europe's diesel market is tightening, with the diesel premium over crude oil at a two-month high > The crack spread for making diesel from Brent crude rose to about $21 a barrel > Currently,…
Oil prices set for best week in two months on demand outlook https://t.co/b4VOBUzNDx
Europe’s Diesel Market Gets More Bullish as it Struggles to Attract US Supply https://t.co/xOMYwYDsUQ
Europe’s diesel market shows signs of tightening, with the fuel’s premium over crude oil reaching a two-month high https://t.co/e6jXOfzYVP
OPEC disagrees with IEA prediction of peak oil demand by 2030: - Cites IEA patchy record in forecasting peak demand in gasoline & coal - Says latest prediction is a continuation of IEA anti-oil narrative - Sees global consumption rising to mid-century https://t.co/2edJ43GARE
OPEC sees no peak oil demand long term, secretary general says https://t.co/54sqRiqX94 https://t.co/9F7fRxIySM
#China’s Oil Refiners Are Slowing Down After Decades of Growth Most polled analysts see processing lower or flat year-on-year Soft economy, property woes, energy transition crimp fuel use #oott https://t.co/wnthShZ07M
Oil prices on track for weekly gain on solid demand outlook https://t.co/znvujdqjBd https://t.co/OxQQaxVwa2
"Refiners...have at least 1 mmb/d of spare processing capacity that they won’t use due to poor demand. "The prospect of lower Chinese demand presents OPEC+ with a dilemma when it comes to raising output this year." https://t.co/38s18TOUBc #energy #OOTT #oilandgas #WTI #CrudeOil… https://t.co/tfLEzbzc9D
"Brent dropped below $82 a barrel, on track to snap four straight days of gains. "WTI was below $78." https://t.co/H2G9UiYvsN #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities https://t.co/SeMyKXx1Vh
IEA's outlook shows a disconnect between GDP growth and oil demand growth, with unrealistic assumptions about EV penetration and gasoline demand drop. https://t.co/XlMZBHloNw
THE DECLINE ENDS A FOUR-DAY STREAK OF GAINS FOR WTI, WITH BRENT FUTURES REMAINING NEARLY UNCHANGED AROUND $83 A BARREL.
OIL PRICES FELL AT THE OPEN IN ASIA DUE TO RISK-OFF SENTIMENT IN FINANCIAL MARKETS AND SIGNS OF STRONG GLOBAL SUPPLY, WITH WTI DROPPING 1.1% TO BELOW $78 A BARREL.
#OPEC does not see a peak in #oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, the secretary general says. https://t.co/4LOUcgcW0j
OPEC Slams IEA For "Dangerous" Forecast Of Peak Oil Demand By 2030 https://t.co/CG2uk2ZiEe
Diesel looks like it's finally recovering, term structure back at its stongest since mid-April Diesel structure has been weakening for the past five months and looks like it finally found a floor last week Still in contango, but only $0.90/bbl today vs >$2.50/bbl in early June https://t.co/GYdNBVB0qk
WTI settled at USD 78.62/bbl #oott
OPEC calls for more fossil fuel investment to prevent shortfall, dismisses peak oil demand prediction - CNBC
OPEC calls for more fossil fuel investment to prevent shortfall, dismisses peak oil demand prediction https://t.co/FyZZgNmpS4
Al Ghais: Peak oil demand not on the horizon #oott #opec https://t.co/LtFBihkPOl
#OPEC sees no peak oil demand long term, secretary general says #oott https://t.co/DSe5w2oDXZ
WTI spot price of $74.65 was about -$2.50 less than the marginal price of $77 for the week ending June 7 #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities https://t.co/O8hHNKza9i
Oil prices fall after bearish increase in U.S. stockpiles, cautious Fed rate cut outlook https://t.co/4nauLea6l0
Oil prices steady amid divergent OPEC and IEA demand projections #crudeoil #OPEC #IEA #oott https://t.co/F8qJm29Tsv
Peak oil demand not on the horizon NEW #OPEC SG article ➡️ https://t.co/LYampYMmBQ
Oil softens on Fed rate decision, ample supply outlook - Reuters https://t.co/VLtdTWYXTf
"In the Fed's view this is the price that needs to be paid to achieve a soft landing and avoid recession beyond doubt." --Tamas Varga, PVM Brent crude futures was down 43 cents, or 0.5%, to $82.17 a barrel by 0902 GMT. WTI fell 46 cents, or 0.6%, to $78.04.… https://t.co/lJGWdRxL5A
Global oil markets likely to face large supply deficits soon, says report The research indicates that markets will easily be able to absorb any increase coming from OPEC+ members.
The IEA sees a major supply glut for oil by the end of the decade. @JoumannaTV explains why, and what this means for OPEC+. https://t.co/KDsve3F6xq https://t.co/wvcYLcc2en