ENERGY

Oil prices extended gains overnight after EIA confirmed OPEC's report that the world faces a huge supply shortfall.

Demand will eclipse supply by 1.2 million barrels a day on average during the second half, the IEA projected Wednesday. That follows a forecast from the Organization of Petroleum Exporting Countries that the fourth quarter may see the biggest deficit in more than a decade.

The CPI print dragged oil prices lower (hot inflation, hawkish Fed, slower demand) into the (more…)

 Oil extended its rally to a 10-month high as production cuts by leaders of the OPEC+ cartel strain global supplies, a setup that’s projected to create the tightest crude market in a decade in the months ahead.

API

• Crude +1.174mm (-1.9mm exp)

• Cushing

• Gasoline (-300k exp)

• Distillates (+400k exp)

After four straight weekly draws, API reports an unexpected 1.1mm barrel build in crude stocks last week..

Source: Bloomberg

WTI was (more…)

Oil prices had been coiling for a few days ahead of this data and are breaking out now after OPEC reports that global oil markets face a supply shortfall of more than 3 million barrels a day next quarter – potentially the biggest deficit in more than a decade.

If realized, it could be the biggest inventory drawdown since at least 2007, according to a Bloomberg analysis of figures published by OPEC’s Vienna-based secretariat.

OPEC’s 13 members have pumped an average (more…)