ENERGY

Authored by Charles Kennedy via OilPrice.com,

Consistent data-based forecasts show that peak oil and other fossil fuel demand will not happen before 2030, as the International Energy Agency (IEA) claimed earlier this week, OPEC said on Thursday, dismissing the claims of the “beginning of the end of fossil fuels.”

Demand for oil, natural gas, and coal is nearing its peak, the head of the International Energy Agency said in an op-ed for the Financial Times on (more…)

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…)