ENERGY

Oil prices are tumbling this morning despite lower CPI (juicing rate cut hopes), weak retail sales (but strong gas station spending), and a big draw reported overnight by API. It seems the main downside driver was IEA lowering its 2024 demand forecast.

• World oil demand is forecast to grow by 1.1 million barrels per day this year, down 140,000 bpd from last month's projection.

• Global crude inventories surged in March by 34.6 million barrels as trade disruptions pushed oil on (more…)

Oil prices decline today as the last few day's rollercoaster continued after a hotter than expected PPI print, leaving WTI near nine-week lows.

Crude has been on a downward path since April, with the geopolitical risk premium from tensions in the Middle East largely evaporating. Refinery run cuts and narrowing timespreads have signaled a slightly softer market. Yet prices remain elevated for the year as OPEC and its allies restrict flows.

However, an OPEC report published (more…)

Authored by Robert Burrows via BondVigilantes.com,

Few commodities wield as much influence in the intricate web of global economics as oil. Oil is pivotal in driving economic growth and development as the primary energy source for transportation, manufacturing, and countless other sectors. However, beneath its surface lies a hidden truth: oil can act as a tax on growth, imposing significant costs on economies worldwide. 

The Economic Impact of Oil Prices

Oil prices have a profound (more…)