Standard Chartered: The risk of negative oil demand growth is increasing

Standard Chartered analysts are now forecasting a decline in global oil demand by more than 400,000 bpd year-over-year in the fourth quarter amid increasingly negative fundamentals. According to Standard Chartered, China is unlikely to “turbocharge” oil demand growth. “Oil prices have risen recently, partly in hopes that China will reopen its economy and cause a … Read more

The next big bullish catalyst for oil is here

By ZeroHedge – 08 Nov 2022, 09:00 CST Chinese stocks rose last week as Beijing considers easing or reversing draconian Covid-zero restrictions. Goldman Sachs’ Chinese economists believe that recent headlines simply mark the beginning of a several-month preparation period for reopening. An early reopening of a bull case would pose a $6/bbl … Read more

Is this the next big threat to oil demand?

US industrial growth slowed to its lowest level since the start of the pandemic recovery in September, another sign that the US economy is cooling amid aggressive Fed rate hikes. If the trend continues in the coming months, it could mean a recession is coming to the United States, analysts say. Still, most think it … Read more

Razor-sharp reserve capacity to keep oil prices high

The recovery of the economies and oil demand after the corona crisis has left global reserve oil production capacity at a very low level with a very small buffer to absorb potential short-term supply-side shocks. Despite the economic slowdown already underway in many parts of the world and fears of recessions in Europe and the … Read more

Oil prices under pressure, but bullish catalysts emerge

WTI crude oil futures in December are rising towards the end of Thursday but struggling to move higher this week. Price action has been volatile all week, especially today as traders were asked to deal with an aggressive Federal Reserve rate hike from the previous day, poor trading in the US dollar due to intervention … Read more

OPEC optimistic about global economic growth

Global economic growth is expected to remain robust at 3.1% this year and a further 3.1% next year, OPEC said on Tuesday in a forecast suggesting the cartel expects healthy growth in oil demand despite the market fear of a recession. In his September Monthly Oil Market Report (MOMR) released today, OPEC made no changes … Read more

Record high gas prices could be bullish for oil

At the moment, oil bears seem to rule as global crude oil prices have fallen even after OPEC+ agreed to a symbolic 100,000 barrel-a-day cut in production. Recession fears, inflation and a slowdown in industrial activity are supporting the bearish case, as oil prices reflect. Still, volatility remains high as Russia’s inconsistent tone vis-a-vis crude … Read more

OPEC+ oil production could fall in September

The 100,000 bpd production target set by OPEC+ for September could eventually turn into a production cut, the IEA said on Thursday, with a possible dip in Russian production. According to the IEA, OPEC+ is unlikely to increase production in the coming months because of a shortage of spare capacity. “Relatively low levels of operational … Read more

Oil dips amid renewed demand problems

Oil prices fell 4% in early August as the market digested weak economic data from China, the world’s largest importer of crude oil. As of Monday, 10:12 a.m. ET, WTI Crude prices fell 4.49% to $94.22. WTI Crude started declining in August, following its first consecutive monthly losses in June and July since late 2020. … Read more