EIA Raises 2024 Global Oil Demand Forecast
June 12, 2024
Energy markets were mixed yesterday with crude oil and ULSD higher and RBOB down on the day. Supporting prices are strong world oil demand forecast from the US and OPEC for the balance of 2024 and 2025. In a monthly report released yesterday, OPEC left its forecast for oil demand growth this year unchanged at 2.2 million bpd and did not adjust its 2025 forecast growth of 1.8 million bpd.
In its monthly report the EIA raised its 2024 global oil demand forecast by 200,000 bpd up to 1.10 million bpd from last month world oil demand growth forecast for a rise of 900,000 bpd.
Many energy analysts said the sell-off last week had over-looked the flexibility of OPEC+ to adjust to supply and demand conditions and oil price levels with their oil output cut program.
The API inventory estimates called crude oil down 2.428 million barrels, gasoline down 2.549 million barrels and distillates up 972,000 barrels.
The average estimate for today’s DOE inventory update from the Bloomberg survey is crude oil stocks down 886,000 barrels, gasoline stocks up 868,000, and distillates up 1.561 million barrels.
The estimate for propane is for stocks to build by 2.4 million barrels.