Market Support Comes from Raised IEA Demand Forecast
December 15, 2023
The energy markets continued to trade higher again yesterday. Earlier in the week prices fell to six-month lows and that has attracted some buyers looking for value. The market was also supported by the IEA raising their demand forecast, the Fed keeping rates unchanged and signaling the potential for cuts next year, the US EIA inventory report that showed a larger decline to crude stocks and increased gasoline demand, as well as the US Dollar trading lower. If crude can finish the day higher, it will be the first weekly gain in almost 2 months.