US EIA Cuts 2023 Oil Demand Forecast
November 8, 2023
The API inventory report had crude oil stocks up 11.9 million barrels, gasoline stocks were down 360,000 barrels and distillates were up 980,000 barrels.
There is no EIA inventory report today. The EIA is doing some system maintenance, and we will get two reports next week.
In its Short-Term Energy Outlook, the US EIA cuts its forecast for 2023 world oil demand growth by 300,000 bpd to 1.46 million bpd year on year. However, it increased its forecasts for 2024 world oil demand growth by 80,000 bpd and now expects a 1.4 million bpd year on year increase.
The oil market fell sharply yesterday to its lowest level since late July on concerns over demand amid weak trade data from China and doubts on whether the Federal Reserve has finished raising rates. The market was pressured over night following trade data from China showing that exports fell at a faster pace than expected, signaling a continued decline in Chinese economic outlook.
The Biden administration is again talking about buying barrels for the SPR as crude prices fall.