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Crude Extends Gains on IEA 2024 Oil Demand Outlook

OIL

Crude markets are extending earlier gains following the adjustment higher to the 2024 oil demand growth forecast in the latest IEA monthly oil report. Previous gains were on the back of higher-than-expected US stockpile draws, Red Sea vessel attacks and signals of Fed cuts in 2024.

    • Brent FEB 24 up 1.8% at 75.62$/bbl
    • WTI JAN 24 up 1.7% at 70.68$/bbl
    • WTI-Brent down -0.11$/bbl at -4.65$/bbl
  • Global oil demand growth forecast for 2024 has been revised up by 130kbpd to 1.1mbpd to reach 102.8mbpd according to the IEA Monthly Oil Market Report. Demand is forecast to rise by 2.3mbpd to 101.7mbpd in 2023, down by 90kbpd from previous estimates.
  • In contrast, the EIA revised down 2024 oil demand growth expectations were OPEC kept forecasts stable.

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