Free Trial

Crude Falls on Lower OPEC Demand Forecast

OIL

Crude markets have fallen 2$ after the downwards revision to the OPEC demand forecasts for 2022 and 2023 in their monthly oil report.

  • OPEC cut the 2022 oil demand forecast by 350kbpd to 99.6mbpd and 2023 by 710kbpd to 102.02mbpd.
  • They see significant uncertainty in global economic growth on deteriorating macroeconomic conditions, persisting supply chain issues, geopolitical risks and covid lockdowns.
  • Crude time spreads have followed the move trading off from earlier gains and now negative on the day.
    • Brent DEC 22 down -1.4% at 92.95$/bbl
    • WTI NOV 22 down -1.7% at 87.85$/bbl
    • WTI-Brent down -0.02$/bbl at -6.47$/bbl
    • Brent DEC 22-JAN 23 down -0.08$/bbl at 1.72$/bbl
    • Brent JAN 23-FEB 23 down -0.04$/bbl at 1.75$/bbl
    • Brent DEC 22-DEC 23 down -0.41$/bbl at 12.36$/bbl

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.