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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.
OIL
Global oil inventories are forecast to fall slightly in each of the next five quarters following the adjusted OPEC production targets for 2024 putting some upward pressure on crude oil prices according to the EIA Short Term Energy Outlook released yesterday. Demand is set to rise at a more moderate pace to last year due to a fall in diesel consumption.
- The Brent crude spot price is forecast to average 79$/bbl in 2H23 and 84$/bbl in 2024.
- Global liquids fuels consumption will rise by 1.6mb/d in 2023 and an additional 1.7mb/d in 2024 mostly from non-OECD countries. Global liquids fuel consumption is forecast at 101.01mb/d in 2023 and 102.7mb/d in 2024.
- Global liquids output is forecast at 101.37mb/d in this year and 102.6mb/d in 2024.
- EIA expect US crude oil production to rise faster this year to 12.61mb/d with 2024 forecast at 12.77mb/d compared with 12.69mb/d projected in May.
- US liquid fuels consumption to increase in 2023 led by gasoline and jet fuel, and in 2024 led by propane and ethane. US liquid fuels consumption is estimated at 20.4mb/d this year, down from 20.5mb/d.
- US distillate consumption is expected to fall in 2024 with trucking impacted by US consumer spending shifting to services rather than manufactured goods.
Source: EIA STEO
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.
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