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MNI Commodity Weekly: As Supply Cuts Wage on, IEA, EIA and OPEC Take Stance on Market Outlooks

OIL

As Supply Cuts Wage on, IEA, EIA and OPEC Take Stance on Market Outlooks: Oil markets remain pulled between uncertain Chinese demand levels and extended Saudi/Russia voluntary cuts. The main forecasting agencies have released their latest forecasts from a demand and supply perspective for the remainder of this year and next.

Oil Markets: Crude and oil products maintain a bullish trend with Brent at the highest since last November and strong curve backwardation driven by OPEC cuts, improved US demand optimism and refinery outages.

Gas Markets: Volatile European gas markets weigh LNG supply risks against returning pipeline supplies, healthy storage levels and low demand ahead of the winter season. US maintains support from high domestic cooling demand despite a Freeport LNG supply drop.


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