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MNI Commodity Weekly: OPEC, IEA and EIA Remain Bullish China Despite Sluggish Signals

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Executive Summary:

  • OPEC, IEA and EIA Remain Bullish China Despite Sluggish Signals: The latest forecasts from OPEC, the IEA and the EIA remain optimistic on Chinese oil demand consumption for the remainder of this year. The IEA revised up this year’s oil demand forecasts and remains the most bullish with oil consumption rising to a new record of 102.3mbpd this year, while the OPEC and EIA forecasts are more conservative at 101.91mbpd and 101.01mbpd, respectively.
  • Oil Markets: Oil markets recover from demand driven lows on potential China support measures, a US Fed pause and plans to start refilling the US strategic petroleum reserves. Refining margins are seeing support from refinery outages in both the US and Europe.
  • Gas Markets: Volatile TTF is trending higher on tighter market concerns from extended Norwegian maintenance, while warm weather is increasing cooling demand and potential LNG competition from Asia. Modest production growth and demand for cooling is supporting US natural gas.
Full piece here:

MNI Commodity Weekly - OPEC, IEA and EIA Remain Bullish China Despite Sluggish Signals..pdf

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