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The IEA November report forecasts world oil demand growth of 920 kb/d in 2024 and just under 1 mb/d in 2025, to 102.8 mb/d and 103.8 mb/d. Global supply rose 290 kb/d in October, and OPEC+ delayed unwinding of voluntary cuts to January at the earliest.
Soft demand growth and rising non-OPEC supply point to a looser crude market, pressuring energy costs and related feed-chain margins.
iea.orgNov 14, 2024After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
