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The IEA's November 2023 Oil Market Report projects world oil demand reaching 102 mb/d in 2023, with China driving most of the increase. It forecasts demand growth slowing to 930 kb/d in 2024 as OECD economies weaken.
Supply hit a record 101.8 mb/d in 2023, led by US and Brazil output.
Slowing demand growth and record supply point to a looser crude market, which keeps energy costs for feed and transport contained. The outlook offers no clear directional shock for feed commodities.
iea.orgNov 14, 2023After 56 past neutral report events, Crude Oil (WTI) moved a median +0.0% over 5 sessions (50% higher; middle half -2.7% to +2.5%), and +0.8% over 20.
After 41 past neutral report events, Crude Oil (Brent) moved a median -1.4% over 5 sessions (41% higher; middle half -4.0% to +1.9%), and +1.8% 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.
