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The IEA says output cuts extended by Saudi Arabia and Russia through the end of 2023 will create a substantial market deficit in the fourth quarter. The agency left its demand growth estimates largely unchanged.
Brent has breached $90 a barrel for the first time this year.
An IEA forecast of a sharp Q4 deficit supports firmer crude prices, which raise diesel and transport costs for feed and grain logistics. Stronger energy prices can also support biofuel feedstock demand.
reuters.comNatalie GroverSep 13, 2023After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
