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The IEA's February Oil Market Report forecasts global oil demand rising by 2 mb/d in 2023 to 101.9 mb/d, led by a resurgent China and a recovery in Asia-Pacific. Global supply held near 100.8 mb/d in January, with OPEC+ output projected to contract as Russia faces sanctions.
Russian oil exports rose to 8.2 mb/d in January ahead of EU product restrictions.
A forecast 2 mb/d demand increase against a contracting OPEC+ supply outlook points to firmer crude prices, which raise diesel and biofuel costs for feed producers.
iea.orgIEA - International Energy AgencyMar 1, 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.
