Loading…
The IEA cut its 2020 global oil demand forecast for a second consecutive month, now seeing a fall of 8.4 million bpd. The agency cited resurging COVID-19 cases, local lockdowns and continued work-from-home arrangements.
It also noted that sentiment had weakened and that Chinese crude buying had slowed sharply.
A weaker demand outlook points to ample crude and refined fuel supply, which pressures diesel and energy input prices. Lower energy costs can reduce feed transport and processing expenses.
oilprice.comTsvetana ParaskovaSep 15, 2020After 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.
After 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.
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.
