# FreightWaves oil report: long-range imbalances are eclipsing short-term bullish developments - FreightWaves

> Oil rose early in July despite Tropical Storm Barry shutting about 1 million b/d of U.S. Gulf of Mexico output and tensions over ship explosions in the Persian Gulf. EIA, IEA and OPEC reports all forecast that the world will need much less OPEC oil next year than it currently produces.

- Date: 2019-07-13 · published 2019-07-13T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/58284-freightwaves-oil-report-long-range-imbalances-are-eclipsing-short-term-bullish
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected weaker OPEC demand for 2020 limits crude upside, which tempers energy input costs for feed mills and transport.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Sources

- freightwaves.com: https://www.freightwaves.com/news/freightwaves-oil-report-long-range-imbalances-are-eclipsing-short-term-bullish-developments

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.