Loading…
The IEA's monthly Oil Market Report said the market remains calm despite supply concerns around Libya, Iran, Venezuela, and recent attacks on shipping and Saudi pumping stations. It cut its 2019 demand growth estimate by 90,000 b/d on weaker first-quarter data from Brazil, China, Japan and others.
Brent was little changed at just above $70.
A downgrade to demand growth signals softer fuel demand, which weighs on energy prices and diesel costs. Supply risks keep the outlook balanced rather than clearly bearish.
ogj.comOGJ editorsMay 15, 2019After 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.
