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The IEA's March 2021 Oil Market Report forecasts world oil demand rebounding by 5.5 mb/d in 2021 after a 2020 contraction, with vaccine deployment supporting growth in the second half. It also reports global supply fell 2 mb/d in February due to a U.S. cold snap and an extra Saudi cut.
A strong demand recovery alongside constrained supply tightens the crude balance and supports energy prices. Higher energy costs raise feed production and transport expenses.
iea.orgMar 17, 2021After 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.
