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The IEA, EIA and OPEC published divergent 2018 outlooks for oil supply and demand growth. The EIA forecasts record U.S. output and demand growth of 1.73 million b/d, while the IEA warns that a second wave of U.S. shale could overwhelm OPEC cuts.
Conflicting forecasts of supply surplus versus tightness keep crude price direction uncertain. Buyers should watch energy costs that feed into freight and input prices.
archive.businessday.ngFeb 21, 2018After 56 past neutral report events, Crude Oil (WTI) moved a median +0.0% over 5 sessions (50% higher; middle half -2.7% to +2.5%), and +0.8% over 20.
After 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.
