# IEA: Warmer weather may tilt oil market into surplus as demand slows

> The IEA cut its 2017 and 2018 oil demand growth forecasts by 100,000 bpd because of warmer weather. It said the market could return to surplus in the first half of 2018 unless supply disruptions in Nigeria, Iraq and the Middle East persist. Oil inventories in rich nations fell in September.

- Date: 2017-11-01 · published 2017-11-01T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/68145-iea-warmer-weather-may-tilt-oil-market-into-surplus-as-demand-slows
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A weaker demand outlook and possible 2018 surplus point to lower crude prices, which reduce energy input costs and pressure vegetable oil prices through the biofuel link.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-05-20 | [Global oil markets weaken as sluggish demand leaves overhang](https://feedsoft.ai/events/30451-global-oil-markets-weaken-as-sluggish-demand-leaves-overhang.md) | -3.1% | +0.3% |
| BRENT | 2020-03-26 | [Oil sheds more than $1 as weakening demand outweighs stimulus hopes](https://feedsoft.ai/events/5326-oil-sheds-more-than-1-as-weakening-demand-outweighs-stimulus-hopes.md) | -27.4% | -32.3% |
| BRENT | 2020-02-24 | [Oil slides into bear market territory, posting worst day in more than a month](https://feedsoft.ai/events/7115-oil-slides-into-bear-market-territory-posting-worst-day-in-more-than-a-month.md) | -13.0% | -55.2% |
| BRENT | 2019-05-24 | [Oil Falls As US-China Trade War, Demand Make 'Recipe for Disaster' - Business Insider](https://feedsoft.ai/events/9797-oil-falls-as-us-china-trade-war-demand-make-recipe-for-disaster-business-insider.md) | -3.6% | -3.6% |
| BRENT | 2018-02-02 | [Oil prices fall as US stock market slumps and dollar strengthens](https://feedsoft.ai/events/66659-oil-prices-fall-as-us-stock-market-slumps-and-dollar-strengthens.md) | -6.3% | -5.6% |
| WTI | 2024-05-20 | [Global oil markets weaken as sluggish demand leaves overhang](https://feedsoft.ai/events/30451-global-oil-markets-weaken-as-sluggish-demand-leaves-overhang.md) | -3.6% | -0.2% |
| WTI | 2020-03-26 | [Oil sheds more than $1 as weakening demand outweighs stimulus hopes](https://feedsoft.ai/events/5326-oil-sheds-more-than-1-as-weakening-demand-outweighs-stimulus-hopes.md) | -7.5% | -25.7% |
| WTI | 2020-02-24 | [Oil slides into bear market territory, posting worst day in more than a month](https://feedsoft.ai/events/7115-oil-slides-into-bear-market-territory-posting-worst-day-in-more-than-a-month.md) | -16.0% | -61.7% |

## Sources

- hydrocarbonprocessing.com: https://www.hydrocarbonprocessing.com/news/2017/11/iea-warmer-weather-may-tilt-oil-market-into-surplus-as-demand-slows/

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