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The IEA's December 2018 Oil Market Report estimates 2018 global oil demand growth at 1.3 mb/d and 2019 growth at 1.4 mb/d. Global supply fell 360 kb/d in November to 101.1 mb/d, and OPEC agreed to cut output by 0.8 mb/d from January.
OECD commercial stocks rose for a fourth consecutive month.
The announced OPEC cuts tighten supply expectations for 2019, which supports crude prices, while rising OECD stocks offset some of that support. Crude price direction affects energy costs and biofuel economics for feed-linked commodities.
iea.orgDec 12, 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.
