Market Insights

July 6, 2016 • Posted in Market Insights

Week of July 4, 2016

  • IHS raised its estimates of 2016 global oil demand by about 0.2 mm bbl/day to 1.3 mm bbl/day due to growth in China, India and the U.S.
  • IHS also sees supply outages in Canada, Nigeria and Libya blunting the impact of a faster-than-anticipated return of Iranian oil supply
  • The high oil inventories seen over the past two years are falling but will still restrain upward price pressure for the foreseeable future
  • Balancing these factors, the price forecast has been revised up by $2/bbl to $50/bbl in Q3 & Q4 2016 and by $5/bbl to $57/bbl in 2017

 

WTI Crude Oil & Brent Crude Oil 07042016

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