NEWS

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EIA STEO raised its forecast for 2021 world oil demand up 180,000 up to 5.5M.  In 2022 it sees world oil demand to decrease by 180K to 3.65M BPD. At the same time sees crude oil output in 2021 to fall 270K to 11.04M  and t in 2022 unchanged increase by 820K to 11.86M.

EIA STEO expects U.S. consumption of natural gas will average 82.9 billion cubic feet per day (Bcf/d) in 2021, down 0.4% from 2020. The decline in U.S. natural gas consumption is a result of less natural gas consumed for electric power generation because of higher natural gas prices compared with last year.

The IBD/TIPP Economic Optimism Index rose to a new high since February 2020 before the Covid-19 shutdown in April. The index rose 1.8% to 56.4 in April of 2021. The six-month outlook for the US economy jumped 5.1 percent to 55.9.

The Reserve Bank of Australia held interest rates at an all time low on Tuesday to just 0.1% as widely expected. RBA remains committed to maintaining highly supportive monetary conditions until its goals are achieved. RBA later in the year will consider whether to retain April 2024 bond as target bond.

The key ISM March US services index soared to an all time high 63.7 vs 59.0 marks the tenth straight month of growth for the services sector which accounts for over 80% of the US GDP.  All 18 services industries reported growth with many getting supply chain disruptions bringing inflation risk.  

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