OPEC Monthly Oil Market Report April 2024

The OPEC Monthly Oil Market Report (MOMR) for April released Thursday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. OPEC and its allies are voluntarily cutting their production by about 2 million barrels a day, a policy that will be reviewed at their next meeting on June 1.  MOMR Highlights OPEC Monthly Oil Market Report April 2024 US Rig, output and DUC Summary … Continue reading “OPEC Monthly Oil Market Report April 2024”

OPEC Monthly Oil Market Report February 2024

The OPEC Monthly Oil Market Report (MOMR) for February 2024 released Tuesday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. Saudi Arabia’s energy minister said that OPEC stands ready to alter its policy at any time the day before the release. The report comes after Oil prices have pulled back but remained volatile after initially surging rose after the Hamas/Israel war. OPEC blames … Continue reading “OPEC Monthly Oil Market Report February 2024”

IEA Revises Oil Demand Growth Forecast Higher for Third Month in a Row

Paris-based International Energy Agency IEA in its latest monthly Oil Market Report Thursday revised higher it’s 2024 oil demand growth forecast seeing an improving outlook. This is three months in a row that the IEA has revised higher its oil demand growth forecast for this year. It should be noted that IEA’s projection is more conservative compared to the 2.25 mil bpd forecast made by OPEC this week. The agency said last month record US crude oil supply is squeezing … Continue reading “IEA Revises Oil Demand Growth Forecast Higher for Third Month in a Row”

IEA says Record US Supply Squeezing Saudis Out of Prime Markets

Paris-based International Energy Agency IEA in its latest monthly Oil Market Report Tuesday cut fourth-quarter demand growth by 400,000 barrels a day. The agency also said record US crude oil supply is squeezing Saudi Arabia out of prime markets. This is in line with the angst between the cartel members at the recent OPEC+ meeting and the failure to push oil prices significantly higher or see US production fall. Global oil demand growth is slowing sharply as economic activity weakens … Continue reading “IEA says Record US Supply Squeezing Saudis Out of Prime Markets”

OPEC Monthly Oil Market Report December 2023

The OPEC Monthly Oil Market Report (MOMR) for December 2023 released Wednesday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. The cartel left its 2024 world oil demand forecast unchanged. The report comes after Oil prices have pulled back after initially surging rose after the Hamas/Israel war. OPEC blames speculators for the fall, but of course speculators are never to blame any rise. … Continue reading “OPEC Monthly Oil Market Report December 2023”

OPEC Monthly Oil Market Report November 2023

The OPEC Monthly Oil Market Report (MOMR) for November 2023 released Monday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. The report comes after Oil prices have pulled back after initially surging rose after the Hamas/Israel war. The KSA and Russia have extended production cuts until the year end. We also have a sputtering China reopening after COVID Zero and US Crude Oil SPR … Continue reading “OPEC Monthly Oil Market Report November 2023”

OPEC Monthly Oil Market Report October 2023

The OPEC Monthly Oil Market Report (MOMR) for October 2023 released Thursday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. The report comes after Oil prices rose after the Hamas/Israel war. Prior to that KSA and Russia extended production cuts until the year end. We also have a sputtering China reopening after COVID Zero and US Crude Oil SPR Inventories the lowest since Oct … Continue reading “OPEC Monthly Oil Market Report October 2023”

OPEC Monthly Oil Market Report September 2023

The OPEC Monthly Oil Market Report (MOMR) for September 2023 released Tuesday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. The report comes after Oil prices have continued to rise to ten-month highs after KSA and Russia extended production cuts until the year end. We also have a sputtering China reopening after COVID Zero and US Crude Oil SPR Inventories the lowest since Oct … Continue reading “OPEC Monthly Oil Market Report September 2023”

OPEC Monthly Oil Market Report August 2023

The OPEC Monthly Oil Market Report (MOMR) for August 2023 released Thursday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. The report comes after oil has recovered back over $84 for WTI and $87 for Brent with the latest OPEC+ crude oil production cuts and recovering financial markets. We also have a sputtering China reopening after COVID Zero and US Crude Oil SPR Inventories … Continue reading “OPEC Monthly Oil Market Report August 2023”

U.S. Natural Gas Storage Exceeded Five Year Average by 6% Since April – EIA

In the June STEO and the weekly natural gas storage report said U.S. natural gas production has outpaced demand, resulting in more natural gas injected into storage midway through the 2023 refill season (April 1–October 31). Since April 1, net injections into natural gas storage have exceeded the five-year (2018–22) average by 6% (66 Bcf) and working natural gas inventories have reached 69% of working gas capacity so far this refill season. In their June Short-Term Energy Outlook, they “forecast … Continue reading “U.S. Natural Gas Storage Exceeded Five Year Average by 6% Since April – EIA”