Wholesale #energymarketreport from #bcconsultants today - Oil: DOWN at $ 107.5/bbl for Brent ICE o Slight decline in oil prices yesterday. Global sentiment was positive in the wake of Bernanke’s speech, but the recent surge in oil prices has been mainly fuelled by the Egyptian crisis, where there was nothing really new yesterday. Moreover, the IEA report was bearish for prices. Brent 1st-nearby prices are back around $107.5/b this morning. WTI prices have even registered a stronger downward correction to below $105/b. o Main events: The IEA increased a bit its demand forecast for 2013, as Q2 was colder than expected, but the focus was on 2014, as the Agency released for the 1st time its forecasts for next year. According to the IEA, world oil consumption will increase by 1.2Mb, but non-OPEC output will grow even stronger (+1.3Mb), thanks to North America essentially. As a consequence, the IEA expects OPEC to cut its output, as the call on OPEC should be 200kb/d lower in 2014 than in 2013.
Posted on: Fri, 12 Jul 2013 10:40:59 +0000
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