IEA again cuts oil-demand forecast, citing weaker global economy
12 Août, 2019, 05:51 | Auteur: Auguste Feret
USA sanctions drove down Tehran's July exports of crude oil by 130,000 bpd to 400,000 bpd, the lowest since the 1980s. Visit MarketWatch.com for more information on this news.
The black gold looks to extend the previous recovery from seven-month lows, as the sentiment remains buoyed by broad-based U.S. dollar weakness and expectations that the OPEC+ producers could resort to additional oil output cuts.
Now that the analytical community (whose predictions are routinely proven wrong) has decided that reconciliation between the USA and China is slim, they have turned their attention to what they think will be the next source of tension between the two countries: namely, that China will dramatically reduce its intake of US crude imports over the coming weeks.
Citing a Saudi official, Bloomberg reported that the kingdom "won't tolerate" falling oil prices. "We're seeing a re-balancing of the market after such a big loss earlier in the week". The buyer of the options would profit from a tighter supply and demand outlook for WTI at the end of the year, helping to push oil prices higher.
Giovanni Staunovo, analyst for UBS, tried to rationalize what motivated traders by stating, "The demand growth cut was already announced previously by the head of the IEA, and the agency still expects larger inventory draws for 2H19". Adding to the demand concerns, the International Energy Agency, in its latest monthly report, slashed its global oil demand growth forecasts for this year and the next.
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The Russian faces sixth-seeded compatriot Karen Khachanov or German third seed Alexander Zverev in the last four. Was it Sofia that I won? We played all the same tournaments since 12 or 14 and we know each other pretty well.
WTI for September delivery advanced $1.78 to $54.32/bbl on the New York Mercantile Exchange at 10:03 a.m.
Brent for October settlement rose $1.52 cents to $58.90/bbl on the ICE Futures Europe Exchange. Its new forecast lowers 2019 demand growth by 100,000 barrels a day to 1.1 million barrels a day, and its 2020 forecast was lowered by 50,000 barrels a day to 1.3 million barrels a day. "But we kept exports below 7 million bpd", the Saudi official told Reuters, commenting on Saudi Arabia's strategy to tighten the market.
The level is higher than Moscow's commitment under its production-curbing deal with OPEC.
Amid oil's slide, United Arab Emirates Energy Minister Suhail Al-Mazrouei insisted market fundamentals are good and prices are undergoing a "temporary overreaction" driven by speculation.
A warrant was issued charging him with first-degree murder, especially aggravated burglary and aggravated sexual battery. It's unclear if the Taylors will get the $57,000 reward for Curtis' capture, but the TBI says it will be discussed.
Google is slowly beginning to open up about its next-generation operating system which will take Huawei HarmonyOS head on. Huawei has unveiled its own operating system, called Harmony OS , that has been in development for several years.
When I think about you I think of a wise old soul who makes incredible decisions that are always true to what you really believe. Jenner has been spotted off the coast of Capri, Italy on 300-foot ship that reportedly costs $1.2 million per week to rent.
ABC News affiliate WFAA-TV in Dallas , Texas, said a funeral service with full military honors was scheduled for Saturday. Once the younger Knight learned that his father's remains had been found, he launched the process of repatriating them.
This is particularly important because the report raises serious concerns about how climate change will harm food security. The science is conclusive: in the US public land management must be part of our climate solution.
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S'il a rejoué en double mi-juin, Murray n'a plus disputé de match en simple depuis les Internationaux d'Australie en janvier. Je vais m'entraîner en simple et continuer à jouer en double, et je verrai semaine après semaine.
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Perseids 2019: Best Places in America to Watch Meteor Shower
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Liverpool's Mo Salah is a knockout success
Mo asked if the boys were all right and gave them a big hug which was what they both needed. Stepdad Joe Cooper posted two pictures on Twitter of the boys with their hero.