Observing stock activity at a desk
Markets

IEA says very high oil stocks present a threat to price stability

IEA out with their latest monthly bulletin 13 July 2016

  • despite oil market balancing underway
  • stocks close to topping out but are at such elevated levels that they remain a major dampener on prices
  • OECD commercial inventories built in May and June to a new record high, floating storage is at highest level since 2009
  • European oil demand has surprised on the upside but is unlikely to last due to Brexit uncertainty
  • IEA raises estimate of 2016 global oil demand growth by0.1m bpd from last month's report to 1.4m bpd
  • 2017 oil demand rising by a further 1.3m bpd due to India, China

Nothing to really glean from this but rightly cautious

Brent $47.80 WTI $46.23

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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