OilPrice.com’s Post

On Tuesday, the Energy Information Administration (EIA) raised its 2024 demand estimate to 1.11 million barrels per day—up from 1.08 million bpd—while also raising the 2025 estimate from 1.53 mbpd to 1.77 mbpd, noting that the global oil market is heading for a supply deficit next year…

July 24, 2024— "Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an inventory decline of 3.7 million barrels for the week to July 19. This compared with an inventory draw of 4.9 million barrels estimated by the EIA for the previous week." Read on ... https://loom.ly/z9srHaA #crude #crudeoil

Goldman Sachs expects oil demand to keep growing until 2034 The research division of the bank raised its 2030 crude oil demand forecast to 108.5 million barrels per day (bpd) from 106 million bpd, and expects demand to peak at 110 million bpd in 2034, followed by a long plateau till 2040, analysts led by Nikhil Bhandari said in a report. Goldman Sachs raised its global oil demand forecast for 2030 on Monday and expects consumption to peak by 2034 on a potential slowdown in electric vehicle (EV) adoption, keeping refineries running at higher-than-average rates till the end of this decade. #energyindustry #energytransition #oott #oilandgas #elephantoil

* Oil prices have fluctuated recently due to various factors. The easing of tensions in the Middle East led to a decline in oil prices last week. However, this week, oil prices have risen due to positive U.S. economic data, decreasing U.S. crude inventories, and increased demand for vegetable oils used in biodiesel production. * Additionally, the decline in the U.S. dollar has led investors to seek alternative assets, resulting in increased demand for oil. As a result, oil futures have seen an increase, with June Brent oil futures rising by 0.8% to $88/barrel and May WTI oil futures rising by 0.8% to $88/barrel. * Furthermore, according to the EIA's weekly report, crude oil stocks in the U.S. decreased by 6.37 million barrels, and gasoline stocks decreased by 634,000 barrels. Despite this, U.S. crude oil production remained at 13.1 million bpd, slightly below the record of 13.3 million bpd. The number of active oil rigs in the USA also increased by 5 units, reaching a 7-month high of 511 units, which may lead to increased production in the near future. https://lnkd.in/giYvYAxA #Oil #Crudeoil #USA #Commodity #Trade #Export #Shipping #India #Market #Dollar #Customs #Cargo #Import

US oil production growth has slowed significantly due to falling prices. By July 2024, there had been no net growth for eight months since November 2023, as the sector’s expansion ground to a halt. Since then, prices have fallen even further to an average of just $69 (38th percentile) in September 2024, which is likely to ensure production remains fairly flat through the middle of 2025. If prices stay around current levels, production growth from the Lower 48 will probably fall close to zero by late 2024 or early 2025. https://lnkd.in/e9-MjK7c #NARFA #Oil #gas #crudeoil #oilprice #oilprices #oilandgas #economy

What is the outlook for oil and gas industry in 2025? As per information provided by The US Energy Information Administration.. US EIA forecasts lower oil prices in 2025, expects production to outpace demand. The US Energy Information Administration Jan. 9 lowered its 2024 crude price forecasts by 8 cents/b to $77.99/b for WTI and $82.49/b for Brent, and the agency expects prices to fall further in 2025 as production grows faster than demand.  In its January Short-Term Energy Outlook, the EIA forecast WTI would average $74.98/b and Brent would average $79.48/b in 2025. With crude production outpacing demand, inventories are expected to build modestly in 2025 and place some downward pressure on crude oil prices, EIA said. But several uncertainties could still affect future oil prices, the EIA said. "Heightened tensions around the critical Red Sea shipping channel and other developments in the Middle East have added upward price pressure since early December and have the potential to disrupt global oil trade flows and drive up global oil prices further should they escalate or persist," the EIA said. Details article you can find in S&P Global Commodity Insight..

The EIA's weekly and monthly data on U.S. gasoline demand have shown significant discrepancies, with the monthly data indicating higher consumption than the weekly figures. The conflicting data has created confusion among market participants, as the weekly reports are more closely watched for trading signals. The EIA has acknowledged the discrepancies and is working to align the data more closely to reflect the actual state of the U.S. petroleum market.

U.S. Energy Information Administration data show that U.S. refineries processed 17.5 million barrels per day of crude oil last week, the highest seasonal rate since 2018, while utilization averaged 95%, the highest since 2019. However, rising gasoline and diesel inventories and weaker-than-expected fuel demand growth are squeezing margins, hinting at a potential reduction in refinery activity in the near future.  #energy #eia #oilandgasindustry #refineries #gasprices

Bearish fundamentals continue to weigh on Oil prices which are at multi month lows. As Ajay Parmar, Director of Global Oil Analytics at ICIS commented, “The principal concern is over fundamentals. The market looks likely to be in a surplus in Q4 2024 and this has caused major concern to market participants". The full article: https://lnkd.in/eUrxgXKT ICIS provides a comprehensive global coverage of the chemicals and energy value chain, for further information feel free to get in touch #oilprice #energy #petrochemicals

https://lnkd.in/gXWz4xUc Continued declines in U.S. inventories, a bullish oil market outlook from the International Energy Agency (IEA), and damages on Russia’s Rosneft Ryazan oil processing plant helped Brent crude to break above the $85 per barrel level. #oilgas #oilandgas #energy #technology