- Oil is trading higher, near $86, after inflation report beats estimates
- US CPI came in higher than forecast for the third consecutive month, which could lead the Federal Reserve to delay interest rate cuts
- Interest rates being higher for longer should support the US Dollar, which can have a bearish impact on crude prices
- Enterprise has received regulatory approval to build a deepwater export terminal off the coast of Texas, which will be able to load VLCCs directly
- US CPI came in higher than forecast for the third consecutive month, which could lead the Federal Reserve to delay interest rate cuts
- Enverus raises 2030 oil demand forecast (BBG)
- Enverus said they do not expect oil demand to peak before the end of the decade due to underwhelming fuel economy standards and a slowing adoption of electric vehicles
- This is in contrast to the view of the IEA, which believes oil demand will peak this decade
- Enverus noted that the bearish outlook by the IEA and the bullish outlook from OPEC both require significant changes to consumption over a short period, which historically does not usually happen
- EIA sees small supply deficit in 2024 (BBG)
- The US Energy Information Agency is continuing to anticipate a slightly undersupplied market in 2024
- The EIA increased their global demand forecast by 480 MBbl/d to 102.91 MMBbl/d, bringing it mostly in line with the IEA forecast of 103.2 MMBbl/d
- The agency expects global supply to reach 102.65 MMBbl/d, leading to a small deficit of 260 MBbl/d this year
