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First Look - OPEC sticks to bullish demand forecast

Oil is trading lower, reversing some gains from yesterday
- Yesterday, WTI prices climbed more than $1/Bbl as China’s central bank announced new aggressive stimulus measures
- UN-led talks between Libyan factions are set to resume today, as oil supply from the country is still offline due to a dispute over the central bank
OPEC sticks to bullish view on oil demand (BBG)
- OPEC stuck with its global oil demand forecast in its latest report, saying that demand is expected to continue rising through 2050
- This contrasts with other forecasters, such as the IEA, BP, Wood Mackenzie, and Goldman Sachs, who see oil demand plateauing
- OPEC said its bullish outlook reflects that advanced economies are acknowledging the need for energy security in light of the 2022 energy shock
- India is expected to be the largest source of demand growth, surpassing China, over the next few decades

Natural gas is trading higher as prompt prices remain at multi-month highs
- Lower 48 weather forecasts warmed by about seven °F over the two-week period, although temperatures are still expected to remain mostly near the 10-year average
- Hurricane Helene is forecast to hit Florida and the Southeast on Thursday night, potentially hindering gas demand
- Production is lower due to Gulf of Mexico curtailments as some production facilities are evacuated in advance of the storm
Tanker departs Plaquemines LNG plant as facility nears production (PGJ)
- A tanker importing a cargo of LNG departed Venture Global's nearly operational Louisiana Plaquemines LNG export plant, indicating the facility is close to production
  - The imported cargo is used to cool down the facility and test equipment in advance of production
- This departure signals the plant is nearing readiness to produce and export its own LNG
- The export plant is expected to begin taking material volumes of gas this winter