- Oil trades higher as the IEA sees a smaller surplus in 2025
- US CPI came in lower than expected, with the US dollar trading sharply lower
- The API forecasts that US crude inventories fell by 2.6 MMBbls last week, ahead of the official EIA data release this morning
- IEA sees smaller crude surplus in 2025 (BBG)
- Global crude markets could face a smaller surplus than previously expected, with demand possibly being stronger
- The IEA projects global inventories to expand by 725 MBbl/d in 2025, compared to the prior forecast of 950 MBbl/d
- Stronger US sanctions drove part of the forecast change, while exports from Iran may also be at risk
- However, if Russian and Iranian supply is threatened, it could make it easier for OPEC to unwind its production cuts
Looking for interest rate charts? We moved them here |