USO
IEA forecasts deeper contraction to global oil demand
- The coronavirus crisis "has cast a long shadow" over crude demand, the
IEA said in its latest oil market report, as it lowered its forecasts
for the first time in several months.
- Due to ongoing weakness in the aviation and travel sectors, the agency
sees global crude demand for 2020 at 91.1M barrels per day, down 140K bpd
from a previous projection and reflecting a fall of 8.1M bpd Y/Y.
- The agency also revised down its 2021 global oil demand estimate by
240K barrels per day to 97.1M bpd.
- The report comes shortly after oil majors from BP to Shell reported
historic losses in the second quarter as lockdown measures led to an
unparalleled shock for energy markets.
- Crude futures -0.4% to $42.51/bbl.
- ETFs: USO, UCO, BNO, SCO, USL, DBO, USOI, NRGU, OILK, OLEM, OILX, NRGD,
USAI, NRGO, NRGZ, YGRN
|Today, 4:41 AM|3 Comments
IEA forecasts deeper contraction to global oil demand
- The coronavirus crisis "has cast a long shadow" over crude demand, the
IEA said in its latest oil market report, as it lowered its forecasts
for the first time in several months.
- Due to ongoing weakness in the aviation and travel sectors, the agency
sees global crude demand for 2020 at 91.1M barrels per day, down 140K bpd
from a previous projection and reflecting a fall of 8.1M bpd Y/Y.
- The agency also revised down its 2021 global oil demand estimate by
240K barrels per day to 97.1M bpd.
- The report comes shortly after oil majors from BP to Shell reported
historic losses in the second quarter as lockdown measures led to an
unparalleled shock for energy markets.
- Crude futures -0.4% to $42.51/bbl.
- ETFs: USO, UCO, BNO, SCO, USL, DBO, USOI, NRGU, OILK, OLEM, OILX, NRGD,
USAI, NRGO, NRGZ, YGRN
|Today, 4:41 AM|3 Comments
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