Through July world oil demand averaged 10.5 million barrels a day lower than last year, roughly 10%, as lockdowns aimed at halting the virus emptied roads and grounded flights, the International Energy Agency said. WTI Crude is $37.82; Brent is $40.09
It will take until late 2021 for oil consumption to return to the 2019 level of 101 million barrels a day. Citi sees global benchmark Brent crude, currently trading near $40 a barrel, averaging around $55 in 2021 before getting back to the $60 mark by the end of the year. West Texas Intermediate will recover to $58 by then. WTI Crude is $37.10; Brent is $39.59
With a mixed demand picture, rising U.S. crude stockpiles, and the OPEC+ alliance gradually adding more supply, some market players are considering storing crude at sea again. WTI Crude is $36.85; Brent is $39.44
In London congestion has risen above the 2019 average, the first year-on-year increase since the pandemic started. The surge has coincided with the start of the school year and several companies offering employees cash incentives to use their cars or take taxis to work, rather than public transport. WTI Crude is $37.59; Brent is $40.39
A stalling Asian demand recovery, the end of the U.S. summer driving season, and more supply from the OPEC+ alliance are adding up to a bleak short-term outlook for oil prices. $37.61; Brent $40.61
Click here to view our Offerings.