IEA report kickstarts end of week oil rally
One hundred and forty-nine years after the Great Mauna Loa volcano erupted in Hawaii, and oil prices are once again exploding to the upside. Here are eight things to consider as we truck on into the weekend:
1) Hot on the heels of the EIA Short Term Energy Outlook, we have had the IEA’s monthly oil market report. The key takeaway is the ongoing theme of rising OPEC production, falling non-OPEC production (wax on, wax off). This year it now projects that non-OPEC output will decline by 750,000 bpd – some 150,000 bpd more than it projected last month.
This is considerably more than the EIA; the US agency sees non-OPEC production dropping by 400,000 bpd, with the US falling 600,000 bpd, but offset by rising Canadian production of 200,000 bpd.
The IEA also sees the global imbalance being Hong Kong Phooey-ed down to 200,000 bpd in the latter half of the year, from being
About The Author
Matt is a Director of Commodity Research at ClipperData. Matt specializes in extracting key themes from technical and fundamental analysis of the global energy market, and communicating these through daily and weekly deliverables. He also provides oil and natural gas analysis and commentary to national and international media outlets that include CNBC, Fox Business, Russia 24, the Wall Street Journal, MarketWatch, AFP, Bloomberg, Reuters, and the Oil Daily. Prior to joining ClipperData, he worked for eight years at Schneider Electric / Summit Energy as a Global Commodity Analyst, where he also founded and authored the blog, Energy Burrito. He started his career at the Royal Bank of Canada in the UK, spending eight years with the bank. During that time, he managed $55 million in assets as a portfolio manager and financial analyst.