IEA releases their monthly oil report/outlook
- Raises non-OPEC supply growth estimate by 0.2 mil barrels per day
- 2018 non-OPEC supply will be 1.7 mil barrels per day
- Supply growth backed by rapid US growth and gains in Canada and Brazil
- Global crude oil markets saw an exceptionally tight Q4 2017 due to OECD stocks dropping and a fall in Chinese implied crude balances
- If OPEC and non-OPEC maintain compliance cuts, market will likely balance for the year as a whole
Well, further to the increase in forecast by OPEC it looks like the IEA also sees that non-OPEC supply growth will increase in 2018 as well.
Not so good news for oil, now where are those talks about fundamentals again? Hmm. In any case, oil prices barely moved as Brent is recovering a little on the day - now down only 0.75% at $68.79. Meanwhile, WTI is down 0.95% on the day at $63.34.
