{"id":34831,"date":"2023-07-12T19:46:59","date_gmt":"2023-07-12T23:46:59","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-supplies-are-set-to-tighten-but-concern-over-weak-demand-growth-limits-price-gains-eia\/"},"modified":"2023-07-12T19:47:01","modified_gmt":"2023-07-12T23:47:01","slug":"oil-supplies-are-set-to-tighten-but-concern-over-weak-demand-growth-limits-price-gains-eia","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34831","title":{"rendered":"Oil supplies are set to tighten, but concern over weak demand growth limits price gains: EIA"},"content":{"rendered":"
\n

Global crude oil inventories are set to decline over the next 15 months, but worries about the global economy and prospects for weaker energy demand are likely to limit any price gains for oil, according to the U.S. Energy Information Administration\u2019s monthly Short-term Energy Outlook report released on Tuesday.<\/p>\n

The Organization of the Petroleum Exporting Countries\u2019 decision to extend its oil output cuts through 2024 and Saudi Arabia\u2019s extension of its voluntary cuts through August have led to a reduction in expected near-term oil supplies, the EIA said. It sees global oil inventories declining over the next five quarters.<\/p>\n

\n

The government agency expects production cuts and rising demand to increase prices going forward, with spot prices for global benchmark Brent crude forecast to rise to $81 a barrel by the end of this year.<\/p>\n

Global oil inventories will transition from inventory builds, on average, during the first half of this year to \u201cconsistent\u201d inventory draws until the fourth quarter of 2024, the EIA said. <\/p>\n

It sees Brent averaging $83.51 in 2024. That\u2019s unchanged from its June forecast. For U.S. crude benchmark West Texas Intermediate, the EIA sees prices averaging $78.51 next year, also unchanged from its previous forecast.<\/p>\n

In Tuesday dealings, the front-month August WTI oil contract
\n CLQ23,
\n +0.13%<\/bg-quote><\/p>\n

CL.1,
\n +0.13%<\/bg-quote>
\n traded at $74.76 a barrel on the New York Mercantile Exchange, up $1.77, or 2.4%. September Brent oil
\n BRNU23,
\n +0.11%<\/bg-quote><\/p>\n

BRN00,
\n +0.11%<\/bg-quote>
\n added $1.74, or 2.2%, to $79.43 a barrel on ICE Futures Europe. <\/p>\n

The EIA said Brent oil\u2019s average price of $75 a barrel in June was unchanged from May as \u201congoing concerns regarding weakening global economic conditions continued to limit expectations for global oil demand growth, which countered upward price pressure from tighter near-term oil supplies.\u201d <\/p>\n

In its monthly report, the government agency also lowered its 2023 and 2024 price forecasts for U.S. natural gas. It sees an average price of $2.62 per million British thermal units this year, down 1.3% from the June forecast, and $3.29 for 2024, down 3.9% from the previous forecast.<\/p>\n

Still, the average 2024 price would be higher than current prices. August natural-gas futures
\n NGQ23,
\n +0.38%<\/bg-quote><\/p>\n

NG00,
\n +0.31%<\/bg-quote>
\n traded at $2.72 per million Btus on Tuesday.<\/p>\n

Prices for the commodity at Henry Hub, La., the delivery point for Nymex natural-gas futures, will rise in the coming months as declining natural-gas production \u201cnarrows the existing surplus of natural-gas inventories compared with the five-year average,\u201d the EIA said. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Global crude oil inventories are set to decline over the next 15 months, but worries about the global economy and prospects for weaker energy demand are likely to limit any price gains for oil, according to the U.S. Energy Information Administration\u2019s monthly Short-term Energy Outlook report released on Tuesday. The Organization of the Petroleum Exporting […]<\/p>\n","protected":false},"author":1,"featured_media":34832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-34831","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nOil supplies are set to tighten, but concern over weak demand growth limits price gains: EIA | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Global crude oil inventories are set to decline over the next 15 months, but worries about the global economy and prospects for weaker energy demand are\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=34831\" \/>\n<meta property=\"og:locale\" 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