- Cuts own crude forecast by 70k for 2014 to 29.69mbpd
- Output in May rose by 142k to 29.76m (secondary sources)
- Says global oil inventories sufficient with US stocks high and OECD forward cover around 58 days in April
- Sees well balanced market in H2 2014 with rising supply adequate to satisfy demand
Details from the monthly report. Nothing on prices so I’ll do some digging to see if they’ve passed a comment.
Update: Nowt on prices and just to clarify the headline, the 1.4m figure is the change from last year which was a total 90 mbpd, so 91.4m expected in 2014
Brent has been up a couple of bucks today as the problems in Iraq increase. Traders are getting a little anxious that supplies will be disrupted and whether the US will step back in if the fighting intensifies and the Iraqi army start to struggle. As I said yesterday, if you’re short you’ll need to keep watching the headlines.
Brent has broken above the Feb 2012 resistance line and has been up to 112.29 in the June futures which are due to go off soon.
Brent crude oil daily chart 12 06 2014
