- but there are signs that market tide will turn
IEA ‘s latest monthly report
- rebalancing of oil market may occur in H2 of 2015 as demand rebounds
- see global inventories building throughout H1 2015 but slighlty slower than prev exp
- raises global oil demand growth for 2015 by 10,000 bpd to 910,000 bpd
- cuts forecast of non-opec oil pro growth in 2015 by 350,000 bpd to 950,000
- raises forecast for demand of OPEC crude in 2015 by 300,000 bpd to 29.2 bln bpd
- Opec prod rise 80,000 bpd in Dec as higher Iraq supply offset collapse in Libya output
Brent up to $49.14 WTI $47.15 on the slightly bullish report overall despite not being sure how far prices can fall first
