With the killing of a key Hamas leader and Israel’s pledge to not attack Iranian oil infrastructure, markets returned their focus to global demand concerns as OPEC analysts lowered...
The IEA has lowered its 2024 global crude run estimates by 180,000 b/d from a previous 83 million b/d to 82.8 million b/d, due to the challenging margin environment.
According to the US EIA, global refinery margins have been below their 5-year averages since this spring, with further declines in late summer and early fall.
With weak demand growth and continued supply gains, the oil market will face a sizable surplus in the new year unless a major supply disruption occurs.
