- Oil is trading lower, near $77.75, after lower-than-expected inflation report
- Oil prices are now down more than $9/Bbl from the recent peak in April
- April CPI came out this morning, showing softer inflation for the first time in six months
- In Canada, wildfires have forced portions of Fort McMurray to evacuate, threatening some oil sands production
- IEA says oil demand growth outlook continues to weaken (BBG)
- The IEA has released its latest oil market report, saying they believe global demand for oil will soften in 2024 amid weaker economic activity and mild weather in Europe
- “Poor industrial activity and another mild winter have sapped gasoil consumption for the year, particularly in Europe, where a declining share of diesel cars in the fleet was already undercutting consumption.”
- The agency lowered its fuel consumption growth forecast by 140 MBbl/d to 1.1 MMBbl/d
- The outlook of the IEA is in stark contrast to that of OPEC, which sees strong demand growth in 2024, continuing the trend of disagreement between the two groups
