The prices of today (14.3.2024) as he predicted a more “tight” market in 2024 and upgraded his appreciation for oil demand this year. The International Energy Agency expressed appreciation for increasing oil demand in 2024 for the fourth time since November, as Huthi attacks disrupt shipping in the Red Sea, but warned that “the global economic slowdown acts as an additional wind against oil consumption”. Energy demand is projected to rise by 1.3 million barrels a day in 2024, increased by 110,000 barrels a day since last month, but it is still lower than the growth of 2.3 million barrels a day last year. The International Energy Agency also reduced its supply forecasts for 2024 and now expects that oil supply will rise by 800,000 barrels a day to 102.9 million barrels a day this year. Russia’s energy ministry said it expects an increase in crude exports due to the holidays in the refineries. Ukraine’s drone raids on Russian refining facilities continued for the second day on Wednesday, targeting four major oil refineries. Russia’s maritime fuel exports decreased by 1.5% since last month in February, due to the shutdown of the refinery resulting from attacks and fires from Ukraine. Meanwhile, in the U.S., crude and petrol reserves took a dip last week, government figures reported Wednesday, with sharply higher pump prices expected over the next few weeks, as long holidays in the refineries have reduced supplies ahead of the summer driving season. Thus, as far as indicators are concerned, Brent’s May delivery futures are up $1.21 or $1.4% to $85.26 a barrel after touching intra-session high to $85.53, record since early November. American slow delivery April is rising $1.41 or 1.8%, to $81.13. Brent traded over $84 a barrel for the first time since November on Wednesday, with both benchmarks making profits near 3%.
“Fire” in oil prices from estimates for increased demand – “Scarred” over $85 Brent
—