Oil futures tick lower as investors assess a report from the International Energy Agency.
Oil futures ticked down in choppy trade on Wednesday, after the International Energy Agency cut its outlook for China’s crude demand but projected that European power producers would boost demand for oil as they switch away from natural gas following Russia’s halt to flows through the Nord Stream pipeline.
Price action Market drivers In its monthly report, the Paris-based IEA cut its forecasts for Chinese oil demand by 400,000 barrels a day in 2022, to 15 million barrels a day, 420,000 barrels a day less than last year. For 2023, the IEA cut its China demand forecasts by 300,000 barrels a day, but still expects demand to rise to 16 million barrels a day as COVID-19 pandemic restrictions are relaxed.
Oil prices fell Tuesday after a hotter-than-expected U.S. August consumer-price index reading dashed ideas the Federal Reserve would begin to slow interest-rate increases. Instead, the data boosted expectations for a 75 basis point rise in the fed-funds rate when policy makers next week, with some traders penciling in a 100 basis point move. The U.S. dollar soared, weighing on commodities priced in the currency.
“In addition to refilling storage, which has been heavily tapped into this year, the move would reportedly also be taken to try to support prices at lower levels, so as to try to ensure that we continue to see growth in US oil output. US SPR releases have helped out the market significantly this year, however, these releases are set to come to an end in October,” said Warren Patterson, head of commodities strategy at ING, in a note.
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