Oil Cover

Oil Market Snapshot – February 2013

  • 2013 envisions improved demand expectations mainly driven by increasing growth in Chinese oil demand
  • Supply expectations remain robust for 2013 due to US tight oil production optimism
  • Risk premiums may limit easing of price
  • Market optimistic demand expectations, lower OPEC spare capacity and OECD inventory helped to keep prices strong
  • Price forecasts for 2013 have been revised upwards
  • High degree of uncertainty in the oil market may lead to volatile prices fluctuating between $100 to $120 in the midterm

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