Oil Cover

Oil Market Snapshot – August 2014

  • We have slashed our Brent price forecast for 2014 and 2015 mainly driven by the outlook on fundamentals
  • Geopolitical developments did not impact the recent price movements, as market participants focus again on fundamentals
  • ICE Brent Crude Futures remain in contango, calling for higher future contract prices for longer maturities
  • We have trimmed our oil demand growth forecast to 1.04 million b/d for 2014 (from 1.11 million b/d) and 1.29 million b/d for 2015 (from 1.31 million b/d)
  • Global supply continued to rise and total output hit 93 million b/d in July
  • Inventories rose for the sixth month in a row to 2,671 million bbl, their highest level since September 2013

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