Our free weekly round-up of the latest news in the oil market is below, available to download in PDF format.
- Brent hovers above $90/bbl, awaiting Iran’s response to the recent attack on Iran’s embassy by Israel.
- US inventory reports a 5.8 mbbls crude and 6.6 oil products build, tempering oil prices.
- March core inflation in the US unexpectedly rises to 3.8%, dimming prospects of a June interest rate cut. Conversely, the ECB hints at a rate cut in June amidst rapid inflation decline.
- China’s March CPI at 0.1% y-o-y indicates ongoing weak demand, in contrast to February’s 0.7% driven by the Lunar New Year.
- IEA reduces 2024 global demand forecast by 130,000 b/d to 1.2 mb/d growth, citing factors such as warm weather reducing consumption in OECD countries and a 70,000 b/d cut in China’s demand growth.
- EIA raises Brent forecast by $2/bbl for the next two years, reaching $89/bbl and $85/bbl respectively, citing geopolitical risks and strong inventory draws.
- Norway sees its first FID of the year, while Ping and EnQuest plan campaigns in the UK North Sea.
- Oil discovery in Brazil’s Potiguar basin and BP’s drilling plans in the Bumerangue area of the Santos basin.
- Strong momentum continues in the floater market, with rates approaching or exceeding $500,000/day.
- CNOOC expands its gas footprint in Mozambique.
