International Energy Agency out with their latest monthly report 14 June 2016
- oil market looks to be balancing in 2016 but sees inventory build up in 2017
Says the IEA:
At halfway in 2016 the oil market looks to be balancing; but we must not forget that there are large volumes of shut-in production, mainly in Nigeria and Libya, that could return to the market, and the strong start for oil demand growth seen this year might not be maintained. In any event, following three consecutive years of stock build at an average rate close to 1 mb/d there is an enormous inventory overhang to clear. This is likely to dampen prospects of a significant increase in oil prices.
Full report here
Brent and WTI both currently near session lows at $49.65 and $48.12
