IEA out with their latest monthly bulletin 13 July 2016
- despite oil market balancing underway
- stocks close to topping out but are at such elevated levels that they remain a major dampener on prices
- OECD commercial inventories built in May and June to a new record high, floating storage is at highest level since 2009
- European oil demand has surprised on the upside but is unlikely to last due to Brexit uncertainty
- IEA raises estimate of 2016 global oil demand growth by0.1m bpd from last month's report to 1.4m bpd
- 2017 oil demand rising by a further 1.3m bpd due to India, China
Nothing to really glean from this but rightly cautious
Brent $47.80 WTI $46.23
