{"id":2863,"date":"2019-08-19T04:00:00","date_gmt":"2019-08-19T04:00:00","guid":{"rendered":"https:\/\/spragueoperati.wpenginepowered.com\/opec-lowered-its-outlook-for-demand-growth-due-to-a-slowing-global-economy\/"},"modified":"2019-08-19T04:00:00","modified_gmt":"2019-08-19T04:00:00","slug":"opec-lowered-its-outlook-for-demand-growth-due-to-a-slowing-global-economy","status":"publish","type":"post","link":"https:\/\/www.spragueenergy.com\/fr\/opec-lowered-its-outlook-for-demand-growth-due-to-a-slowing-global-economy\/","title":{"rendered":"OPEC lowered its outlook for demand growth due to a slowing global economy"},"content":{"rendered":"

Recap:<\/u> <\/strong>Oil prices rose on Friday, but gains were pared after OPEC lowered its outlook for demand growth due to a slowing global economy. In early morning trading, September WTI gained as much as $1.20, or 2.2% to trade at a session high of $55.67 a barrel, but by 9:10 a.m. EST, this spot contract fell below unchanged, to a session low of $54.26, a loss of 21 cents. Prices continued to trade in a rollercoaster fashion, and despite a last ditch effort to finish the week above $55.00, this contract failed. September WTI settled at $54.87 a barrel, up 40 cents, 0.73%. For the week, prices rose 0.7%.   October Brent crude added 41 cents, or 0.7%, to $58.64 a barrel, for a 0.2% weekly gain. September RBOB rose 1.3% to $1.6364 a gallon, with the contract ending down 1% for the week, while September heating oil fell by 1.8% to $1.8107 a gallon, for a weekly rise of 0.3%. <\/p>\n

Technical Analysis:<\/u> <\/strong> Based upon a weekly spot continuation chart, WTI held above $53.41, the lower trend line that forms the bottom of a symmetrical triangle. This formation signifies a pause in the existing trend, followed by a resumption of the trend, which in this case would be to the upside. With WTI bouncing off of the bottom of this formation, we would look for a run at the top, which is currently set at $58.45, but we’d have to see sustained strength above $55.00. Above this level, additional resistance is set at $57.50. To the downside support is set at $53.70 and below that at $52.50.<\/p>\n

Fundamental News:<\/u> <\/strong> OPEC on Friday released its monthly market report and it showed the cartel had cut its forecast for oil demand growth in 2019 by another 40,000 b\/d and continued to look for the market to be in a slight surplus in 2020. The report noted that “the risk to global economic growth remains skewed to the downside. Especially trade-related developments will need to be thoroughly reviewed in coming weeks with some likelihood of a further downward revision in September.” The cartel said the group’s oil output in July fell by 246,000 b\/d to 29.61 million b\/d as Saudi Arabia cut production by 202,000 b\/d to 9.58 million b\/d. OPEC estimated OECD oil inventories rose in June and stood 67 million barrels above the latest 5 year average, the level originally targeted by the recent supply agreement by OPEC+ producers.<\/p>\n

Baker Hughes reported that oil drillers in the United States this week increased the number of drilling rigs operating in the country by 6 rigs. This was the first weekly increase in seven weeks and the largest increase since April.<\/p>\n

Reuters reported that oil production in Russia during the first half of August averaged 11.32. Russia has committed to cut its production level by 228,000 b\/d from its 11.41 million b\/d production mark recorded last October.<\/p>\n

Norway’s Petroleum Directorate reported the preliminary production number for July showed Norwegian oil production was 1.447 million b\/d.<\/p>\n

The North Dakota Pipeline Authority announced Thursday that oil production in North Dakota averaged more than 1.42 million b\/d in June, up 30,000 b\/d from May and some 20,800 b\/d higher than the previous record set in January.<\/p>\n

Reuters reported Friday that finding a buyer for PES’ Philadelphia oil refinery has grown urgent as the bankrupt company’s funds dwindle and no signs emerge that it is winning a fight for insurance payouts after the June fire at the plant. At least three parties have shown interest in buying the facility.<\/p>\n

\nEarly<\/u> Market Call – as of 8:15 AM EDT<\/u><\/strong><\/p>\n

WTI – Sep $55.08, up 21 cents<\/p>\n

RBOB – Sep $1.6586, up 20 points<\/p>\n

HO – Sep $1.8150, up 22 points<\/p>\n

\nView the Sprague Refined Products Market Watch Report in a downloadable pdf format by clicking below.<\/p>\n

Click to view more online:
\nHeating Oil Supplier<\/a><\/strong>
\nDiesel Supplier<\/a><\/strong>
\nView market updates<\/a><\/strong>
\nView our refined products glossary<\/a><\/strong>
\nGo to SpraguePORT online<\/a><\/strong><\/p>","protected":false},"excerpt":{"rendered":"

Recap: Oil prices rose on Friday, but gains were pared after OPEC lowered its outlook for demand growth due to a slowing global economy. 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