March 20, 2018

Oil price drops more than US$1on IEA warning of shrinking demand

14 November 2017, 07:27 | Hattie Nash

IEA cuts oil demand forecast

IEA cuts oil demand forecast

The largest disruptive force to supply will be shale production in the United States - the IEA estimates USA crude oil will reach peak output in the 2020s of around 17m bpd.

The IEA also today released its latest World Energy Outlook, in which it said global oil demand will fall modestly due to the rise in electric cars.

The US Energy Information Administration estimated that the US became the world's top petroleum and natural gas producer in 2012. But the expected increase would put the US further into uncharted territory.

The International Energy Agency on the other hand is saying that global oil demand growth is likely to increase more slowly over the coming months, doubling down on their previous underestimation demand, because of their prediction that warmer temperatures will cut consumption, which may tilt the market back into surplus in the first half of next year. The country is expected to account for 80 per cent of the increase in global supply over the same period.

The Carbo Ceramics' (CRR) "Sector Perform" Rating Reaffirmed at Scotiabank
Out of 3 Wall Street analysts rating Western Alliance Bancorp, 2 give it "Buy", 0 "Sell" rating , while 1 recommend "Hold". The stock witnessed 35.19% gains, 46.51% gains and 10.14% gains for the 1-month, 3-month and 6-month period, respectively.

The IEA, which tracks the energy for 29 countries, said the United States - once reliant on imports - is becoming the "undisputed global oil and gas leader".

American shale producers have been forced to endure a collapse that sent crude prices from $100 a barrel in 2014 to a low of $26 in 2016.

"Electric vehicles (EVs) are in the fast lane as a result of government support and declining battery costs but it is far too early to write the obituary of oil, as growth for trucks, aviation, petrochemicals, shipping and aviation keep pushing demand higher".

The report includes several caveats: While the USA will become a major exporter of light crude and refined products, it will remain a major importer of heavier crude oil that is used in many of its refineries.

Striking college faculty begin two-day vote on latest offer
Union leadership has been telling its members to reject the offer. "All I can say is this isn't true". Canadore students will join their brethren from across Ontario for the #ASSTOCLASS movement.

Hurricane Harvey contributed to a sharp decline in industry stocks held in developed nations grouped together in the OECD, the IEA said, adding this contributed to worldwide oil stocks seeing a quarterly decline for only the second time in the past two years.

"There could be further surprises ahead", the IEA said.

The report says that global energy demand is expected to grow 30 percent by 2040 and that demand for oil is not expected to peak until 2040.

In the USA, the report assumes that improvements in fuel economy standards for cars and trucks will help reduce demand for oil.

Are Analysts Bullish Express Scripts Holding Company (NASDAQ:ESRX) After Last Week?
Equity analyst Royal Bank Of Canada issued a report on ESRX with a rating of "Hold" and a price target of $66.00. Jacobs Levy Equity Management Inc. raised its stake in Express Scripts Holding by 346.1% in the first quarter.

"Yet this is precisely what is happening as a result of the USA shale revolution - both for oil and for natural gas", the IEA said.

Other News

Trending Now

Signet Jewelers Limited (SIG) Price Target Raised to $72.00 at Buckingham Research
It has underperformed by 62.73% the S&P500.The move comes after 6 months positive chart setup for the $4.27 billion company. The Firm operates through five divisions: United Kingdom and Europe, North America, Middle East, Asia Pacific and Energy.

Race to Dubai victor Henrik Stenson out of 2017 European Tour finale
Henrik Stenson has withdrawn from the European Tour's season-ending DP World Tour Championship because of a nagging rib injury. To be fair, Garcia didn't even realise his odds were as good. "I don't even know", he admitted.

First Pokemon Ultra Sun And Ultra Moon Review Score
For a wider look at what critics think of Pokemon Ultra Sun and Ultra Moon , be sure to visit GameSpot sister site Metacritic . Starting today, November 13, Pokemon GO users can find new avatar items straight from the Alola region.

Two energy companies investigated for contracts with Puerto Rico
The Times reported that Whitefish was also billing Puerto Rico?s power authority $412 for food and lodging per worker. The Army Corps of Engineers reportedly avoided hiring Whitefish because it charged twice as much as it should have.

IFFI jury chief Sujoy Ghosh resigns
The film had been cleared by the jury as had been another film, Nude , which did not meet with the approval of the I&B mandarins. The film highlights the reality of a misogynistic society and how a couple encounters various instances of it while on the run.

Adobe Systems Inc (ADBE) Position Decreased by Ubs Asset Management Americas Inc
October 19 investment analysts at J P Morgan Chase & Co made no change to the stock rating of "Buy" targeting a price of $185.00. In related news, EVP Matthew Thompson sold 2,190 shares of the business's stock in a transaction on Monday, October 23rd.

Facebook critic Max Schrems faces partial setback
Since 2010, he had used a Facebook account under his own name, spelled using the Cyrillic alphabet, for his private use. Only in "exceptional scenarios" could an ulterior change in the account's use be taken into account.

Imran Khan's disqualification case: Pakistan Supreme Court reserves verdict
The Supreme Court, meanwhile, has also reserved its judgement in Imran and Jahangir Tareen's disqualification case. Trust is a lawful institute and the shares of offshore company are in accordance with the trust.

Toronto Dominion Bank Buys 56539 Shares of Boston Scientific Corporation (BSX)
Following the sale, the executive vice president now directly owns 185,742 shares of the company's stock, valued at $5,100,475.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link .

Latest Firefox browser update comes with huge performance improvements
The download links for Firefox Quantum or Firefox 57, whatever you would like to call, will pop-up on this page . According to Mozilla , Firefox quantum is roughly twice as fast as Firefox 52 from six months ago.