IEA Sees First Global Oil Demand Drop in a Decade

Oil Price Fundamental Daily Forecast – Speculators Betting Worst of Fuel Demand Crisis May Be Over

Oil Price Fundamental Daily Forecast – Speculators Betting Worst of Fuel Demand Crisis May Be Over

"The Russians have pretty much signalled that everyone is on board for OPEC+ delivering deeper production cuts", said Edward Moya, senior market analyst at OANDA Corporation in NY. Crude already sank to a one-year low below $50 a barrel last week and the impact of the epidemic will be felt throughout the year, the agency said.

"Our baseline thesis remains that oil demand destruction remains largely a China story and has yet to spill over to impact global demand", said Helima Croft, head of commodity strategy at Citadel Magnus. "The crisis is ongoing and at this stage it is hard to be precise about the impact".

Entire cities have been quarantined and the Lunar New Year holidays were extended in a bid to contain the outbreak of what is now known as the Covid-19 virus.

The Paris-based agency said Thursday in its oil market report for February that demand in the first quarter was expected to fall by 435,000 barrels per day compared with the same period a year ago. It is expected that world demand in 2020 will increase by 1.03 million barrels per day to 101,74 million barrels per day.

Bong Joon-ho's Parasite, Memories of Murder Getting Criterion Releases!
Parasite is being hailed by critics as the best film to emerge this past fall, earning 99% on Rotten Tomatoes. It is the first South Korean film to win an Oscar and the first foreign-language film to win best picture .

While the brief SARS epidemic of 2003 has at times been used as a reassuring point of comparison, China's economy has changed enormously since then. Analysts said raising of bets by participants kept crude prices higher in futures trade here.

The outbreak has prompted Saudi Arabia, the world's largest oil exporter, to push its allies in the Organization of Petroleum Exporting Countries and beyond to consider an emergency meeting and further production cuts.

"All of the fundamentals are basically negative and even equities are lower and crude oil on the other hand continues to rip higher", said Bob Yawger, director of futures at Mizuho Americas in NY. That industry is likely to remain resilient against the price slump until later in the year, it predicted.

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