WTI SIGNAL 22-04-22 : Crude Oil Price Forecast Robust Demand Still Met with Limited Supply.

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WTI SIGNAL

WTI SIGNAL 22-04-22 : Crude Oil Price Forecast Robust Demand Still Met with Limited Supply.

The price of oil spiked to a fresh yearly high ($130.50) in March amid the disruptions caused by the Russia-Ukraine war. Current market conditions may lead to higher crude prices as expectations for strong demand are met with indications of limited supply.

WTI SIGNAL : The recent rally in the price of oil appears to have stalled ahead of the record high ($147.27) as the rapid rise dampens the outlook for consumption. However, recent data prints coming out of the US suggest demand will remain robust in 2022 amid a downward trend in crude inventories.

US stockpiles remain well below the levels seen at the onset of the pandemic, sitting at their lowest levels since 2018. Easing COVID-19 restrictions may continue to fuel crude consumption. The Organization of Petroleum Exporting Countries (OPEC) retains an upbeat outlook for 2022.

WTI SIGNAL : OPEC’s Monthly Oil Market Report (MOMR) for March revealed that world oil demand recorded robust growth of 6.5 mb/d y-o-y in December 2021.The update went on to say that for the time being, world oil demand growth in 2022 remains unchanged at 4.2 mb/d, given the high uncertainty and extreme fluidity of developments in recent weeks.

Nevertheless, the MOMR states that the latest available monthly data for the US implies strongly increasing oil requirements. Expectations for robust demand may see OPEC and its allies retaining the current production schedule. The group plans to adjust upward the monthly overall production by 0.4 mb/d for the month of April 2022.

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