The International Energy Agency joined OPEC and the Energy Information Administration in lowering expectations for global demand. The IEA lowered their demand forecast for the third month in a row lowering global oil demand growth to 900,000 barrels per day in 2014.
Perhaps the most over-hyped and misused phrase in the trading world is “paradigm shift,” yet the proliferation of U.S. energy production has created just that. And it will take the world’s energy producers and consumers a while to get used to it.
Oil is getting a yearend squeeze as inventories fall and geopolitical risks seem to be rising. War in South Sudan, a terror attack in Russia and labor trouble in Libya are giving the bulls a little ride.
U.S. officials planning potential military strikes on Syria aren’t limited to a one-day operation, an administration official said, as the UN Security Council’s permanent members considered a resolution condemning last week’s suspected chemical attack.