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Jim Hyerczyk

Jim Hyerczyk

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Bullish Forecasts Support Crude Prices

U.S. West Texas Intermediate crude oil futures are trading lower on Friday, but are still in a position to finish higher for the week. Today’s move has nearly wiped out all of yesterday’s gains after renewed recession fears dampened an improved demand outlook by the International Energy Agency (IEA).

Last week, crude oil prices fell sharply on fears that rising inflation and interest rates will hit economic growth and demand for fuel.

The playing field changed this week for the better, however, after softer-than-expected U.S. inflation data drove down the odds of a super-sized Fed rate hike in September and the IEA released a report that called for higher demand.

An unexpected drop in gasoline inventories was another supportive catalyst while a sharp rise in crude oil inventories and the possibility of an Iran Nuclear deal weighed on prices.

Energy Information Administration Gasoline Inventory Data Bullish

U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 100,000. However, U.S. gasoline stocks fell sharply as implied demand rose after weeks of lackluster activity during what is supposed to be peak summer driving season.

Crude Rebounds after IEA Hikes 2022 Demand Growth Forecast

The IEA raised its oil demand growth forecast for the year as soaring gas prices drive some consumers to switch to oil.

“Natural…





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