• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 4 hours WTI @ $75.75, headed for $64 - 67
  • 2 hours The Dirt on Clean Electric Cars
  • 15 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 9 hours Uber IPO Proposals Value Company at $120 Billion
  • 2 hours Trump vs. MbS
  • 7 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 15 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 13 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 9 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 3 hours Coal remains a major source of power in Europe.
  • 2 hours EU to Splash Billions on Battery Factories
  • 12 hours Nopec Sherman act legislation
  • 5 hours Poland signs 20-year deal on U.S. LNG supplies
Editorial Dept

Editorial Dept

More Info

Trending Discussions

Oil Prices To Rise On Strong Oil Demand

Oil Prices To Rise On Strong Oil Demand

Friday March 9, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Oil demand picking up

(Click to enlarge)

- The Baltic Dry Index, which measures freight costs, is about 25 percent higher than a year ago, according to Bloomberg. The index can be interpreted as a proxy for global trade, and offers a bullish indicator for commodities.
- Oil demand could end up being “way in excess” of last year’s lofty levels, according to Saudi oil minister Khalid al-Falih.
- Part of the reason for strong oil demand is robust global trade, which the IMF sees expanding by 4 percent for three consecutive years through 2019, the strongest stretch in over a decade, according to Bloomberg.
- “Global synchronized economic growth -- across developed and emerging markets -- is driving a notable uptick in manufacturing and trade, boosting construction and freight movements which look to be behind renewed growth in diesel demand, after several years in the doldrums,” said Eric Lee, an analyst at Citigroup Inc.
- Trade tariffs, which could spark a bout of protectionism, could put this run of trade growth in jeopardy.

2. China seeks to dominate clean energy

(Click…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News