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Commodities Briefing - Categorized | Market Moves, Oil more

Oil industry outlook bright as EIA, OPEC raise global demand

Posted on 28 February 2013

The oil & gas industry has experienced a good start to 2013 as improvements in the global economy has seen both the US Energy Information Administration (EIA) and OPEC raise their forecasts for global oil demand in 2013. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has gained over 6 percent year-to-date.
The EIA has raised its 2013 growth forecasts by 110,000 barrels per day (bpd) to 1.05 million bpd in 2013. Global oil demand is now expected to total 90.2 million bpd this year. The increase follows a report from OPEC earlier in the week projecting oil demand to increase by 840,000 bpd, 80,000 bpd higher than its previous estimate. Prices for Brent crude have gained approximately 10 percent year-to-date hitting a 10-month high of over $118 a barrel………………………………………..Full Article: Source


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