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Oil demand to rise, but it won’t stop prices falling

Global oil demand looks to have held up much better so far in 2021 than during 2020, despite a resurgence of COVID infections in many parts of the world. We expect strong oil demand growth to continue for the rest of the year, but this won’t stop rising supply pushing oil prices lower by end-year.
Adam Hoyes Assistant Economist
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Energy Data Response

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Commercial crude oil stocks fell last week due to exports rising faster than imports and refineries stepping up operations. But high petroleum product prices should hold back demand in the coming months, which, along with further Strategic Petroleum Reserve releases, should send commercial stocks upward.

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Energy Data Response

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Commercial crude stocks will be boosted in the coming weeks by the ongoing release of strategic reserves, regardless of what is happening with domestic oil demand. That said, there are now clear signs that sky-high prices are deterring demand for petroleum products, which should continue for some time yet.

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Precious Metals Update

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Energy Data Response

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US commercial crude stocks declined again last week. However, with both implied demand for most products and refinery activity close to pre-pandemic levels, we think the pace of draws will stabilise.

23 June 2021

Energy Data Response

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