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World Must Wait for Extra Oil as Ida Offsets OPEC Hike, IEA Says

(Bloomberg) -- The world will have to wait until October for additional oil supplies as output losses from Hurricane Ida wipe out increases from OPEC+, the International Energy...
World Must Wait for Extra Oil as Ida Offsets OPEC Hike, IEA Says © Reuters World Must Wait for Extra Oil as Ida Offsets OPEC Hike, IEA Says

(Bloomberg) -- The world will have to wait until October for additional oil supplies as output losses from Hurricane Ida wipe out increases from OPEC+, the International Energy Agency said.

Consumers should have been enjoying “solid gains” in production as the Organization of Petroleum Exporting Countries and its allies continued their revival of idle capacity, the agency said in its monthly report. Instead, global supply fell by 540,000 barrels a day in August due to unexpected disruptions and will be flat this month.

“Unplanned production outages have temporarily halted an uptrend in world oil supply that began in March, but growth is set to resume in October,” said the Paris-based IEA, which advises developed economies on energy policy.

The supply disappointment hasn’t had a big impact on prices because of bearish trends in fuel consumption. Global oil demand has been falling since July as rising Covid-19 cases prompt mobility restrictions in Asia, the IEA said. Crude has traded near $70 a barrel in New York for most of this month. 

World fuel consumption will contract by 310,000 barrels a day on average each month from July to September, the IEA said. Yet there are signs that the coronavirus resurgence is abating and the agency expects a sharp rebound in demand of 1.6 million barrels a day next month, with continued growth to the end of the year.

The matching shifts in supply and demand meant this year’s prevailing oil-market trend -- shrinking inventories -- continued unabated. Fuel stockpiles in developed economies fell by 30 million barrels last month, putting them 186 million barrels below the five-year average, according to preliminary IEA estimates. There should be “hefty draws” again this month, the agency said.

“It is only by early 2022 that supply will be high enough to allow oil stocks to be replenished,” according to the report. “In the meantime, strategic oil stocks from the U.S. and China may go some way to help plug the gap.”

Supply Problems

Hurricane Ida, a Category 4 storm that hit the U.S. Gulf Coast on Aug. 29, initially shut down 1.7 million barrels a day of oil production. Weeks later, the industry is still struggling to restart many of the affected fields and the region’s crude output is expected to be down as much as 650,000 barrels a day on average this month, the IEA said. 

While most of OPEC boosted output in August, a handful of members plus several allied producers saw production drop. Overall OPEC+ crude supply fell by 150,000 barrels a day to 41.58 million barrels a day in August as increases from Saudi Arabia, Iraq and Russia failed to offset losses in Nigeria, Kazakhstan and Mexico.

The group is scheduled to revive another 400,000 barrels a day of idle capacity this month, but members including Nigeria, Angola and Malaysia continue to struggle to boost output, the IEA said.

©2021 Bloomberg L.P.

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27-09-2021 19:09:48 (UTC+7)

EUR/USD

1.1697

-0.0017 (-0.15%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (3)

EUR/USD

1.1697

-0.0017 (-0.15%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (3)

GBP/USD

1.3690

+0.0008 (+0.05%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (2)

USD/JPY

110.93

+0.20 (+0.19%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

AUD/USD

0.7254

-0.0004 (-0.06%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (6)

Sell (1)

USD/CAD

1.2664

+0.0012 (+0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (2)

EUR/JPY

129.75

+0.05 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

EUR/CHF

1.0852

+0.0029 (+0.26%)

Summary

Neutral

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Buy (10)

Sell (2)

Indicators:

Buy (3)

Sell (4)

Gold Futures

1,749.35

-2.35 (-0.13%)

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↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

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Silver Futures

22.610

+0.185 (+0.82%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Copper Futures

4.2710

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↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (10)

Sell (0)

Crude Oil WTI Futures

75.30

+1.32 (+1.78%)

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↑ Buy

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Indicators:

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Sell (1)

Brent Oil Futures

78.56

+1.33 (+1.72%)

Summary

↑ Buy

Moving Avg:

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Natural Gas Futures

5.444

+0.244 (+4.69%)

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Neutral

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Sell (3)

Indicators:

Buy (3)

Sell (3)

US Coffee C Futures

193.65

-0.70 (-0.36%)

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Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (3)

Euro Stoxx 50

4,169.25

+10.74 (+0.26%)

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Neutral

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Buy (4)

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Buy (5)

Sell (2)

S&P 500

4,455.48

+6.50 (+0.15%)

Summary

↑ Sell

Moving Avg:

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Sell (9)

Indicators:

Buy (0)

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DAX

15,590.85

+59.10 (+0.38%)

Summary

↑ Sell

Moving Avg:

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Sell (9)

Indicators:

Buy (0)

Sell (6)

FTSE 100

7,050.75

-0.73 (-0.01%)

Summary

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Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (4)

Hang Seng

24,208.78

+16.62 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,253.88

-5.16 (-0.23%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (11)

IBEX 35

8,983.50

+110.40 (+1.24%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

BASF SE NA O.N.

64.750

+1.050 (+1.65%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Bayer AG NA

47.29

+0.81 (+1.74%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Allianz SE VNA O.N.

195.66

+3.32 (+1.73%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (2)

Adidas AG

280.07

-1.50 (-0.53%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (6)

Deutsche Lufthansa AG

6.475

+0.242 (+3.88%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (7)

Siemens AG Class N

147.26

-0.85 (-0.57%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Deutsche Bank AG

11.051

+0.216 (+1.99%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (8)

 EUR/USD1.1697Buy
 GBP/USD1.3690Buy
 USD/JPY110.93↑ Sell
 AUD/USD0.7254↑ Sell
 USD/CAD1.2664↑ Buy
 EUR/JPY129.75↑ Sell
 EUR/CHF1.0852Neutral
 Gold1,749.35↑ Buy
 Silver22.610↑ Buy
 Copper4.2710↑ Buy
 Crude Oil WTI75.30↑ Buy
 Brent Oil78.56↑ Buy
 Natural Gas5.444Neutral
 US Coffee C193.65Buy
 Euro Stoxx 504,169.25Neutral
 S&P 5004,455.48↑ Sell
 DAX15,590.85↑ Sell
 FTSE 1007,050.75Sell
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,253.88↑ Sell
 IBEX 358,983.50↑ Buy
 BASF64.750↑ Sell
 Bayer47.29↑ Sell
 Allianz195.66↑ Buy
 Adidas280.07↑ Sell
 Lufthansa6.475Sell
 Siemens AG147.26↑ Sell
 Deutsche Bank AG11.051↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
(5,665/ 5,715) # 900
SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
(0/ 0) # 887
SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
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