Later today, Opec will release its Monthly Oil Market Report. The update is freely available and can be downloaded here
. During the past three months they held 2019 Non-Opec supply growth relatively steady at 2.18 million b/d while global oil demand growth saw a small downgrade of 100,000 barrels/day to 1.29 million b/d – somewhat lower than the EIA which in its Short Term Energy Outlook on Tuesday saw oil demand rise by 1.54 million b/d this year.
The International Energy Agency will release its Oil Market Report on Friday. In terms of price developments, not a lot has happened during the past week. WTI and Brent crude have both settled into their November to December consolidation ranges which for WTI is between $50 and $55/b as per the chart below.