Global Energy Advisory 12th July 2019

Today’s IEA report isn’t exactly a speculator’s dream forecast.  Previously, the IEA was predicting a crude supply deficit of a half a million barrels per day next year. Not anymore. Friday’s report projects that supply will actually dwarf demand by nearly a million barrels per day. And in the first half of this year. That’s a significant overhang. And it could get even worse. Non-OPEC producers are set to unleash an additional 2.4 million bpd of crude into the market next year. That tally made possible by new…