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Carson Fitch Boosts 2014 Global Oil Demand Forecast on U.S. Recovery - Carson Fitch now forecast that global oil demand in 2014 will be higher than previously forecast, after consumption in the U.S. rebounded to its strongest level in five years as a recent International Energy Agency, (IEA), report said
Carson Fitch Boosts 2014 Global Oil Demand Forecast on U.S. Recovery

 

PRZOOM - /newswire/ - London, United Kingdom, 2013/12/20 - Carson Fitch now forecast that global oil demand in 2014 will be higher than previously forecast, after consumption in the U.S. rebounded to its strongest level in five years as a recent International Energy Agency, (IEA), report said.

   
 
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The IEA estimate that monthly oil demand will increase by 1.2 million barrels a day, or 1.3 percent, to 92.4 million a day next year, raising its last projection by 240,000 a day. U.S. fuel use rose above 20 million barrels a day in November for the first time since 2008, according to preliminary data.

David Phillips, Senior Analyst at Carson Fitch, New York stated,“The geopoliticals are now bullish, as are the fundamentals. This is quite a change from just recently. People are now anticipating much tighter supplies as we go into next year as demand will be much higher.”

“Oil product inventories in the most industrialized economies have “plummeted” recently as demand in these nations have expanded rapidly in the third quarter after four consecutive quarterly declines. Stockpiles of crude and refined products were at 2.7 billion barrels in November, or 29.7 million less than their five-year average,” Phillips added.

“Let’s not forget, the IEA has raised estimates for supplies required next year from the Organization of Petroleum Exporting Countries by about 200,000 barrels a day, to 29.3 million a day. That’s still about 400,000 a day more needed than the group’s 12 members pumped in the last quarter.”
“OPEC’s output fell for a fourth month, by 160,000 barrels a day, and is not expected to increase anytime soon as a result of disruptions in Libya and smaller declines in Nigeria, Kuwait, the United Arab Emirates and Venezuela.”

“We are advising clients to pay attention to these supply and demand fundamentals and look upon them as being the ideal opportunity to put some energy related commodity options into your portfolio,” Phillips concluded.

Carson Fitch

Carson Fitch specializes in identifying and exploiting opportunities in the Commodity and Off-shore Markets for corporate clients and Managed Account Programs for institutional as well as individual investors. As a prospective client you stand to benefit from over 17 years of experience and expertise in the global financial markets with extensive knowledge in both technical and fundamental analysis.

Company Contact Information
Carson FItch
David Phillips
149 Madison Avenue,
New York, NY
10016

 
 
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Carson Fitch Boosts 2014 Global Oil Demand Forecast on U.S. Recovery

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Contact: Robbie Lee - Carson-Fitch.com 
+44(0)20 7060 5593 info[.]carson-fitch.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Carson Fitch securities in any jurisdiction including any other companies listed or named in this release.

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