EIA revises inventory build forecasts downward

[Smokin Joe]

EIA revises inventory build forecasts downward

http://www.ogj.com/articles/2016/05/eia-revises-inventory-build-forecasts-downward.html?cmpid=EnlDailyMay102016&eid=290980193&bid=1401101
 HOUSTON, May 10
05/10/2016
By OGJ editors
In its Short-Term Energy Outlook for May, the US Energy Information Administration estimates that global petroleum and other liquid fuels inventory builds will average 1 million b/d in 2016 and 200,000 b/d in 2017 compared with the average of 1.4 million b/d in 2016 and 400,000 b/d in 2017 forecast in last month’s STEO.

Lower inventory build forecasts mainly reflect revised historical rates of demand growth in 2015, along with the expectation of higher demand growth in 2016 and 2017.

EIA expects global oil inventory draws to begin in third-quarter 2017.

Global petroleum, liquids consumption

EIA increased its estimates of historical and forecast global consumption for 2015-17 compared with April’s STEO. Global consumption of petroleum and other liquid fuels is now estimated to have increased by 1.4 million b/d in 2015, 100,000 b/d higher than previously estimated and reflecting upward revisions to 2015 growth in both China and India.

EIA now expects global oil consumption...

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