This chart from Bloomberg/IEA is telling:
This is what the IEA is saying now (my bold):
“There is no doubt as to the direction of travel for the supply-demand balance,” the Paris-based adviser to industrialized nations said. “There are signs that the much-anticipated slide in production of light, tight oil in the U.S. is gathering pace.”
And here is what they were saying in Feb:
“The latest outlook represents a shift for the agency, which as recently as February raised its estimates of the global surplus and warned that the potential for further price losses had intensified.”
In Jan, the IEA, via Reuters (http://www.reuters.com/article/us-oil-iea-idUSKCN0UX0VJ):
“While the pace of stock-building eases in the second half of the year as supply from non-OPEC producers falls, unless something changes, the oil market could drown in over-supply.”
Based on recent experience, this months price friendly report from the IEA should indicate lower prices ahead?
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