13-Dec-2025 12:52

WTI crude futures stayed slippery under $60 per barrel as traders digested fresh IEA and OPEC forecasts. The IEA projects 2025 oil demand to grow by 830 kb/d, led this year by gasoil and jet fuel, with petrochemicals driving 2026 growth. Global supply fell 610 kb/d in November due to OPEC+ cuts and sanctions on Russia and Venezuela, and supply growth expectations have been trimmed for both 2025 and 2026. OPEC kept its 2025 demand forecast steady at 1.4 million bpd and still expects stronger growth in 2026 at around 1.3 million bpd, indicating a broadly balanced outlook. Overall, the oil price outlook remains lax and the counter ended down around 4% for the week. The US crude oil imports averaged 6.6 million barrels per day last week, up by 609 thousand barrels per day from the previous week. However, over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 7.7% less than the same four-week period last year. US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.8 million barrels from the previous week. At 425.7 million barrels, US crude oil inventories are about 4% below the five-year average for this time of year.

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