{"id":597678,"date":"2023-08-13T00:00:00","date_gmt":"2023-08-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/global-oil-demand-hits-record-high-in-june-plus-threats-to-global-lng-supply-and-fresh-us-inflation-data\/"},"modified":"2023-08-13T00:00:00","modified_gmt":"2023-08-13T00:00:00","slug":"global-oil-demand-hits-record-high-in-june-plus-threats-to-global-lng-supply-and-fresh-us-inflation-data","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/global-oil-demand-hits-record-high-in-june-plus-threats-to-global-lng-supply-and-fresh-us-inflation-data\/","title":{"rendered":"Global oil demand hits record high in June. PLUS: Threats to global LNG supply and fresh US inflation data."},"content":{"rendered":"

Global demand for oil has never been higher: <\/strong> Global oil demand reached an all-time high in June and could break records again this month amid rising consumption in China, the International Energy Agency (IEA) said in a report<\/a> last week. Global demand reached 103 mn barrels per day for the first time ever during the month, putting upwards pressure on prices as the market tightens on the back of reduced supply by oil producers. <\/p>\n

Oil prices have been on the rise in recent weeks <\/strong>, with Brent futures up 10% since late July. The crude benchmark last week surpassed USD 88 per barrel for the first time since the end of January.<\/p>\n

It\u2019s looking like a record-breaking year, too: <\/strong> The IEA is now projecting global demand to rise to a record 102.2 mn barrels per day this year, up 2.2 mn b\/d from 2022.<\/p>\n

\n

\n

Impending strikes in Australia threaten global LNG supply: <\/strong> Industrial action at three major LNG terminals in Australia is threatening to deliver a fresh shock to the energy markets, potentially removing as much as 10% of global supply from the market, Bloomberg<\/a> reports. Workers at Chevron and Woodside Energy Group last week voted to go on strike over pay and conditions and could begin walking out this week.<\/p>\n

One analyst isn\u2019t concerned: <\/strong> \u201cThis is all part of union negotiations,\u201d Credit Suisse analyst Saul Kavonic told Reuters<\/a>. \u201cWhile there will be loud rhetoric threatening large production outages as the unions and LNG companies test their positions, it is unlikely global supply will actually be impacted materially.\u201d<\/p>\n

Europe is reckoning with a new world: <\/strong> The strike threat was enough to cause European gas prices to surge almost 40% on Wednesday<\/a> in a bout of volatility that underscores the continent\u2019s continued vulnerability as it tries to move beyond its old dependency on Russian gas. <\/p>\n

\n

\n

US inflation figures unlikely to provoke another Fed hike: <\/strong> US inflation ended 12 consecutive months of declines in July, inching higher to 3.2% y-o-y from 3.0% a month earlier, according to figures<\/a> released Thursday. This was slightly below the expectations of analysts, who had forecast a larger increase.<\/p>\n

What they\u2019re saying: <\/strong> \u201cI\u2019m encouraged by the data. This keeps the Fed on pause for September. The CPI, the jobs report last week and ECI data all suggest that the Fed can pause,\u201d JPMorgan\u2019s chief global strategist, David Kelly, told the Financial Times<\/a>.<\/p>\n

<\/a> <\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

17,710<\/p>\n<\/td>\n

\n

-0.3% (YTD: +21.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE) <\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB <\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE <\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul <\/strong><\/p>\n<\/td>\n

\n

11,424<\/p>\n<\/td>\n

\n

+1.2% (YTD: +9.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX <\/strong><\/p>\n<\/td>\n

\n

9,880<\/p>\n<\/td>\n

\n

-0.3% (YTD: -3.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM <\/strong><\/p>\n<\/td>\n

\n

4,064<\/p>\n<\/td>\n

\n

+0.4% (YTD: +21.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500 <\/strong><\/p>\n<\/td>\n

\n

4,464<\/p>\n<\/td>\n

\n

-0.1% (YTD: +6.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100 <\/strong><\/p>\n<\/td>\n

\n

7,524<\/p>\n<\/td>\n

\n

-1.2% (YTD: +1.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

4,321<\/p>\n<\/td>\n

\n

-1.4% (YTD: +13.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude <\/strong><\/p>\n<\/td>\n

\n

USD 86.81<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.77<\/p>\n<\/td>\n

\n

+0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 1,946.60<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC <\/strong><\/p>\n<\/td>\n

\n

USD 29,401<\/p>\n<\/td>\n

\n

+0.1% (YTD: +78.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL- <\/strong><\/p>\n

The EGX30 fell 0.3% at Thursday\u2019s close <\/strong> on turnover of EGP 1.73 bn (13% below the 90-day average). Foreign investors were net sellers. The index is up 21.3% YTD.<\/p>\n

In the green: <\/strong>Mopco (+1.6%), CIRA Education (+0.6%) and Elsewedy Electric (+0.5%).<\/p>\n

In the red: <\/strong>Credit Agricole (-2.3%), Alexandria Container and Cargo Handling (-2.2%) and Telecom Egypt (-2.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil prices have risen more than 10% since July as supply tightens and consumption in China grows<\/p>\n","protected":false},"author":1,"featured_media":597679,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[93,72,746,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-energy","tag-enterpriseam","tag-international-energy-agency","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"ad3c54b3-eacb-4e2d-b62b-3a2e42e1c50e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/568.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Global oil demand hits record high in June. 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WTI futures in New York gained 1.6% yesterday to close to USD 75.25\/bbl, the highest\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547326,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/things-could-get-rougher-in-the-global-energy-markets-next-year\/","url_meta":{"origin":597678,"position":1},"title":"Things could get rougher in the global energy markets next year","author":"enterpriseam admin","date":"16 June 2022","format":false,"excerpt":"So much for demand destruction: The global energy crunch isn\u2019t ending anytime soon if the International Energy Agency\u2019s (IEA) latest outlook is anything to go by. Despite a growing chorus of voices warning of recession in some of the world\u2019s largest economies, the energy think tank is forecasting global oil\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563099,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/17\/is-a-supercycle-in-global-oil-prices-on-the-horizon\/","url_meta":{"origin":597678,"position":2},"title":"Is a supercycle in global oil prices on the horizon?","author":"enterpriseam admin","date":"17 June 2021","format":false,"excerpt":"SUPERCYCLE WATCH- Is a supercycle in global oil prices on the horizon? Perhaps, according to Saudi Arabia\u2019s energy minister, who has warned that a drop-off in exploration could further squeeze supply in an already-tight market, causing prices to surge, according to Bloomberg.Oil prices have been on a tear as of\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590580,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/oil-prices-to-rise-this-year-amid-serious-supply-demand-imbalance-says-ief-official\/","url_meta":{"origin":597678,"position":3},"title":"Oil prices to rise this year amid \u201cserious\u201d supply-demand imbalance, says IEF official","author":"enterpriseam admin","date":"24 July 2023","format":false,"excerpt":"Oil exporters have removed more than 1 mn barrels of oil per day from the market this year under efforts to support prices","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/878.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578969,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/chinas-comeback-to-see-oil-demand-hit-a-record-high-in-2023-european-em-equities-gain-popularity-as-wall-street-takes-a-kicking\/","url_meta":{"origin":597678,"position":4},"title":"China\u2019s comeback to see oil demand hit a record high in 2023 + European, EM equities gain popularity as Wall Street takes a kicking","author":"enterpriseam admin","date":"19 January 2023","format":false,"excerpt":"China\u2019s loosening of covid-19 restrictions is forecasted to boost oil demand to a record high this year of 101.7 mn barrels per day, the International Energy Agency (IEA) said yesterday. Expect to see a tighter market as \u201cRussian supply slows under the full impact of sanctions [while] China will drive\u2026\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/336.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556044,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/fuel-prices-are-up-by-as-much-as-3-7\/","url_meta":{"origin":597678,"position":5},"title":"Fuel prices are up by as much as 3.7%","author":"enterpriseam admin","date":"10 October 2021","format":false,"excerpt":"Fuel prices are up for the third time this year: The government\u2019s fuel pricing committee raised the price at the nation\u2019s pumps by EGP 0.25 on Friday in response to spiraling international costs, according to an Oil Ministry statement. As matters now stand: 95-octane rose 2.7% to EGP 9.25 per\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/99.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=597678"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597678\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597679"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597678"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597678"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}