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Georgio Stoev
Nick Howard of Bantix Technologies returns to OptionsLab, joining Saxo Bank's product manager for futures and listed options Georgio Stoev, to preview key markets ahead of the German election.
Squawk / 12 September 2017 at 11:58 GMT
Head of Commodity Strategy / Saxo Bank
Denmark
Opec's "Monthly Oil Market Report" for September has just been published. Link: https://goo.gl/ueD1ep
Crude oil trades a tad higher as the cartel revised higher its global oil demand growth forecasts for this year and next. They see consumption in the second quarter of 2017 surpassing expectations.

Reuters headlines:
OPEC SAYS GLOBAL OIL DEMAND TO RISE 1.35 MILLION BPD NEXT YEAR (PREV FORECAST 1.28 MBPD)
OPEC RAISES 2017 GLOBAL OIL DEMAND GROWTH FORECAST TO 1.42 MBPD (PREV FORECAST 1.37 MBPD)
OPEC TRIMS 2018 NON-OPEC OIL SUPPLY GROWTH FORECAST TO 1.00 MILLION BPD (PREV FORECAST 1.10 MBPD)
OPEC’S 11 MEMBERS WITH SUPPLY TARGETS PUMPED 30.004 MBPD IN AUGUST, AMOUNTING TO 83 PCT COMPLIANCE WITH PACT (VS 86 PCT IN JULY) – REUTERS CALCULATION
OPEC SAYS OECD OIL INVENTORIES FELL IN JULY TO 3.002 BLN BARRELS, 195 MLN BARRELS ABOVE 5-YEAR AVERAGE
OPEC SAYS HURRICANE HARVEY AFTERMATH TO HAVE NEGLIGIBLE IMPACT ON U.S. OIL DEMAND, SAYS U.S. ENERGY INDUSTRY LOOKS TO BE REBOUNDING QUICKLY
12 September
Ole Hansen Ole Hansen
This was a headline supportive report with OPEC forecasting higher demand for its oil in 2018. They see signs of a tighter global market as an indicating its production-cutting deal with non-member countries is helping to tackle the supply glut. However the current level of total Opec production at 32.76m b/d is in line with what they expect is needed in 2018. In other words there is currently no room to cancel the production cuts come March. Hence the increased focus currently on the deal being extended as a failure to do so would hurt the price.

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