USA crude oil stocks, production up for w/ending February 7

Coronavirus impact Opec cuts oil demand forecast for 2020

These were the details of the news Coronavirus impact: Opec cuts oil demand forecast for 2020 for this day.

"Oil markets are continuing to experience downward pressure from the coronavirus health crisis, which has brought China's transport and manufacturing sectors to a virtual standstill", analysts at Eurasia Group said in a report.

Brent futures gained $1.78, or 3.3%, to settle at $55.79 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.23, or 2.5%, to settle at $51.17. Stockpiles rose by 7.5 million barrels, ahead of the 3.2 million barrel build analysts had been expecting. Still, worldwide experts remained cautious over forecasting when the outbreak might peak.

The new coronavirus has spread to more than 20 countries after emerging in December in China, where it has killed more than 400 people and infected 20,000.

A similar drop in diesel demand is expected due to other travel restrictions. "Lower-than-expected consumption in the OECD trimmed 2019 growth to 885 kb/d", the report said.

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Russia's key oil producers said they would support extending OPEC+ output cuts into the second quarter at a meeting with Energy Minister Alexander Novak on Wednesday, but there was no indication whether deeper reductions had been discussed.

The expectations for lower future fuel demand because of the virus has shifted the market structure for both Brent and WTI into a contango, when prompt prices are less than later prices.

Opec on Wednesday massively cut forecast for oil demand by 0.23 million barrels per day (mbpd) due to the impact of coronavirus outbreak in China, strengthening its case for higher production cut when it meets again in March.

The epidemic could shake crude prices even more than threats to security of supply, such as tensions in Iraq and a fall in Libyan oil production, the IEA notes.

"Clearly, the ongoing developments in China require continuous monitoring and assessment to gauge the implications on the oil market in 2020", it added. "Now, the danger posed by the Covid-19 disaster has prompted the OPEC+ worldwide locations to contemplate a further minimize to grease manufacturing", it mentioned. Chinese state refiners plan to cut as much as 940,000 barrels per day (bpd) - nearly 1% of world demand - from their crude processing rates in February.

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