IEA: Oil market is rebalancing and "essentially here", accelerating in short term

Dhwani Mehta FXStreet

The International Energy Agency (IEA) published their monthly oil market report on Tuesday, keeping its 2017 oil demand growth forecast steady at 1.3mln bpd.

Key Highlights:

IEA maintains global oil demand growth forecast for 2017 at 1.3mln bpd

Brings demand to 97.9m bpd

Global oil supply fell 140k bpd in April to 96.17mn bpd

Output 90k bpd

If OPEC maintains April crude output, Q2 shows implied stock draw of 700k bpd

Raises f/cast for non-OPEC supply growth by 100k bpd to 600k bpd for 2017

Raises us crude output f/cast by 100k to 510k bpd. Largest source of supply growth

Oil market is rebalancing and "essentially here", accelerating in the short term

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD holds gains around 1.1800 amid renewed USD selling

EUR/USD regains positive traction and holds around 1.1800 in the European session, reversing the previous day's modest losses. The pair's uptick is sponsored by the emergence of fresh US Dollar selling, which remains induced by persistent trade-related uncertainties.

GBP/USD strengthens above 1.3500 on softer US Dollar

GBP/USD is posting moderate gains above 1.3500 in European trading on Wednesday. The pair appreciates as the US Dollar meets fresh supply following US President Donald Trump’s first State of the Union address and amid looming tariff uncertainty.

Gold eyes monthly top above $5,200 amid geopolitics, trade jitters

Gold buyers are back in the game, eyeing $5,200 and beyonf on Wednesday after seeing a correction from monthly highs on Tuesday. The US Dollar slips after Trump’s SOTU fails to impress and as AI-driven worries ease. Dovish Fed bets also weigh. Gold looks north so long as the key 61.8% Fibo resistance at $5,142 holds on the daily chart.

Bitcoin, Ethereum and Ripple post cautious recovery amid downside risks

Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week. BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.

Nvidia remains at the heart of the AI boom

Nvidia remains at the heart of the AI boom, with Q4 revenue projected near $65.6–66.1 billion, nearly 70% higher year-over-year. But investors are watching cash flow, leverage, and broader AI adoption. Growth is strong, but the AI stress isn’t over.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.