, Columnist
Oil Demand Forecasts Aren't as Bullish as They Seem
Oil has become an attractive alternative fuel because gas prices have soared. But Europe is rapidly replenishing its natural gas stockpiles.
Helping to keep the lights on.
Photographer: Ben Kilb/BloombergThis article is for subscribers only.
Recent revisions to oil demand forecasts aren’t as bullish as they might appear. Don’t get too excited about prices going up just yet.
The International Energy Agency, the US Energy Information Administration and the Organization of Petroleum Exporting Countries all updated their short-term outlooks in the past week. Two of them cut their demand estimates for both this year and next, with only the IEA breaking ranks to increase its forecasts.