Energy OverView June 13, 2013

For all the tumult in the global equity markets, oil prices are down modestly. In fact, with WTI just above 95.50, everything would seem alright, in terms of the functioning of the global economy and energy demand outlook. The three major oil market monitoring agencies did reduce their demand outlook, but not by very much. Beyond the demand cut and the rise in Saudi output, the IEA’s outlook also noted a surprising rebound in Iranian oil being sold to China.