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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $1.87 to $69.69 on the New York Merc, while Brent for November lost $1.71 to $73.46 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.60 to WTI, up from a discount of $14.70. Natural gas for October added eight cents to $2.63. The TSX energy index lost 4.82 points to close at 264.38.

After two days of big gains, oil prices retreated today, shrugging off bullish headlines. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that domestic crude inventories plunged by 4.5 million barrels last week and are currently sitting at their lowest level since April, 2022. Analysts were expecting a much smaller weekly decrease of 1.4 million barrels. A separate bullish report arrived today from UBS, which reiterated a "positive price outlook" on Brent, forecasting a rebound to over $80 (U.S.) in the coming months.

One of the more eye-catching reports came from OPEC. It released its annual World Oil Outlook and (for the first time) rolled out its demand forecasts to 2050 while (not for the first time) firmly pooh-poohing a near-term peak. Indeed, the group hiked its mid- and long-term demand predictions, citing rising consumption in India, Africa and the Middle East and a slowdown in the adoption of renewables. The timeline in last year's report ended at 2045, a year in which OPEC saw demand reaching 116 million barrels a day (up from actual demand of 102.2 million barrels a day in 2023). Now OPEC has boosted the 2045 forecast to 118.9 million barrels a day and set a first-time forecast of 120.1 million barrels a day for 2050. "There is no peak oil demand on the horizon," it stated firmly.

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