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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 95 cents to $78.70 on the New York Merc, while Brent for October lost $1.61 to $82.30 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.80 to WTI, up from a discount of $16.00. Natural gas for September was unchanged at $2.16. The TSX energy index added 1.07 points to close at 288.02.

Oil prices dipped on bearish demand outlooks. On the heels of yesterday's reduced 2024 and 2025 global oil demand forecasts from OPEC, the International Energy Agency (IEA) updated its own forecasts today, raising similar concerns about sluggish Chinese demand. "Weak growth in China ... significantly drags on global gains," the IEA wrote in a closely watched monthly report. It trimmed its global demand forecast for 2025 and reiterated its forecast of relatively muted demand in 2024.

Although both organizations flagged weakening demand in China, their overall viewpoints remain sharply different. The IEA sees global demand rising by a mere 970,000 barrels a day this year, while OPEC puts the figure at 2.11 million barrels a day (down from a prior forecast of 2.25 million). Next year's forecast is 950,000 barrels a day for the IEA (down from its prior forecast of 980,000) and 1.78 million barrels a day for OPEC (down from 1.85 million). These represent the widest divergences in the two groups' forecasts since at least 2008. According to the IEA, the world is shifting to greener fuel technologies much faster than OPEC wants to believe. According to OPEC, the IEA is no longer an impartial observer and is championing green technologies for political reasons.

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