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16 November 2017, 02:16 | Melanie Burgess
By David Gaffen
The U.S. resurgence in oil and gas production, deep declines in the cost of renewables and growing electrification are changing the face of the global energy system and upending traditional ways of meeting energy demand, the IEA said Tuesday.
West Texas Intermediate for December delivery fell 37 cents to settle at $55.33 a barrel on the New York Mercantile Exchange, the lowest close since November 2.
"The IEA slashing its oil demand growth forecast for this year and the next has dampened some of the bullish sentiment prevailing in the market", Abhishek Kumar, Senior Energy Analyst at Interfax Energy's Global Gas Analytics in London.
West Texas Intermediate crude have both shed about $3 a barrel, or almost 5 percent, from more than two-year highs struck last week.
Ahead of data from the American Petroleum Institute (API), an industry trade group, analysts in a Reuters poll forecast USA crude stocks declined by 2.2 million barrels last week.
However, this is expected to cut only 2.5 million barrels per day (bpd), or about 2 percent, off global oil demand by that time.
The U.S. benchmark slipped 0.7 percent on Wednesday as Russian Federation believes it's too early to announce a possible extension at OPEC's meeting at the end of the month, according to two people with knowledge of the matter.
"The oil market faces a hard challenge in the first quarter of 2018, with supply expected to exceed demand by 600,000 barrels a day followed by another, smaller, surplus of 200,000 barrels a day in the second quarter", the IEA said.
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The IEA, meanwhile, delivered a surprisingly downbeat outlook for oil demand in its monthly market report, showing an expected slowdown in consumption that was at odds with a more bullish view from the producer group OPEC on Monday.
The API estimate are followed by official data from the Energy Information Administration on Wednesday.
Overnight, crude oil prices settled near two-week lows after the International Energy Agency (IEA) revised down its forecast for global demand growth and said it expects U.S producers to ramp up output.
IEA executive director Fatih Birol said "the USA becomes the undisputed leader for oil and gas production for decades, which represents a major upheaval for worldwide market dynamics".
"It's started to look like there's a little bit too much momentum, and the quality of the buyer coming into the market at the $56 to $57 level wasn't the smartest crude oil money", said Richard Hastings, macro strategist at Seaport Global Securities in Charlotte.
According to the IEA, China will overtake the United States as the largest oil consumer around 2030, and its net imports will reach 13 million barrels per day in 2040.
Crude exports rose by 260,000 barrels a day, while inventories at the key Cushing, Oklahoma, pipeline hub fell by 1.5 million barrels, the largest draw since July.
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