Daily Energy Report
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Daily Energy Report
US oil demand up/prices down, Cushing inventories down, EU’s rising gas costs, Norwegian oil investment, New battery tech, Zimbabwe wind, CA city extorts Chevron, China gas, and more.
Chart of the Day: US Oil Demand Is Increasing, but Oil Prices are Declining. Why?
Summary
Figure (1) shows quarterly estimates of US oil demand by the IEA, OPEC, and the EIA in 2023, 2024, and 2025 plotted against actual oil demand as calculated from the EIA monthly data. The differences among them and deviation from actual data is significant. Ironically, the US EIA itself has the worst record among these organizations in forecasting US oil demand. Figure (2) below shows how actual oil demand has been increasing recently.