IEA says global oil demand to surpass pre-pandemic levels by end of next year

IEA remarks in its latest oil market report

  • Total oil supply from OPEC+ set to increase by 800k bpd based on existing policy
  • OPEC+ needs to open the taps to keep oil market adequately supplied
  • Oil demand should surpass pre-pandemic levels by end of next year

This just reaffirms the more bullish sentiment towards the oil market in general at the moment, as the pandemic is gradually being put in the rearview mirror. Though IEA does point out that the rise in oil demand also underscores the enormous amount of effort needed for the world to achieve climate goals.

PBOC sets USD/ CNY mid-point today at 6.3856 (vs. yesterday at 6.3972)

The People’s Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.

    • USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.
    • CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.
  • The previous close was 6.3928
  • Reuters estimate from their survey was 6.3860, Bloomberg 6.3847  …. (A rate that’s significantly stronger or weaker than expected is typically considered a signal from the PBOC).


PBOC injects 10 billion yuan liquidity via 7-day reverse repo

  • 10bn mature today
  • thus a net neutral day

US stocks close higher led by the NASDAQ index. S&P record close

Russell 2000 index does close lower

The major market indices are closing higher with the S&P posting a record close.  The gains were led by the NASDAQ stocks. The Dow lagged but still closed positive on the day.

The final numbers are showing:
  • S&P index up 19.63 points or 0.47% at 4239.18
  • NASDAQ index up 108.58 points or 0.78% at 14020.33
  • Dow rose 19.10 points or 0.06% at 34466.24.
The Russell 2000 index of the small-cap stocks did not fare as well. In fact it declined on the day.  It is showing a decline of -15.72 points or -0.68% at 2311.40.
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