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Friday, 15 May 2009

Clouseau-esque market-moving commentary, IEA edition

On Thursday the International Energy Agency (IEA) issued its latest monthly oil report, and in case you weren’t aware, the market was awaiting the forecast more than usual.

This was largely on account of expectations the IEA would finally put an end to its eight-month run of global demand cuts and in so doing confirm ‘green-shoot’ hopes that the economic crisis may be easing.

What’s more, the expectation itself was based on some pretty reliable sources: comments from IEA Executive Director Nobuo Tanaka, no less. Speaking earlier this week while in Poland, Tanaka said the IEA was unlikely to reduce its oil demand forecast in May. The Reuters quote went:

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