Oil Demand Growth Slowdown Isn’t Over Yet

Two energy authorities reduced their crude oil demand outlooks in their latest reports. The U.S. Energy Information Administration cut its demand growth outlook by 70,000 bpd in its latest Short-Term Energy Outlook, and the International Energy Agency lowered its own by 100,000 bpd. At first glance, the numbers are not particularly impressive. A closer look, however, reveals these numbers support a growing worry about a slowdown in global oil demand that has already begun weighing on prices and will likely continue to do so in the observable future.…