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Global oil glut disappearing faster than expected

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The global oil market is on track to be “relatively balanced” this year and next, according to the Energy Information Administration’s Short-Term Energy Outlook Report released Tuesday. That’s sooner than it previously expected.

The EIA had forecast small annual average supply builds in both 2017 and 2018, but changed it after “significant revisions” to historical data on liquid fuel consumption, which includes crude oil.

The agency’s January report had said that global oil markets were expected “to be more balanced by mid-2018,” with a rise in supply the first half of that year partially offset by a draw in the second half to result in an increase of about 0.1 million barrels a day for all of 2018.

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Written by By Myra P. Saefong for MarketWatch.com

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