Oil demand growth in 2020 is revised down by 0.23 mb/d from the previous month’s assessment. With this, global oil demand is now forecast to grow by 0.99 mb/d and average 100.73 mb/d for 2020,

EIA now expects global petroleum and liquid fuels demand will rise by 1.0 million b/d in 2020, which is lower than the forecast increase in the January STEO of 1.3 million b/d in 2020, and by 1.5 million b/d in 2021.

We have cut our 2020 oil demand growth forecast by 365 kb/d to 825 kb/d, the lowest since 2011.

Crude oil production from the major US onshore regions is forecast to increase 18,000 b/d month-over-month in February from 9,157 to 9,175 thousand barrels/day, gas production to decrease 172 million cubic feet/day from 85,619 to 85,447 million cubic feet/day .

Brent was at $57.27 a barrel, WTI rose 3 cents to $52.08 a barrel,

U.S. Rig Count is unchanged from last week at 790, Canada Rig Count is down 2 rigs from last week to 255,

Brent were up 13 cents at $56.47 a barrel, WTI were 14 cents higher at $51.56 a barrel.

The coronavirus epidemic in China has had a marginal impact on energy markets and is unlikely to dramatically affect oil prices even if Chinese demand falls by 500,000 barrels per day, U.S. Energy Secretary Dan Brouillette told

Brent was up $1.12, or 2.1%, at $55.13 per barrel, WTI rose 74 cents, or 1.5%, to $50.68 a barrel.

OPEC members and allied oil producers, the so-called OPEC+, have agreed to cut their crude oil production by an additional 500,000 bbl/d until their next meeting in early March 2020.