Natural Gas and Oil Forecast: OPEC Cuts Demand Outlook – Can WTI Clear $80?

OPEC has revised its 2026 oil demand growth forecast downwards for the third consecutive month, indicating a more cautious outlook on global consumption. The organization now anticipates a growth of 780,000 barrels per day for 2026, a reduction from the previously projected 970,000 barrels per day. However, OPEC foresees a stronger demand growth of 1.94 million barrels per day in 2027.

Despite the reduced demand outlook, oil prices remain supported by ongoing supply disruptions, particularly in the Middle East. OPEC+ crude production in June saw an increase to 36.28 million barrels per day, a rise of approximately 3 million barrels per day from May, as Gulf producers resumed operations after disruptions.

The International Energy Agency also reported an increase in oil supply, reaching 98.8 million barrels per day in June, up by 4.1 million barrels per day. Nevertheless, overall oil supply remains below pre-conflict levels, with persistent issues in the Middle East continuing to impact availability.

In the Natural Gas market, demand remains robust. The current working supply in the U.S. stands at 2,922 billion cubic feet (Bcf), which is 175 Bcf more than... (The rest of the article is cut off).