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Supply Deficit

All articles tagged with #supply deficit

business1 year ago

"Cocoa Prices Surge to Record Highs, Signaling Trouble Ahead for Chocolate Lovers"

Cocoa prices have surged to record levels due to supply disruptions in key producing nations of Ivory Coast and Ghana, leading to the worst supply deficit in decades. Consumers could soon face higher prices or "shrinkflation" in chocolate products, with the industry working to manage costs and keep chocolate affordable. The surge in prices has hit chocolate giant Hershey, which sees flat earnings for the year, while speculators and bad weather exacerbate the situation. The industry is bracing for the worst as the systemic issues facing the market are expected to keep cocoa prices elevated for some time.

via CNBC|
#business#chocolate-industry#cocoa-prices
commodities1 year ago

"Cocoa Prices Surge to $10,000, Easter Treats to Get Pricier"

Cocoa futures have surpassed $10,000 per metric ton due to poor crops in key West African growers, leading to concerns about a third consecutive annual supply deficit. The rally is also driven by financial market pressures and fears of sourcing enough beans. The surge in cocoa prices is expected to result in pricier chocolate, impacting chocolate manufacturers' profits and potentially leading to smaller or less chocolate-filled products for consumers. The upcoming mid-crop harvest in West Africa is anticipated to shrink, exacerbating the tight supply situation, while efforts to ramp up production in other regions may take years to alleviate the strain on global supplies.

via Yahoo Finance|
#chocolate#cocoa#commodities
energy-markets1 year ago

"Red Sea Risks Outweigh US Stockpile Report, Oil Prices Hold Gains"

Oil prices rose as US crude production is expected to grow more slowly this year, easing concerns of oversupply, with the US pumping a record 13.3 million barrels per day in December but not expected to surpass this level until early 2025. The Energy Information Agency estimates a 170,000 barrels per day growth in domestic oil output this year, down from the previous forecast of 290,000 bpd, and predicts a global crude oil supply deficit of 120,000 barrels per day in 2025. Occidental Petroleum CEO Vicki Hollub warned of a major supply shortage by the end of 2025 due to insufficient crude reserves replacement. Meanwhile, oil traders are monitoring Middle East developments and potential US strikes against Iranian forces.

via CNBC|
#energy-information-agency#energy-markets#middle-east
energy2 years ago

"Supply Deficit Concerns Drive Oil Prices Higher"

Oil prices rose for a fourth consecutive session due to concerns over a supply deficit caused by extended production cuts by Saudi Arabia and Russia, as well as weak U.S. shale output. Global benchmark Brent crude futures increased by 0.43% to $94.84 a barrel, while U.S. West Texas Intermediate crude futures rose by 1.01% to $92.40. The U.S. Energy Information Administration reported that U.S. oil output from top shale-producing regions is expected to fall to its lowest level since May 2023. However, analysts warn that the market's ascent into overbought territory leaves it vulnerable to a correction.

via Reuters|
#energy#oil-prices#production-cuts
energy2 years ago

"Oil Deficit Looms as Saudi Arabia Slashes Supply, Deepening Rift with U.S."

The oil market is expected to face its biggest deficit in over a decade as Saudi Arabia extends its output cuts and Russia continues to limit exports. The amount of oil OPEC is pumping in the third quarter falls short of meeting demand by about 1.8 million barrels per day, and this deficit is projected to widen in the fourth quarter. If OPEC production remains flat, inventories could shrink by 3.3 million barrels per day, the most since at least 2007. Crude oil prices rallied after the OPEC data was released, with West Texas Intermediate crude climbing 2% to $89.05 a barrel and Brent crude rising 1.7% to $92.18. Saudi Arabia may be aiming to bring oil prices up to $100 a barrel to finance domestic projects.

via Yahoo Finance|
#energy#oil-market#opec
energy2 years ago

Global Oil Demand to Reach Record High in 2023 Despite Supply Shock and Production Cuts

The International Energy Agency (IEA) has predicted that global oil demand will reach a record high of 101.9 million barrels per day (bpd) this year, driven by resurgent Chinese consumption. Non-OECD countries, led by China, are set to account for nearly 90% of demand growth, while OECD demand has been underwhelming in recent months. The IEA has warned that supply could struggle to catch up with this growth, especially after the surprise OPEC+ cuts, which risk exacerbating a supply deficit expected later this year.

via OilPrice.com|
#china#energy#global-oil-demand
energy2 years ago

IEA warns of economic risks from surprise OPEC+ oil output cuts.

The International Energy Agency (IEA) has warned that the surprise OPEC+ cuts could push the oil market into an even higher supply deficit later this year and weigh on consumers and global economic recovery and growth. The IEA believes the recent build in commercial inventories could have played a part in the OPEC+ decision to further restrict supply. China’s resurging demand is set to drive global oil demand up by 2 million bpd in 2023 to a record 101.9 million bpd, but the OPEC+ cuts risk creating a significant supply deficit.

via OilPrice.com|
#economic-growth#energy#iea