IEA: Oil market is rebalancing and "essentially here", accelerating in short term

The International Energy Agency (IEA) published their monthly oil market report on Tuesday, keeping its 2017 oil demand growth forecast steady at 1.3mln bpd.

Key Highlights:

IEA maintains global oil demand growth forecast for 2017 at 1.3mln bpd

Brings demand to 97.9m bpd

Global oil supply fell 140k bpd in April to 96.17mn bpd       

Output 90k bpd

If OPEC maintains April crude output, Q2 shows implied stock draw of 700k bpd

Raises f/cast for non-OPEC supply growth by 100k bpd to 600k bpd for 2017

Raises us crude output f/cast by 100k to 510k bpd. Largest source of supply growth

Oil market is rebalancing and "essentially here", accelerating in the short term