Hello, Subscribers:
In yesterday's Daily, we displayed three charts from Cornerstone Analytics (CA) challenging the prevailing narrative from the International Energy Agency (IEA). CA's founder, Mike Rothman, has been engaged in a multi-decade "opinion exchange" pushing back against the IEA's persistent underestimation of global oil consumption growth. To a lesser extent, its predictions of supply increases have been too high.
The net result has been a continual messaging of a glut to policymakers and investors worldwide. The problem, as you can see below, is that the IEA has been forced to periodically make massive upward adjustments to its prior demand calculations. (Once again, profuse thanks to CA for allowing us to share these with you.)