EIA’s Cook Sees Stronger Oil Demand Than Data Show

Oil market analysts would be wise not to read too much into data that appear to show demand from the world’s two largest consumers is stagnating, the U.S. Department of Energy’s top oil statistician said Monday.

John Cook, the head of the oil division of the federal Energy Information Administration, said though recent data, including the EIA’s own, appear to show a slowdown in demand growth in the U.S. and China, the information isn’t complete enough to conclude that demand is indeed significantly weaker or for that matter that the trend will continue in the second half of the year.

In addition, spotty data makes it difficult to see whether there’s been any letup in the stress that demand, whatever its rate, is putting on supplies.
Schlumberger