Oil markets are tightening, as stockpiling gradually slows and inventories start to draw in the second half of 2016, the International Energy Agency forecast in its most recent monthly Oil Market Report. “Notable builds are still anticipated, but will be significantly lower than during the previous six quarters up to the second quarter of 2015 when global stocks rose by a notional 715 million b/d,” IEA said. Demand In this report, IEA said it expects global oil demand growth to climb to a 5-year high of 1.7 million b/d in 2015 before moderating to 1.4 million b/d in 2016, thanks to lower oil prices and a strengthening macroeconomic backdrop. These estimates are 210,000 b/d and 200,000 b/d, respectively, above last month’s report. “Higher estimates for 3Q15 demand, 400,000 b/d higher at 95 million b/d, were chiefly attributable to raised July numbers for the US, China, Europe, and Russia,” IEA […]