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<p>A short piece from ING on oil.</p><ul><li>Despite concerns over demand, the oil market is holding up relatively well. </li><li>In its latest monthly market report, the IEA estimates that Chinese oil demand will fall by 420Mbbls/d this year, which would be the first annual decline since 1990. Chinese demand has clearly suffered due to the zero covid policy that China continues to follow. </li><li>Weaker Chinese demand was partly offset by the expectation that we will see a significant amount of gas to oil switching, given the high gas price environment. </li><li> With n oil flows holding up better than expected, the IEA expects that the global market will be in surplus of close to 1MMbbls/d in 2H22 and then more balanced over 2023 as the EU ban on n oil comes into full effect.---</li></ul><p>I posted yesterday on a likely floor at $80 for WTI:</p><p><a href="https://www.forexlive.com/news/refilling-the-us-spr-at-wti-under-80-places-a-strong-floor-under-prices-20220915/" target="_blank" data-article-link="true">Refilling the US SPR at WTI under $80 "places a strong floor under prices"</a></p><p>Update:</p>

                This article was written by Eamonn Sheridan at forexlive.com.