The International Energy Agency (IEA) has released their May 2017 (PDF) report to the general public. It seems to be particularly optimistic about consumption growth in the 4th quarter of this year and even forecasts a level above the 100Mbpd day for part of 2018. Those levels would outstrip current supply estimates, which would lead to higher prices. Of course higher prices would accelerate supply, especially in U.S. Shale and likely OPEC nations wishing to address budget revenue issues. Likely to provide limited impact to the overall picture, imo. The other major factor is China. China has recently announced some deceleration of growth via reduction of refining capacity of nearly 200Kbpd. Then there is the 800lb. gorilla sometimes referred to as China's SPR (Strategic Petroleum Reserve) which may now be larger than the U.S. SPR. No one outside of China's officialdom knows for sure its size, nor do we know how soon China will top out its SPR. It does seem likely China will use its SPR to increase political influence among OPEC members. The Weekly U.S. report from the Energy Information Administration (EIA) starts to roll out at 10AM EDT.