and we kick off with the iea. oil, latest oil report. wti futures narrowing the gap with brent amid surging u.s. refining runs and crude draws. they say global oil demand will accelerate in 2014 to 1.1 million barrels a day. that compares with .9 in 2014. the forecast of demand growth been trimmed slightly from previous estimates. global supply, they think will also increase just a little bit, led by higher nonopec production, dropped stronger in north america expected to lift its second half total average of 1.4 million barrels a day. opec crude supplies edged down in july, global refinery crude demand surging in june. it is by 3.1 million barrels per day, highest monthly increase on record. ahead of the autumn maintenance. that's the latest iea report. nymex trading at 10404. jason joins us now. good to see you. the monthly increase on record in global refinery crude demand, 3.1 million barrels per day in june. where do we go now? >> well, essentially if we're looking at just one month number, you can get some distortions. essentially

meantime, strong words from the iea. a new report says that u.s.erson is live at the nymex with more. >> a lot of traders focusing on the headline from the international energy agency in terms of what they're looking for for overall global supply and demand and what they're saying in terms of global oil demand is they do expect it to accelerate in 2014, although their forecast is a little less than it was in the previous month's report. they're looking for an increase of 1.1 million barrels per day bring the total consumption to about 92 million barrels per day next year. despite the fact they're seeing an increase in comp sumption, supplies may may outpace demand. if you look at where nonopec supplies will stand, nearly 55 million barrels per day, north north korea contributes about 40% of the growth that we're seeing there according to the international energy agency, and they're attributing most of that growth to canada. but keep in mind as we look at the rise in north american supplies, there's a lot of question about what this will mean for op

in fact, the iea study shows that by 2040 renewables will still constitute about 10% of the energy requirementthat is we have. so with that in mind, the question isn't if this is going to market. the question is how do we get it there in the safest way possible? because canada will produce this oil. so it will get to market. and i would much rather have it in a brand new state-of-the-art pipeline than traveling a barge down the mississippi, tanker cars, or trucks. >> there's a story that was first report bid the hill newspaper saying that the e he on would likely be uld -- >> that's actedly not a new storyifment that came out a couple years ago and was investigated. and my understanding is there were no conflicts found. what you're starting to see is a recycling of a lot of events. keep in mind that executive order that was put in place that governs this entire process was put in place to expedite cross-border transportation facilities. instead of expediting it, this is now taking longer again, we could have built the empire state building five times by now, we completed world war ii in less t