Epperson said there was news of shut-ins in the Gulf of Mexico as a result of some damage to the pipelines. “Also, the Energy Information Administration (EIA) today came out with reports saying supply growth from the Organization of the Petroleum Exporting Countries (OPEC) countries will be negative this year, for the first time in three years.” However, demand growth is also expected to be less than expected because of the deteriorating economic situation around the globe.