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EIA Raise Oil Price Forecast for Q4

OIL

The EIA’s forecast for average prices in Q4 2023 for WTI rose by 2.4% to $79.65/bbl, while the Brent price forecast increased by 2.2% to $84.46/bbl, according to its monthly Short-Term Energy Outlook.

  • “A decline in global oil inventories in the coming months supports the Brent price in our forecast. The price eases to an average of $87/b by the second half of 2024 because we expect global oil inventories to rise during that period,” the EIA said.
  • The EIA’s US crude oil output forecast has increased by 0.2% to 12.78m b/d in 2023, according to its short-term Energy Outlook
  • U.S. crude oil production in 2024 is forecast at 13.16m b/d, compared with 13.09m b/d projected in August.
  • Global oil inventories in the EIA’s forecast fall by 0.2m b/d in Q3 2023) based on the extension of Saudi Arabis’s production cut.
  • US retail gasoline price forecasts were revised up by 1.3% to $3.60/gal.
Energy BulletsCommodities
Energy BulletsCommodities

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