US Daily Oil Summary: 2024 US Crude Supply Forecast at 13.15m b/d

US crude oil supply is expected to rise to 13.15m b/d in 2024, compared to 12.90m b/d in 2023, according to the EIA’s Short-Term Energy Outlook.

• WTI spot average price for Q4 is forecast to be $88/b, according to the EIA. It forecasts the 2024 average for WTI to be $89.24/b, up 12.4% on the expected 2023 average.
• US crude and condensate exports rose to 4.16mbpd in September, up from 4.14mbpd in August, US Census Bureau data showed.
• The US DOE is looking to buy 3mbbl of sour crude oil for the Strategic Petroleum Reserve for delivery in January into the Big Hill SPR site.
• The greenback looks set to be one of the strongest performers in G10 on Tuesday, helping the USD Index (+0.20) post a second consecutive session of gains to partially reverse Friday's sharp pull lower.
• Fed Gov. Bowman (voter) maintained her hawkish stance in prepared remarks at the 2023 Ohio Bankers League. Bowman supported the FOIVICs decision last week to hold rates unchanged but continues to expect that the Fed will need to hike further "to bring inflation down to our 2 percent target in a timely way?
• Bowman’s remarks on inflation: "Some components of core services inflation have picked up, and I see a continued risk that core services inflation remains stubbornly persistent. In my view, there is also a risk that higher energy prices could reverse some of the progress made to bring overall inflation down,"