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The EIA forecasts WTI will average about $84.56 a barrel in April through June, a $30.91 upward revision from its February outlook. It expects Brent to average $90.56 in the second quarter, driven by Middle East fighting that has disrupted flows through the Strait of Hormuz.
A higher EIA price forecast signals sustained crude strength, which raises fuel, freight and fertilizer costs for feed buyers.
argusmedia.comBrett HolmesMar 25, 2024After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
