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The EIA's July Short-Term Energy Outlook forecasts higher crude prices through 2024 as inventory drawdowns persist. It expects Brent to reach the mid-$80s by end-2024 from a June average of $75, with OPEC output falling to 33.9 million b/d in 2024.
A government forecast of rising crude prices signals sustained higher energy costs for diesel, freight and fertilizer inputs, supporting feed cost pressure.
eia.govU.S. Energy Information Administration (EIA) (.gov)Aug 1, 2023After 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.
